Just a day before the commencement of its festive season sale, Meesho disclosed that it had secured approximately 1 crore orders from its pre-festive season promotions during Onam, Raksha Bandhan, and Ganesh Chaturthi. Moreover, during this four-day sale event, the ecommerce unicorn stated that it had successfully attracted over 50 lakh new customers.
Notably, Meesho revealed that a substantial 75% of the demand came from Tier II cities, which encompassed places like Amravati, Aurangabad, Dehradun, Nellore, Solapur, and Warangal. Within the last two months, the platform asserts that it has successfully welcomed 2 lakh new sellers into 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.”
Additionally, she mentioned that the company’s strategic initiatives, such as enhancing product selection and improving product discovery, played a significant role in boosting order growth.
Established in 2015 by Vidit Aatrey and Sanjeev Barnwal, Meesho operates as an ecommerce marketplace catering to both consumers and resellers. Since its inception, the company has successfully secured nearly $1 billion in funding from notable investors, including Peak XV, SoftBank, Prosus & Naspers, and Meta, among others.
The platform takes pride in its impressive statistics, with 1.4 million sellers and around 120 million product listings spanning across 30 different categories.
Earlier this week, the company made another announcement about its decision to onboard non-GST registered sellers on the platform. This move is in accordance with the recent announcement by the GST Council, which allows ecommerce platforms to include sellers with a turnover of up to INR 40 lakh, thus aiming to expand its seller base.
The launch precedes the ‘Meesho Mega Blockbuster Sale,’ scheduled to begin tomorrow, October 6th. In order to actively involve both customers and sellers during this sale event, Meesho has introduced a loyalty program. Under this program, eligible users can accumulate Smart Coins that can be later redeemed for product purchases on the platform.
In the meantime, Flipkart, Amazon, and Snapdeal are all gearing up for their upcoming festive sales set to kick off on October 8th.
According to a study by Redseer, approximately 140 million shoppers are anticipated to make purchases during the festive season this year. The study also indicates that the gross merchandise value (GMV) of the Indian ecommerce sector is projected to increase by 18-20%, reaching INR 90,000 crore compared to INR 76,000 crore last year.
