It has been estimated that India’s internet economy is surging ahead with over 50 per cent year-over-year growth in 2021, and is poised to be a staggering $1 trillion economy by 2030, according to a new report by consulting firm RedSeer.
This healthy expansion is being fueled by a rapidly increasing internet penetration rate, high-speed internet access, and increased online shopping and digital content consumption. India’s population is extremely heterogeneous, and the needs of one segment in the population may differ from that of the other segments. With this being the case, the report plunged into India’s digital consumer base which can be broadly segmented into below 3 cohorts.
The first is the quasi first-world of 80-100 million, who draw an annual income of over $12,000, live typically in metropolitan areas, and expect high-quality services. Several players have successfully adapted global models to serve this Indian cohort. The second cohort includes those who essentially draw an annual income of $5000 to $12,000, and are aspirational and budget-conscious. The estimated digital population of this segment is 100-200 million.
Finally, we have 400-500 million of the populace that includes the rural segment and tier-2 cities, who primarily draw an annual income of less than $5000, and is perhaps the most difficult cohort to reach, and need digital intervention to help them solve their problems. This is perhaps the most important demographic to reach in the digital space. The need of the hour here is deep vertical problem-solving.
Read More at https://www.business-standard.com/article/economy-policy/india-s-internet-economy-poised-to-be-1-trn-economy-by-2030-redseer-rpt-122021100173_1.html
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