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71% businesses report increase in sales during the festive season: CIRC Survey

71% businesses report increase in sales during the festive season: CIRC Survey

A sample of 353 consumers were surveyed, of which 331 respondents shopping online were considered for the analyses, the survey mentioned.

71% businesses report increase in sales during the festive season: CIRC Survey 71% businesses report increase in sales during the festive season: CIRC Survey

CUTS Institute for Regulation and Competition (CIRC), a not-for-profit, research and capacity building organization, conducted a consumer survey and Key Informant Interviews (KIIs) with small sellers to release a research report titled “Festive Economy and Online Retail for MSMEs in India.” The survey found that 42 per cent of online businesses experienced moderate to exponential growth in sales with 71 per cent reporting a significant increase in sales during the festive season.  

 

A sample of 353 consumers were surveyed, of which 331 respondents shopping online were considered for the analyses. 14 small sellers were also interviewed using semi-structured questionnaires to understand their experience around online retail during the pandemic and the festive season. 

 

Arvind Mayaram, Former Finance Secretary of India, Chairman of CIRC, said, “E-commerce sales, especially during festive times, hold great promise of sustenance for SMBs in India. The benefits of the festive boom on e-commerce channels have a cascading effect on employment in complementary industries as well. For example, e-tail giants like Amazon have already hired 1,10,000 seasonal employees in the country and are continuing to create new employment opportunities.” 

 

India is a country of vibrant traditions and festivities that are celebrated all year round. These festivals create economic and employment opportunities for businesses directly or indirectly, especially the local MSMEs. But ever since COVID-19 stroked the economy, the medium of E-commerce offered much-needed resilience to keep businesses afloat and facilitate a post-pandemic economic recovery, providing MSMEs with access to wider audiences, helping scale-up production, accelerating digital transformation, and strengthening exports.  

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Published on: May 06, 2022, 3:00 PM IST
Posted by: Tarab Zaidi, May 06, 2022, 2:48 PM IST