The Indian e-retail market is likely to jump 65% by 2018 to USD$17.52 billion according to a ASSOCHAM Resurgence India study.
India’s e-commerce sector is set to reach 100 million consumers by the end of 2017. Considering the total population of India is 1.3 billion people, these statistics may not appear that impressive. Compare that, however, to the fact that only 40% of the total population is actually online and it begins to make more of an impact. Taking into account the fact that in 2016 only 69 million consumers were purchasing online, the jump to reach 100 million consumers is an expected growth of nearly 45% in just one year. With only a tiny fraction of the total populace currently active in the e-commerce space, there is enormous potential to expand.
The rapid increase of consumers moving to purchase online is being driven by the rise of digital natives, better infrastructure in terms of logistics, broadband improvements as well as Internet ready devices, such as smart phones, flooding the market. ASSOCHAM-Resurgent India reports that Bangalore is leading the way in e-shopping, with 69% of consumers opting to make routine product purchases online. This study predicts that the percentage of e-shoppers in Bangalore alone is expected to rise to 75% by the close of 2017.
The NBC news report below, aired in 2016, shows India’s e-commerce boom.
E-commerce in India is consistently achieving remarkable growth rates and rapidly increasing year on year, with expected sales set to reach USD$17.52 billion by the close of 2018. Online shopping has clearly been embraced throughout India, with the growth rate hovering around a steady 15%. Considering the size and scope of this nation’s total pool of potential shoppers, e-commerce in India is an entrepreneurial gold mine.