India's E-Commerce Market Likely To Increase By 84 Per Cent To $111 Billion By 2024: Report
India's e-commerce market is expected to increase by 84 per cent by 2024 to $111 billion, according to a new report from global financial technology company FIS on Wednesday (10 March).
The growth will be driven by mobile shopping, which is projected to grow 21 per cent annually over the next four years, said the report.
The research found that global trends in digital commerce accelerated under the pandemic.
Countries including India have seen a shift in consumer behaviour caused by Covid-19, and new payment trends are shown to be on the rise.
"The Indian e-commerce industry has witnessed a huge upsurge due to Covid-19 and there is substantial room for future growth," Phil Pomford, Managing Director of Asia Pacific, Worldpay from FIS, said in a statement.
"E-commerce capability is no longer limited to just traditional websites, and physical retail has blended with the digital world."
The "2021 Global Payments Report by Worldpay from FIS" examined current and future payments trends across 41 countries.
In India, "buy now, pay later" is the fastest growing online payment method.
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