Adtech regulation a priority for Modi govt in third term: MoS Rajeev Chandrasekhar

Credibility of news and platforms are as important as monetisation challenges: Anurag Thakur

HUL: Meet the leaders who have emerged from "The CEO Factory"

Punit Goenka addresses Zee employees; ensures no layoffs due to failed merger

Disney's strategic sale to Viacom18 set to boost market share to 40 percent

The Leader's Edge: Storyboard18 in conversation with leaders, decision makers and disruptors

Nobody’s Perfect Retro Porsche Ad

In Conversation With Raja Rajamannar, Mastercard

Shahid Kapoor And Varun Ganjoo Speaks On PokerBaazi's Campaign

In conversation with IHCL’s Puneet Chhatwal & GroupM’s Kate Scott-Dawkins

Why are brands including e-sports in their sports marketing itinerary?

Storyboard18 x The English Nut: How to pronounce these 10 brand names

Experts' Take On Reinvention Of Ad Campaigns Through Technology

Experts Speak On Key Emerging Trends In Cannes Lions Entries

Leaders of the future have to be outstanding human beings: Nestle MD

In conversation with VMLY&R’s Hari Ramanathan

Header Menu

Latest News

Brand Makers

Gaming News

Brand Marketing

Media News

Special Coverage

Header Sub Menu

Digital Entertainment Summit

Delhi Literature Fest

Share the Spotlight

Global Pioneers Summit

Power of Purpose

The Visionaries

DNPA

About Us

Hamburger Menu

Quantum Brief

#FreeOurSkylines

Watch.Listen

Advertising

Agency News

Media

Interviews

Festive season started with a bang as e-commerce players clocked in a sale of $3.5 billion in sales between 22 and 25 September, contributing to 60 percent of the projected GMV (gross merchandise value) of 5.9 billion for the whole first wave of festive sales, according to Redseer Strategy Consultants.

The first wave of festive sales comprises Flipkart’s Big Billion Days, Amazon’s Great Indian Festival, Meesho’s Mega Blockbuster Sale, besides sales on other platforms such as Myntra, Ajio, and Nykaa amongst others.

Redseer's report further states that the first four days of the festive period saw the overall Daily Average GMV (gross merchandise value) rise to 5.4x compared to BAU (business as usual) days for overall online retail. First 4 days of festive sale this year is 1.3x the first four days of the previous year festive sale.

“Redseer had earlier projected a GMV of $5.9 bn (Rs 41, 000 Cr) for festive sale 1 and as expected, we are on track to achieve this figure. 60 percent of our forecast is already achieved in the first 4 days of sale," says Sanjay Kothari, associate partner, Redseer Strategy Consultants. 

Around 50 to 55 million shoppers made purchases during the first four days of sales. In terms of categories, mobiles continue to be the top category driving the sales. The report states that during the first four days of sale 1,100 mobile phones were sold each minute, with a total of Rs 11,000 crores of mobiles sold on large e-commerce players. Premium phones (iPhone 12, 13 and OnePlus) drove mobile sales.

This has happened on the back of upgrade programs and new launches supported by value offers.

In terms of units, 60-70 lakh mobiles were sold in the first four days.  “We are expecting a total sale of 90 Lakhs - 1 Cr units of mobiles for Festive week 1. We are also seeing premium phones driving mobile growth this year,” said Sanjay Kothari, Associate Partner, Redseer Strategy Consultants.

Fashion category witnessed a 4.5x jump in terms of daily average GMV from BAU days, to reach Rs 5,500 crore in the first four days, it said.

E-commerce marketplaces usually hold up to three sales leading to the festival of Diwali. The first of these sales is usually the largest and usually accounts for more than 50 percent of the sales during the festive period. 
 
 
 


Ecomm players clock $3.5 bn in festive sales in four days: Redseer report

Memes have taken over the internet from being used by brands to connect with young consumer base to even the purpose of trolling. In their simplest form, memes were images paired with text, often making light of a current event. Over time, however, the term “meme” has become a catchall phrase — for some, memes are a form of entertainment, while others use them to express themselves, and still others use them as a tool to promote their brands.

Their popularity have further been highlighted as per the data from management consultancy, Redseer on the rising demand for meme creation apps. The report states that users spend 30 minutes a day consuming memes, 80% have increased meme consumption in the last year.

“On average, we spend 30 minutes a day on the internet only consuming memes. The shareability of memes makes them popular among groups with the same interest or even globally because most people find them relatable. Thus, it comes as no surprise that in just the last on year, close to 80% have increased meme consumption,” says Mrigank Gutgutia, partner, Redseer.

The report further highlights that most users enjoy memes as a good way to release stress. Interestingly 50% expect their meme consumption to increase further.

For most people, memes are an easy way to distract themselves from the hustle and bustle of life and work. The findings state that the strong association between meme use and positive emotions is why marketers are increasingly turning to them as a way to connect with their audiences and build a rapport.

“This is especially true when it comes to funny and entertaining content, as it’s often the first thing users turn when stressed. Social media is the primary source for access to memes, followed by word of mouth from friends and family,” adds Gutgutia.

Around 90% of consumers are open to creating memes themselves, indicating large latent demand for meme creation apps. Memes are also a way to express oneself. A lot of people take the time and effort to even create their own memes, and research suggests that close to 90% of consumers were willing to do so. Social media has allowed everyone to try their hand at content creation, thus, this has paved the way for the rise of meme creation apps and platforms.

The report also highlighted that people want to consume or create memes for brand building and as a creative outlet, and not just for making money. An important aspect that makes memes attain such huge popularity in a short period of time is that any individual can connect to them – and this works great for brand building and marketing.

Memes are now at the peak of the entertainment sector. To keep up with this rising demand, meme creation platforms are crowding the market, indicating that monumental growth is on the cards for this industry.

Some of the popular meme apps being used include MemeChat, Mematic, iFunny, Giphy and Zombordroid among others.
 


REDSEER