E-commerce market in India to grow fourfold to $150 billion by 2022

The next frontier for the fight in the Indian e-commerce market is set to be fought around a smooth shopping experience, developing digital trust, voice-based or conversational commerce and creating a stock of localized material,” said Sandeep Ladda, partner and international innovation, media and telecom sector leader at PwC India.The fastest growing e-commerce segment will be digital monetary services. Paytm’s digital deal sector is growing exponentially, Google has renamed the Tez app as Google Pay and prepares to use quick loans along with transaction centers. Amazon Pay and the government’s app BHIM are also competing to record the marketplace. Deals through unified payments interface(UPI)reached a new high with 1 crore deals in June thisyear. This was 30 fold increase from June last year when it took a whole month to reach 1 crore deals. India with 26% penetration in online financial deals still drags from next-door neighbor China which has 62 percent penetration. Sankalpa Bhattacharya, partner and leader in offers strategy at PwC India highlighted ease of financial transaction issue together with longer deliver periods,” On the other hand, the ability to serve these consumers may also be constrained due to limited assortment, low ease of purchasing and payment, longer shipment times and trust issues,” said Bhattacharya. India is also behind all BRIC nations in e-commerce preparedness index. India at 10%ranks behind nations such as Brazil(20%),China

(30%) and Russia.”With need motorists in place, Indian e-commerce maturity can match that of China’s and Russia’s in 5-6 years, ” the report stated. The entry of Reliance and aggressive expansion by Paytm will produce more competition which will fix these problems. The money being invested by global players like Walmart, Amazon, Alibaba, Google, Softbank is substantial, the accessibility of capital will assist domestic players to innovate and expand at explosive rates. Based on the report e-commerce market is anticipated to contribute 4% of GDP by 2022.