From Gadgets To Skincare! E-Commerce Sees Surge In Sales

Black Friday falls on Friday every year, a day after Thanksgiving Day. The day usually associated with a massive shopping spree witnessed across the US, driven by attractive discounts and deals, is not marked in many countries globally, but in recent years the idea has spread gradually.

In India too, brands like Amazon, Flipkart, Myntra and so on have begun offering discounts on the day. This year's Black Friday sale has witnessed a significant surge in sales, driven by increased engagement from tier 2 and tier 3 cities.

The global Black Friday market is set to reach $278.6 billion in 2024, as per Future Market Insights. In India, the trend is rapidly gaining traction, with retailers forecasting sales growth ranging wildly from 10 to 200 per cent this year. Reports indicate that Black Friday sales in India are expected to grow at a compound annual growth rate (CAGR) of 37.4% by 2032.

Amazon, for instance, offered discounts of up to 60% on electronics, while Flipkart offered discounts of up to 80% on fashion products. Myntra also offered discounts of up to 50% on beauty and personal care products.

"Black Friday sales seem to be emerging as the latest heightened point in attempting to amp up consumer spending. Expect Thanksgiving shopping and holidays to trend in a year or two until they become a fixture in the FY forecasts of companies. While local brands try and build on existing culture, global brands set off new trends that eventually become an emerging cultural strain," M.V.S. Murthy, Chief Marketing Officer of Federal Bank, shared on social media.

The Black Friday sale has also seen a significant increase in sales of skincare products, with many brands offering discounts and deals on their products. The sale has also witnessed a surge in sales of gadgets, including smartphones, laptops, and tablets.