We got a billion hits on our site today and achieved our 24 hour sales target of $100 million in GMV (gross merchandise value) in just 10 hours, says Flipkart co-founders Sachin Bansal and Binny Bansal said in a joint statement.
There has been a cold war between Amazon.in , snapdeal.com & flipkart.com to win the race of revenue collection. All of them updated with some progress in the event whereas we Amazon still tends to remain silent over the sales figures disclosure.
Snapdeal had a record breaking day of sales on October 6, 2014. We witnessed sales of over a crore rupees a minute, with lakhs of products being sold in a single day,” its Co-founder and CEO Kunal Bahl said this indicating the great success of the event.
Both the companies have a dominant position in Indian market and they tend to work on the basic rule of giving discounts to lure customers. The deals were so amazing that flipkart.com was offering Nokia 1020 at Rs 19,999 which is about 60 % less than its actual price. People enjoyed and bought a lot for themselves.
click here to read about problem faced by flipkart during the sale event.
600 crores!!! How?
The answer lies in the extensive awareness and marketing campaign both the companies run. The work was to let people know the brilliant sale they can enjoy at an unprecedented price. And so did people reacted, despite of lot of technical glitches and price problems, flipkart was able to drive 600 crores rupees in just 10 hours while snapdeal.com bagged a crore rupees per minute.
This caused a panic state in offline market as Confederation of All India Traders pleaded Commerce and Industry Ministry as
“We invoke your kind and immediate attention to ongoing sale offers conducted by various e-commerce companies since last three days…they are offering discounts from 20 percent to 70 percent, whereas traders are forced to sell same products in offline markets at a higher prices since their purchase price is on a very higher side,” National General Secretary of Confederation of All India Traders (CAIT) Praveen Khandelwal said.
Anyways, as it has always been, a bargain and discounts is what we all crave for while shopping and ecommerce websites are providing that. Whatever the revenue is, the cold war is benefiting end customers only.