Mumbai: The Indian ecommerce market is expected to grow by 21.5% and hit $74.8 billion in 2022, according to GlobalData, a data and analytics company.
Ecommerce has transformed the way consumers shop in India in the past few years, supported by an increase in Internet and smartphone penetration, a rise in digital literacy, and the government’s digital push. The pandemic has accelerated the shift towards online shopping and the emergence of new variants of the virus will further push people towards shopping online, said the researcher.
“The Covid-19 pandemic has fast-tracked consumers’ transition to digital payments in most markets, a trend also seen in India,” said Ravi Sharma, banking and payments lead analyst at GlobalData. He added that ecommerce payments in India are expected to rise at a compound annual growth rate (CAGR) of 18.2% between 2021 and 2025 to hit $120.3 billion.
While Indian consumers were comfortable buying non-essential products such as clothes and electronics even before the pandemic, they are now also comfortable buying essential products such as groceries. Blinkit (formerly Grofers) and BigBasket are the major players in this space, with Amazon and Flipkart also making their mark.
Jasmeet Thind of CoutLoot said, “Social commerce is likely to be largely […]
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