Republic Day week saw modest growth for D2C brands: GoKwik
GoKwik, has reported that the direct to consumer (D2C) brands on its network witnessed 12.72% increase in sales during the Republic Day sale week compared to the week prior. The GMV or Gross Merchandise Volume also saw a nominal rise of 10%.
The growth in the first quarter of FY 2024 has been muted after a great performance in the last quarter of 2023, despite Republic Day, which is usually a marquee sales event at the start of the year to give the necessary boost to brands.
“With shoppers going all out in the long festive season sale period in 2023, followed by the Black Friday sale that has increasingly grown popular amongst Indians, a modest surge in the Republic Day sale period could be a natural resting period in the first month of 2024. Moreover, with macro headwinds such as high-interest rates, layoffs, etc, shoppers might have been more conservative in their spending this time around. However, this seems to be a temporary trend and the consumption is likely to pick up with D2C’s favourite Valentine’s Day sale period coming up,” said Chirag Taneja, Co-Founder and CEO, GoKwik.
Traditionally sale periods last year were dominated by the fashion category. However, this Republic Day sale witnessed a distinctive change, with the beauty & personal care (BPC) segment emerging as the top contributor, experiencing a significant 19.89% order surge. Fashion followed closely with a nearly 7% order uplift.
Tier 3 shoppers were the biggest contributors to the orders during this sale period with nearly half of all the
