SUMMARY
The ecommerce app onboarded over 50 Lakh new customers during its 4 days long pre-festive season sale
Interestingly, Meesho reported that a significant 75% of the demand originated from Tier II cities
The platform has also onboarded 2 Lakh new sellers over the last two months
Just a day before launching its festive season sale, meesho
announced receiving approximately 1 Cr orders from its pre-festive season promotions during Onam, Raksha Bandhan, and Ganesh Chaturthi. Furthermore, during this four-day sale, the ecommerce unicorn claims to have added over 50 Lakh new customers.
Interestingly, Meesho reported that a significant 75% of the demand originated from Tier II cities, including Amravati, Aurangabad, Dehradun, Nellore, Solapur, and Warangal. Over the past two months, the platform claims to have onboarded 2 Lakh new sellers to its community.
Commenting on the development, Megha Agarwal, CXO, Growth at Meesho said, “As we gear up for the upcoming festivities, we are certain to see the momentum uplift for categories such as Personal Care & Beauty, Home & Kitchen as well as Electronic Accessories to grow by more than 100%, when compared to 2022.”
She further added that the company’s strategic efforts, including selection enhancement and improvements with respect to product discovery, have contributed significantly to improving the order growth.
Founded in 2015 by Vidit Aatrey and Sanjeev Barnwal, Meesho is an ecommerce marketplace which addresses both customers and resellers. Since inception, the company has raised close to $1 Bn funding from investors like Peak XV, SoftBank, Prosus & Naspers, and Meta, among others.
The platform boasts of 14 Lakh sellers and approximately 12 Cr product listings across 30 categories.
Earlier this week, the company also announced the onboarding non-GST sellers on the platform in a bid to increase the seller base, in line with the GST Council’s recent announcement permitting ecommerce platforms to onboard such sellers with a turnover of up to INR 40 Lakh.
The launch comes ahead of its ‘Meesho Mega Blockbuster Sale’ which will commence from tomorrow i.e. October 6. To engage the customers and sellers during this sale, Meesho also launched a loyalty programme under which eligible users will earn Smart Coins which can be redeemed against purchase of products on the platform.
Meanwhile, Flipkart, Amazon and Snapdeal are also lining up for their festive sales slated to start from October 8.
This year, nearly 140 Mn shoppers are expected to make purchases during the festive season, Redseer found in a study. It further said that this year, the gross merchandise value (GMV) of the Indian ecommerce sector is expected to grow 18-20% and touch INR 90,000 Cr from INR 76,000 Cr last year.
