India’s e-commerce market to reach $ 120 billion in 2025, analysts forecast

E-commerce sales in the Indian market are expected to reach US $ 120.1 billion – or Rs.8.8 trillion – by 2025, with the country having experienced strong growth in recent years, according to a global data and data company. ‘analyzes.

Analyst GlobalData claims India continued to grow even during the COVID-19 pandemic as “suspicious consumers preferred online channels for shopping.”

“Against this backdrop, e-commerce sales are expected to grow at a compound annual growth rate (CAGR) of 18.2% between 2021 and 2025, reaching INR 8.8 trillion ($ 120.1 billion) in 2025. .

According to GlobalData’s e-commerce analysis, e-commerce payments in India grew 12.2% in 2020 and are expected to grow 16.8% to reach 4.5 trillion rupees ($ 61.5 billion US) in 2021.

“The COVID-19 pandemic has accelerated consumers’ transition to digital payments in most markets, a trend also seen in India. With the rules of social distancing and the closure of many physical stores, shoppers have embraced online channels even for their everyday purchases, ”said Ravi Sharma, senior banking and payments analyst at GlobalData.

According to GlobalData, e-commerce has transformed the way consumers shop in India, supported by increasing internet and smartphone penetration, increasing digital literacy among consumers and the government’s digital push. .

“Over the past year, despite a drop in consumer spending, an economic downturn and uncertainties caused by COVID-19, e-commerce sales have continued to increase.

“While sectors such as travel and accommodation have been affected due to the lockdown and travel restrictions, strong growth has been seen in online shopping of retail products such as groceries, food and beverage service. ‘electronics and health products, “GlobalData said.

GlobalData also notes that major e-commerce retailers Flipkart, Amazon, and BigBasket have seen an increase in orders every month since the virus outbreak, and to support non-cash payments, e-commerce companies are offering several digital payment options.

“For example, in June 2021, Flipkart introduced Quick Response Code (QR) based payment for cash on delivery shipments, allowing consumers to switch from cash on delivery to UPI-enabled digital payment.

“Buy now, pay later, solutions are also gaining popularity in India amid COVID-19. In April 2020, global e-commerce giant Amazon launched Amazon Pay Later, allowing consumers to purchase in three to 12 monthly installments.

“A growing number of companies such as LazyPay, Simpl and ePayLater also offer similar payment services. Customers can register their preferred payment tool with the buy now, pay later solution and the amount is debited automatically on the due date, ”GlobalData said.

“The COVID-19 crisis has accelerated the transition of digital payments in India and opened up e-commerce to a whole new set of consumers and merchants who did not use the online channel before. The growing consumer preference for online shopping, the proliferation of online retailers and the emergence of new payment methods will continue to drive the growth of e-commerce in India, ”concludes Sharma.


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