financetom
Retail
financetom
/
Retail
/
Amazon, Flipkart make record first-day festive sales in India
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Amazon, Flipkart make record first-day festive sales in India
Sep 30, 2019 5:56 AM

Walmart Inc-owned Flipkart and rival Amazon Inc said on Monday they made record sales in the opening day of their annual festive season sales in India that kicked off over the weekend.

Flipkart and Amazon began their flagship annual sales on Saturday, with both vying for customers during the October-December festive season when Indians make most of their big-ticket purchases.

This comes as growth slows in Asia’s third-largest economy, denting sales of everything from cars to cookies, and prompting the government to step in with tax cuts and a raft of other measures to revive growth.

Amazon reported record sales of about Rs 7.5 billion ($7.07 million) in 36 hours in the premium smartphone brands category, while Flipkart said all major categories, including beauty, baby care, private labels and furniture, saw double-digit sales growth from a year ago in the first day.

Both, the “Big Billion Days” sale and Amazon’s “Great Indian Festival”, will finish on Octtober 4, according to their websites.

Amazon has successfully grabbed a large chunk of the Indian e-commerce space even though it entered seven years after Flipkart in 2014, winning over millions of customers with its Prime loyalty programme, which gives users early access to deals during sales, free music and video streaming services.

Earlier this month, a leading trader body asked the government to ban the festive sales, citing that the deep discounts they offered was violating the country’s foreign investment rules for online retail.

Both Amazon and Flipkart offer deep discounts on everything from clothes, smartphones to home appliances ahead of important Hindu festivals Dussehra and Diwali.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US retail sales fell 1.1% in July; Americans cut spending as COVID cases surge
US retail sales fell 1.1% in July; Americans cut spending as COVID cases surge
Aug 18, 2021
Retail sales fell a seasonal adjusted 1.1 percent in July from the month before, the US Commerce Department said Tuesday. It was a much larger drop than the 0.3 percent decline Wall Street analysts had expected.
Americans stockpiling toilet paper again; here's why
Americans stockpiling toilet paper again; here's why
Sep 1, 2021
Panic buying of toilet paper was witnessed in the early days of 2020 amid unfounded fears of supply shortages. Consumers rushed to supermarkets, hotels, gas stations, and anywhere else they could find a roll of toilet paper to buy.
In Pics | 14 major companies that filed for bankruptcy in 2020
In Pics | 14 major companies that filed for bankruptcy in 2020
Dec 24, 2020
2020 has been a brutal year for businesses, so much so that the volume of bankruptcies this year has surpassed that of 2008. From the travel and hotel space to the energy sector, businesses across industries suffered for months as the COVID-19-induced lockdown put brakes on economic activities across the world. However, retailers selling non-essential goods have been the worst-affected with many of these names emerging among the biggest bankruptcies of 2020. As per S&P Global Market Intelligence, 610 firms have filed for bankruptcies as of December 13, the highest since 2012. Retailers like J.C. Penney, Neiman Marcus, and J.Crew, car rental giant Hertz, mall operator CBL & Associates Properties are some of the names that have been listed in Fortune’s list of ‘14 of the biggest bankruptcies of 2020'. The 14 bankruptcies happen to be from the US as the valuations of liabilities remain higher than those of others. Here’s a look at these companies and their liabilities, as mentioned by Fortune:
Ben & Jerry’s to stop ice cream sales in Israel 'Occupied Palestinian Territory'; clashes with parent Unilever
Ben & Jerry’s to stop ice cream sales in Israel 'Occupied Palestinian Territory'; clashes with parent Unilever
Jul 20, 2021
Ben & Jerry's announcement to withdraw from Isreal 'Occupied Palestinian Territory' has come as a rebuke by a well-known brand against Israel’s policy of establishing its citizens on the war-won lands. However, there is a conflict of ideas with the parent company Unilever.
Copyright 2023-2025 - www.financetom.com All Rights Reserved