Online sales and promotions are anticipated to peak this month, especially in the apparel, electronics, and smartphone industries as businesses try to get rid of extra inventory in preparation for the approaching holiday season.
Online sales and promotions are anticipated to peak this month, especially in the apparel, electronics, and smartphone industries as businesses try to get rid of extra inventory in preparation for the approaching holiday season. Both Amazon and Flipkart are gearing up for multiple sales events, as reported by The Economic Times.
Industry insiders predict that since the start of the Covid-19 pandemic, these categories will see the biggest online discounts in the upcoming sales. This pressure to offer steep discounts is a result of the sales challenges experienced from January to June. According to ET, the CEO of a well-known apparel brand mentioned plans to heavily discount inventory in the forthcoming online sales.
The subdued demand for apparel over the past six quarters has left the industry with unsold stock, even after inventory rationalization efforts in the previous fiscal year. As a result, the CEO hinted at more substantial discounts on old stock compared to the previous year.
Given the significant impact of the ongoing pandemic on sales growth, companies are relying heavily on online sales to clear their inventories. This sentiment was echoed by Avneet Singh Marwah, the CEO of Super Plastronics, an electronics producer with a focus on online retail, as per the report.
While industry experts anticipate record-high discounts in the upcoming sales, they also expect that actual prices may be slightly higher than last year due to recent increases in freight and raw material costs, impacting input costs. Market trends also suggest that increased sales of air conditioners during the summer months have impacted sales across other product categories.
It has been reported that Amazon has scheduled its Prime Day sales for this month, coinciding with a parallel sale on Flipkart. Additionally, Independence Day sales are expected in the first week of August, followed by major sales events around the end of September, leading up to Diwali. Other platforms such as Tata Neu, Reliance's Ajio, and JioMart are also expected to host significant sales concurrently.
Executives have emphasized the significance of these sales events, noting that Prime Day will feature the year's lowest prices on top brands such as Apple, Samsung, and LG. They also see these events as an opportunity to not only offer major discounts but also to introduce new products and technologies into the market.
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