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Redseer_Festive 23_Report 2.pdf
1.
© 2023 Redseer
Strategy Consultants confidential and proprietary information Bangalore. Delhi. Mumbai. Dubai. Singapore. New York Solve. New Redseer FestiveReporting 2023 Decoding the key trends during Festive Season 23 September 2023 Release 2 – Small sellers' perspective
2.
Despite short term
headwinds in the last few quarters, India’s online seller ecosystem is bullish about this festive season and the long-term opportunity for MSMEs to benefit from selling online remains intact Release 2
3.
3 © Redseer While MSME
sellers have hada challenging last few quarters in terms of growth, they are fairly bullish about the growth prospects in the upcoming festive season Source(s): Redseer seller surveys Growth in annualized revenue run-rate (Current vs JFM ‘23) Question: How much has your annualised revenue run-rate changedsince JFM 2023? Question: In this festive month, how much higher revenue do you expect to earn than what you are earning in last festive season? Revenue jump expected in festive month 15% 26% 60% Minimum Median Maximum In the context of challenging growth in the last couple of quarters, sellers are looking forward to the festive month to turbocharge salesfor this FY Minimum 15% growth expected vs last festive season this time for the online sellers- with median growth of 26% 40% Sellers saw > 10% revenue growth in the most recent quarter compared to their sales in JFM 23 Growth online was relatively muted for the rest of the 60% sellers interviewed % respondents, N = 200 surveyed in Sep 23 % respondents, N = 200 surveyed in Sep 23 Note: 1. The sample for the survey included 60% of small sellers (Revenueof <1 Cr), 30% of medium sellers (Revenue of more than 1Cr) and 10% D2C brands. 2. Majority of these sellers were from the fashion & accessories category
4.
4 © Redseer And they
are willingto spendhigher on marketing to achievethat Source(s): Redseer seller surveys, N = 200 Increasein eCommerce marketing spends during festive season 23 Question: In this festive month, how much will you spend in marketingcomparedto last festive season and your current business as usual (BAU) spends? 15% 22% 75% Vs. last year festive Vs. current year BAU spends 50%+ 1.4x 1.5x Smaller sellers are willing to contribute a higher share of their revenue towards ads when compared to larger sellers Overall (Smaller + Larger Seller) Smaller Sellers % respondents, N = 200 surveyed in Sep 23 Note: 1. The sample for the survey included 60% of small sellers (Revenueof <1 Cr), 30% of medium sellers (Revenue of more than 1Cr) and 10% D2C brands. 2. Majority of these sellers were from the fashion & accessories category
5.
5 © Redseer Perception around
support provided by eTailing platforms to sellers And platforms are also helping thesesmaller sellers out to achieve bettersales this festive season Source(s): Redseer seller surveys % respondents, N = 200 Do you agree with this statement-“This yeareTailing platforms have given strong support around sales planning/inventory management for the festive season” 53% 62% Current Festive Year Last Festive year “I would want the platform to help me lower down the loss on product returns and have a more lenient claims acceptance rates” - Seller The platform should provide valuable insights, data analytics, and trend predictions in real time during the festive period to make informed decisions. This will enabled us to align our product offerings with customer preferences and market demands, resulting in more targeted sales campaigns. - Seller Note: 1. The sample for the survey included 60% of small sellers (Revenueof <1 Cr), 30% of medium sellers (Revenue of more than 1Cr) and 10% D2C brands. 2. Majority of these sellers were from the fashion & accessories category
6.
6 © RedSeer eCommerce is
nowa critical channel forMSMEs in retail space 33% 39% 56% < 1 year 1 -3 years > 3 years eCommerce sales Offline sales Increasingshare of salesfromonline channels is leading to more traditional sellers adopting eCommerce platforms 96% Did net profits increase after adopting e-commerce? Yes No 41% 14% By what percentage did the net profits increase? 0-5% 5-10% 10-15% 15-20% >20% Increase in Net Profits by adopting eCommerce – Fashion & BPC Sellers Q: Did your profit increase after you started selling through ecommerceplatforms?By How much in absoluteterms?2 % of respondents who sell online,N=1501 ~55% of sellers have witnessedan increase in net profits by >15%, driven by higher visibility and better volumes Source(s): MSME Surveys,Redseer Analysis Share of e-Commerce in Totalrevenue (ex-Grocery) Q: What percentage of your sales are generated through ecommerce? In %, N=250 Note(s): 1. Sellers who generate some share of sales fromboth online and offline channels (ex-Grocery) 2. Fashionand Beauty & Personal Care Sellers , 3. The sample for the survey included 60% of small sellers (Revenue of <1 Cr), 30% of medium sellers (Revenue of more than 1Cr) and 10% D2C brands. 4. Majority of these sellers were fromthe fashion & accessories category Time since selling online
7.
7 © RedSeer As eCommerce
platforms providekey benefits to MSME sellers - most prominently, helping them understand customers better and reaching larger markets Benefits of selling on e-Commerce platforms for MSME sellers Q: What do you think are the top 5 benefits of selling online over offline sales? N=308,% of respondents1 Benefits for MSME Sellers Source(s): MSME Surveys,Redseer Analysis Targeted marketing Deeper customer understanding Higher Visibility Larger addressable market/reach Lower procurement costs No need for physical stores Better margin by eliminating intermediaries Faster payment settlement period 59% 50% 50% 46% 36% 34% 32% 13% Demand-side factors Cost Rationalization Note: 1. Who have selected the listedoptions as among their top 5 benefits, 2. The sample for the survey included 60% of small sellers (Revenue of <1 Cr), 30% of medium sellers (Revenue of more than 1Cr) and 10% D2C brands. 3. Majority of these sellers were fromthe fashion & accessories category • Expanding reach and sales potential, leveling the playing field for MSMEs • Offering advanced marketingtools and dataanalytics for MSMEs to efficiently target and understand their audience • Removing intermediaries and need of physical stores saving up cost • Rationalize selling costs through economies of scale, better margins, and faster payment settlement periods Going forward, T2+ sellers will benefit the most from the e-com proposition and have the fastest adoption
8.
redseer.com Solve. New Disclaimer and
confidentiality notice: This document contains information that may be confidential and proprietary. Unless you are the intended recipient (or authorized to receive this document for the intended recipient), you may not use, copy, disseminate or disclose to anyone the message or any information contained in the document. © 2023 Redseer Strategy Consultants confidential and proprietary information Bangalore. Delhi. Mumbai. Dubai. Singapore. New York Thank You query@redseer.com facebook.com/redseerconsulting twitter.com/redseer linkedin.com/company/redseer-consulting
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