As per a joint study by ASSOCHAM and Resurgent India, the Indian market is growing rapidly with the influx of e-services (digital modes of payment), better infrastructure in terms of logistics, broadband and internet-ready devices, the demand in e-commerce segment will surge; resulting in an increase in online shoppers from 69 million in 2016 to over 100 million in 2017.
The study underlines that Bengaluru is at No. 1 spot in the country for the most frequent use of online shopping portals and is the host of largest number of e-commerce customers in India. The research also indicates the strong chances of mobile commerce growing in the country as most of the companies are shifting to m-commerce, which already accounts for 30-35 per cent of e-commerce sales, and its share will jump to 45-50 per cent by 2017.
“There is a surge in the number of people shopping on mobile across India with Tier II and III cities displaying increased dominance. In fact, 50 per cent of the traffic is coming from mobile and a majority of them are first time customers,” the study added.
As per the findings, Indian e-retail looks even more promising which is up from US $ 3.59 billion in 2013 to US $ 5.30 billion in 2014 (an increase of 48 per cent), and by the end of year 2018, it is expected to touch US $ 17.52 billion mark. The report further adds that total retail sales in India will increase from US $ 717.73 billion in 2014 to US $ 1,244.58 billion by 2018.