October 7, 2022
Ministers, missions and delegates from 109 Member and Signatory Countries are expected to participate in the meeting
ISA’s Fifth Assembly will hold discussions on three critical issues, including energy access, energy security, and energy transition
This meeting is expected to lead to a greater consensus among countries for the promotion of solar power
Power Minister R K Singh said that India's pace of Energy Transition is the fastest in the world
India’s e-commerce companies witnessed a 27% increase in sales at US$ 5.7 billion, as a result of the first week of festive sales (festive sale 1), according to a report from Redseer.
The report said that order volumes were led by the Flipkart group (including its subsidiaries) at 49%, followed by Meesho at 21% and Amazon. In terms of GMV, Flipkart led festival sale 1 at 62%, followed by Amazon at 26%.
Regarding categories, the sales were led by mobile phones and fashion. Experts said that mobile phones contributed 41% of the GMV, where about 56,000 of them were sold every hour. Fashion took 20% of the GMV’s share, and has witnessed a 48% YoY growth, from 2021’s festival sale 1.
According to the report, mobile phones saw the highest growth at about seven times compared to the times of Business As Usual (BAU) sales, electronics and large appliances grew by five times, and other categories witnessed a growth of two times.
The amount of transacting shoppers increased by 24% YoY, out of which 65% of them belonged to tier-2 cities. Experts said that about 80 million shoppers placed orders across many platforms during the festive sale 1, and cities beyond tier-2 have seen the highest yearly growth of online shoppers.
The experts further added that the expenditure for each online shopper has increased by 3%.
This growth indicates the face of retailing in India has transformed because of the attitudinal shift of the consumer and the resurgence of the organized retail format after the pandemic. This also indicates that the retail sector is a key opportunity area due to a growth in India’s economy despite global inflation.
Source: Economic Times