Unicommerce, an e-commerce enablement SaaS platform in India, has revealed that the Republic Day sales of 2024 saw an increase of 18.7% in e-commerce order item volume during the nine-day sale period (13th to 21st January) compared to the same period in 2023.
This surge in e-commerce order activity is thought to reflect a growing consumer enthusiasm for online shopping in India at the start of the year. Given the popularity of nationwide marketing campaigns and attractive deals during the Republic Day sale, leading marketplaces recorded a significant year-on-year order item growth of 28.7% during the period. Conversely, brand websites reported more modest growth, with a year-on-year increase of just 1.7%.
Northeast states witnessed particularly high growth rates during the sale, with Nagaland and Meghalaya leading the way in terms of order volume growth. Consumers also demonstrated a growing comfort with e-commerce, as evidenced by the 20.6% increase in prepaid orders, alongside a 16.2% growth in orders opting for cash-on-delivery during the sale period.
This increased activity at the beginning of 2024 is in line with a strong performance in the e-commerce industry during the last quarter of 2023. Significant growth in volumes of e-commerce orders was also visible during the Black Friday weekend and the Diwali festive sales of 2023 when compared to the respective periods in 2022. Black Friday, traditionally an American retail event, has established its importance in the Indian market as a significant e-commerce sales event.
Kapil Makhija, Managing Director and CEO of Unicommerce reflected on the Republic Day Sales trend, emphasizing the continuous growth of e-commerce in India. He highlighted that this growth underscores the strength and potential of the country's e-commerce industry. Makhija observed that e-commerce is increasingly becoming a significant component of the retail ecosystem.
Sellers are adapting to the changing shopping habits of buyers by focusing on both online and offline sales channels, demonstrating the industry's dynamism and its alignment with evolving consumer preferences.
Kapil Makhija noted, "The consistent e-commerce growth reaffirms the strength and potential of India's e-commerce industry. E-commerce continues to become a larger part of the retail ecosystem, and sellers are focusing on both online and offline sale channels, in tune with the evolving shopping habits of buyers."
In terms of revenue for the financial year ending March 2022, Unicommerce is India's largest e-commerce enablement SaaS platform in transaction processing. Offering a suite of SaaS solutions, Unicommerce facilitates the end-to-end management of e-commerce operations for brands, retailers, and logistics service providers.
As of the quarter ending September 2023, Unicommerce has reached a 750 million+ annual transaction run-rate, serving over 350 customers and managing 8000+ warehouses, with orders processed from over 1900 stores through its platform.