India’s e-Commerce Market to Exceed $100B by 2022: Report
The current market of ~$35 billion is expected to grow at 25% in the next five years
The Indian e-commerce market of $35 billion is anticipated to grow at 25 per cent in the next 5 years and go beyond $100 billion by 2022, according to a recent report by PwC India and the National Association of Software Application & & Provider Companies (NASSCOM). The report titled ‘Propelling India to global leadership in e-commerce‘ further specifies that e-tail and e-travel will continue to hold over 90 percent share of e-commerce, while online financial services will witness the fastest growth.The report says 3 out of 4 online consumers are expected to come from tier II markets and beyond. A vast majority of them will be fairly less tech-savvy, look for greater openness from brand name and prefer consuming content in local languages. Additionally, the report stresses on the requirement for harmonisation in the e-commerce policy framework that makes it possible for the growth of the sector. Sandeep Ladda, Partner, Global TMT Tax and India Innovation Sector Leader, PwC India said,” There is a gradual shift in the focus of companies and investors alike to embracing a sustainable financial model centred on the consumer. As an outcome, the industry is seeing a growing focus on customer experience, consequently taking e-commerce beyond simply selling things online. The next stage of growth in the sector would originate from guaranteeing a seamless shopping experience, building digital trust, voice-based or conversational commerce and creating an inventory of localised content. Growing adoption of technology in e-commerce is enhancing the whole buy-sell experience for both buyers and sellers.”Debjani Ghosh, President NASSCOM stated,”The e-commerce sector has been contributing towards numerous macroeconomic growth parameters
, evangelising local businesses and customers. In the next five years, the sector has the possible to develop a million tasks in allied markets such as logistics, warehousing, etc. In addition, the FDI drew in improves the country’s positioning substantially on the global phase. E-commerce business have to concentrate on building commitment which will translate into repeat sales.”India’s middle class will be the biggest section of Indian population and in the next few years, is likely to take in as much as their Chinese counterparts do today. Their intake pattern is expected to eventually supersede that of both the United States and China, the report says.To experience exponential growth in the next stage, existing barriers referring to language, tech functionality, logistics and regulatory compliances will need to be eliminated
, the report stated.
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