♦ According to Invest India, India is set to become the 3rd largest online retail market by 2030. Currently, India's e-commerce sector stands at a market size of USD 70 billion, constituting around 7 percent of the total retail market in the country.
♦ With 881 million users, India has the 2nd largest Internet user-base globally. The internet penetration has witnessed significant growth, with 52 percent of the Indian population, approximately 759 million people, accessing the internet in 2022.
♦ Several factors contribute to India's e-commerce boom:
♦ One of the primary drivers is the increasing internet penetration, with around 87 per cent of Indian households expected to have internet connections by 2025. The duration of internet access through mobiles has seen a 21 percent rise compared to 2019.
♦ The number of online shoppers in India is projected to increase significantly, with a compound annual growth rate (CAGR) of 22 per cent to 88 million in rural India and 15 per cent to 263 million across urban India between 2019 and 2026.
♦India’s affordability in data prices also plays a pivotal role, with one gigabyte of data costing approximately USD 0.17 (Rs 13.5), driving the majority of the population online.
Posted Date: April 30, 2024