India E-Commerce Market to Grow at over 36% by 2020
Increasing internet penetration coupled with growing smartphone user base to propel growth in India E-commerce market through 2020
On account of increasing awareness among consumers about product quality, change in consumer attitude and shopping habits, India’s e-commerce market is expected to grow at a burgeoning rate through 2020. Rising number of high speed internet users is encouraging businesses to innovate and offer a diversified array of products & services online. Over the last few years, with significant improvements in the payment structure in e-commerce market, consumers in India are gradually shifting towards online space and are shedding their belief of online shopping medium being unsafe. Consumer electronics, online travel and apparel & accessories are the market segments exhibiting promising growth. With the option of same day delivery, online groceries stores are also entering into the country’s online space.
According to recently released TechSci Research report “India E-commerce Market Forecast and Opportunities, 2020”, the country’s e-commerce market is forecast to grow at a CAGR of over 36% during 2015 – 2020, on account of expanding smartphone user base, huge discounts and offers extended to customers by the e-commerce companies, increasing per capita disposable income and growing youth population. India’s e-commerce market is dominated by e-services segment, on account of booming online travel market, which is emerging as the most preferred medium for planning holidays, making hotel bookings and buying tickets for travel by various modes including air, bus and rail.
“India’s workforce majorly comprises of young consumers who have less time for going out and shopping at regular brick and mortar stores. Such a scenario creates humongous potential for online shopping in a market as huge as India. Moreover, great offers and discounts by the leading e-commerce players further increase consumer interest towards the products.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India E-commerce Market Forecast and Opportunities, 2020” report evaluates future growth potential of India’s e-commerce market and provides statistics and information on market structure, consumer behavior and trends. The report includes projections and demand forecasting. The report intends to provide cutting-edge market intelligence and help decision makers in making sound investment evaluations. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in e-commerce market in India.