Mumbai To Mirzapur: Meesho Witnesses A Record 910 Million Orders In 2022
SoftBank-backed e-commerce firm Meesho said it set multiple sale event records this year, each topping the previous, with value-seeking consumers from all corners of the country choosing a slew of products.
From Mumbai to Mirzapur, a record 910 million orders were placed this year (up 135 per cent YoY), equalling India’s registered voter base in the 2019 Lok Sabha polls, according to a report by the firm that captures how the country shopped in 2022.
“The year 2022 has been a breakout one for Meesho,” said Utkrishta Kumar, CXO, Business at Meesho. “Our orders grew 135 per cent year-over-year with growing demand not just from tier 2+ regions, but even value-seeking consumers from metros and tier-1 who are increasingly shopping with us.”
At about 140 million, Meesho said its annual transacting users exceed the combined population of the top three nations in FIFA World Cup 2022: France, Argentina and Croatia.
Customers from Andaman and Nicobar Islands are the most prolific with the highest number of orders per shopper. The territory is followed by Ladakh and the north-eastern states of Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Tripura and Sikkim.
Grooming and healthcare were among the top categories. Men from tier-4 towns cornered the lion's share of grooming products, accounting for 60 per cent of all orders.
Meesho said ‘smartwatch’ was the second-most searched product in 2022. This shows how Indians are focusing on physical activity. Sales of fitness equipment – dumbbells, treadmills and elliptical trainers – surged 3x as orders poured in from Srinagar and Mathura to Guntur and Siliguri. Most of the Yoga mats were bought by metro-dwellers from Bengaluru, Delhi, Chennai, Hyderabad and Mumbai. Orders for sanitary napkins grew 9x in tier-2+ cities. Meesho said this demonstrates how e-commerce is creating accessibility for millions of women in Bharat.
Consumers from Uttar Pradesh bought the maximum amount of cricket gear, followed by Maharashtra, Bihar, Andhra Pradesh and Karnataka. With 148 sarees sold per minute and demand coming in from all corners of the country, India’s love for attire continues to grow.
About 93,000 t-shirts, 51,725 Bluetooth earphones and 21,662 lipsticks were sold every day. Haryana stocked up on bed sheets, and Jharkhand shopped for extension boards. Rajasthan took a special liking to Bluetooth earphones while Assam bought body lotions.
“A customer from Uttar Pradesh placed an order every waking hour, totalling 6,384 orders in 2022,” said Meesho in the report.
Eight in 10 orders for books came from tier-2+ markets. Shoppers showed a clear inclination for self-help bestsellers such as Ikigai, Atomic Habits, The Psychology of Money and Rich Dad Poor Dad.
Indians indulged in online shopping for the most on Sundays in 2022. Last year, Wednesday was that day. Eight o'clock every evening was shopping prime time for Meesho customers, a change from 2021 when 2-3 p.m. had the most traffic.
“Millions of customers used local landmarks like ‘pipal ka ped’, ‘bargad ka ped’, ‘atta chakki ke peeche’ and ‘near water tank’ to help direct delivery personnel,” said Meesho.
Meesho said sellers save Rs 3,700 crore in commissions in 2022 due to the company’s industry-first zero commission model. It said nearly 130,000 Meesho sellers became lakhpatis and 6,000 became crorepatis in 2022, with Rajasthan and Uttar Pradesh leading the charge. Thousands of these sellers came from small towns like Sagar, Rewa and Damoh (Madhya Pradesh), Panipat and Karnal (Haryana) and Sangli (Maharashtra).
The firm onboarded about 500,000 suppliers in 2022, with 61 per cent of them new-to-e-commerce and selling online for the first time.
Source of the report: Meesho
Titi Coles Legacy In Finance: Pioneering Diversity And Leadership
Titi Cole, one of the most senior Black women in the world of finance, recently exited her high-profile role at Citi. He... Read more
Rising Rates, Rising Challenges: Bankers Adapt To Serve Troubled Companies In A Changing Economic Landscape
As interest rates climb, troubled companies are facing heightened financial pressures, prompting them to seek assistance... Read more
The Elusive Nature Of Fraud Detection: Exploring The Auditor's Dilemma
In the intricate world of financial reporting, auditors serve as guardians of integrity, tasked with uncovering discrepa... Read more
The Battle For Depositors: US Lenders Ramp Up Efforts Amidst Rate Uncertainty
In the competitive landscape of the US banking sector, retaining depositors is paramount for lenders seeking to maintain... Read more
Beyond Capital: Unveiling The Complexities Of Bank Failure Prediction
In the realm of banking, the ability to predict and prevent failures is paramount for financial stability and consumer c... Read more
Central Banks And The Economic Horizon: Steering Through Uncertaintie
In the evolving landscape of global financial markets, the strategic role of central banks has come under intense scruti... Read more