Sector estimated to rake in more than $55 billion in sales during 2021 with the addition of 40 million new online shoppers.
A major surge in demand for products and services through online channels and digital wallets during the Covid-19 pandemic has led to an unprecedented boom for India’s e-commerce industry, according to a series of surveys released this week. The uptick in online shopping comes despite the perception that the regulatory environment in India is getting stricter, analysts said.
India’s e-commerce industry is estimated to rake in more than $55 billion in sales during 2021 with the addition of 40 million new online shoppers, while the number of online shoppers for the year is pegged at 190 million – compared to 150 million last year, according to Mrigank Gutgutia, Director of consumer Internet at Redseer.
Jump in shopper base
According to the online retail consultancy, India’s online shoppers base is likely to jump to 300 million in next five years with 90 per cent of the consumers from tier II cities and beyond. Last year, during the festival period alone, e-commerce giants Amazon, Flipkart and other vertical players clocked nearly $9 billion in sales despite the pandemic, Gutgutia said.
Rising consumer preference for online shopping, proliferation of e-retailers and emergence of new payment methods will continue to drive e-commerce growth in India. - Ravi Sharma, GlobalData
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