E-commerce major company Amazon is organizing its flagship sale event, the Great Indian Festival (GIF). The event will be live from October 10, 2023. Amazon’s Prime users will get early access to the latest sale and they can get the details of the sale on its app on September 25.
Amazon’s competitor Flipkart is yet to declare the dates for its flagship sale called the Big Billion Days (BBD). Both Amazon’s GIF and Flipkart’s BBD have been announced at a similar duration in the past and it looks like it will be the same this year as well.
From September to October, usually there are festive seasons in India and e-commerce companies usually use these opportunities to launch a series of sales. This helps to grab the attention of shoppers and increase the performances of these companies.
E-commerce companies enjoy 50 percent of the gross merchandise value (GMV) on festive season sales accounts at a cumulative level. As customers want to spend their money during the festive season on upgrading their homes or buying stuff to gift others, festive season sales are usually expected to grow by 20% on a yearly basis to reach Rs 90,000 crore in GMV this year.
Throughout the year, many customers add their required products on the wishlist and complete their purchases when these festive season sales are announced. For example, Amazon’s GIF provides an attractive discount of 40-60 percent across segments like smartphones, electronics and accessories, home and kitchen, fashion, TVs, and many more products. Amazon is also associating with India’s biggest lender, State Bank of India (SBI), to provide additional discounts to cardholders. For example, SBI customers can avail of a 10 percent instant discount with SBI Debit and Credit Cards.
As the iPhone 15 has been launched recently, customers are waiting to buy the newly introduced phone in India. It can be noted how some customers were waiting outside the Apple stores for many hours to purchase the iPhone 15. While there are others who are waiting for the Amazon sale to go live so that they can buy the iPhone 15.
However, this year, the sale will go live at a time when the e-commerce industry is not advancing rapidly as inflation has hit India for many months. “We are seeing a trend of premiumisation across the industry even as we talk about rising inflation. My sense is that 2023 might be the best festive sales year of the last few years. We are very excited for Diwali,” Amazon India head Manish Tiwary communicated at a company event last month.
The Great Indian Festival Sale page also provides deals around laptops, smartwatches, and headphones. The discount on these segments of products is said to be up to 75 percent.
Amazon in recent times also announced that it will enhance its product delivery. Amazon has signed a Memorandum of Understanding (MoU) with the Indian postal service and has also associated with the Indian Railways for a trustworthy freight corridor, which will allow for quick deliveries to customers.