Tuesday, November 28, 2023

Beauty Products Witness A Whopping 51.5% Rise In Sales During Diwali 2023 vs 2022, Reveals Assiduus Global Inc.

* The category emerged as top favorite among younger customers with 47% sales from the 18 to 24 years age group, followed by 21.27% from 35 to 44 years

Assiduus Global Inc., a leading global AI powered cross-border e-commerce accelerator for D2C brands reported that electronics, lifestyle, and beauty products emerged as the most sought-after segments during the recent festive shopping trends. Mobile phones, adaptors, and earpods were the top-selling products in the electronics category with brands like Redmi, OnePlus and Boat taking the lead. In the lifestyle and beauty segment, face & body creams emerged as top sellers with brands like L'oreal, Nivea and Himalaya gaining prominence.

Beauty products witnessed a remarkable growth of 51.51% as compared to last year. The category also emerged as the top favorite among the younger demographic with a significant 47% sales contribution from the 18 to 24 years age group, followed by 21.27% from 35 to 44 years. When it comes to regional contribution, Kerala topped the list followed by Karnataka, and Maharashtra. Kerala displayed a 118% increase in orders compared to Karnataka on Flipkart, showcasing the potential for skincare brands across regional markets. This year, more people are spending time checking out beauty products compared to last year. There's been a 30.43% increase in the number of shoppers looking closely at product details.

While not in the top 3 categories, the platform witnessed a 86% surge in new shoppers for healthcare and nutrition products in 2023 compared to just 26% in 2022. This is a clear indication of the seismic shift being observed in the healthcare and nutrition segment in the country, with Indian users making more health conscious choices. There is greater awareness and demand for innovative products, with the willingness to spend more on products that can help consumers achieve health goals. The health supplement category which had witnessed a substantial 28% increase in cost per click in 2022, witnessed a 31.40% surge in 2023, underscoring the competition among brands vying for limited space within marketplaces.

Brands listed on Assiduus’ platform saw great discounts averaging up to 40%, further increasing the festive shopping fever as consumers are more likely to participate in shopping activities when presented with discounts, especially during festive seasons. Indian shoppers tend to adjust their shopping habits according to seasonal trends and discounted deals. There was a noticeable decline in interest towards exploring products on marketplaces, with a decrease of 30.26% in marketplace searches. There was also a 18.10% reduction in conversions after the sales event, indicating fewer people made purchases.

During the festive rush, higher sales highlighted an ongoing challenge related to delivery times, which significantly contributed to product returns. However, Assiduus managed to achieve a quick 2-day Turnaround Time by optimizing warehouses and refining processes offering shoppers a more hassle-free shopping experience.

Dr Somdutta Singh, Founder & CEO, Assiduus Global Inc., said, "India continues to be absolutely phenomenal when it comes to online shopping and increase in new shoppers. Embracing online shopping as the new norm, the Indian e-commerce sector is poised for remarkable expansion. Projections by Redseer anticipate a significant compound annual growth rate (CAGR) of 27 per cent, propelling the industry to a staggering $163 billion valuation by 2026.  These forecasts closely align with the observed trends on our platform, reflecting the increasing preference for online shopping among Indians. We have witnessed a sharp surge in our sales across healthcare and nutrition products led by Gen Z and Millennials indicating that the digitally savvy generation is dominating the online shopping space in India. We have also seen an exponential rise in sales from Tier 2 and 3 cities in India. The evolving scenario of e-commerce in India, as revealed by these statistics, presents a landscape teeming with promise and expansion. The increased engagement of younger generations and the rising interest from smaller cities are pivotal indicators, showcasing the broadening acceptance and accessibility of online shopping across diverse demographics and geographies."

About Assiduus Global Inc:

Assiduus Global Inc is one of the prominent and dynamic players in the realm of technology driven cross-border E-commerce (supply chain and distribution) accelerators. On the back of their technology driven solutions, they have enabled Fortune 500 corporations and international small to medium-sized enterprises (SMEs) specializing in direct-to-consumer (D2C) brands to expand their operations across more than 20 countries and access over 12 marketplaces. Additionally, Assiduus also offers global shopify fulfillment services through their advanced end-to-end distribution and supply chain platform, powered by exclusive and patent-pending technology. In collaboration with an impressive portfolio of over 100 brands, they rank among the select few PAT-positive companies. Since its inception, the company has seen remarkable growth of over 2000%. Assiduus has been ranked No. 8 in Deloitte's list of rapidly emerging tech-enabled enterprises and in Forbes India’s Top 200 Companies at the prestigious Forbes India-D Globalist Entrepreneur Mobility Summit 2023 (DGEMS).

Visit Assiduus Global Inc. | https://www.assiduusglobal.com/

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