The same source indicates that by 2020, the Indian retail market would reach USD 1 trillion, according to Nitin Bawankule, the Director for Ecommerce and Online Classifieds at Google India.
It is difficult to find a single valuation for how much the ecommerce market in India could be worth. eTailing India Founder Ashish Jhalani believes the ecommerce industry is worth USD 13 billion (Rs. 79,300 crore) today and is expected to touch USD 90 billion (Rs. 5,49,000 crore) by 2021. According to market research agency Gartner, the Indian ecommerce market is expected to hit USD 6 billion in 2015, up by 70% year-over-year. Currently, ecommerce represents less than 4% of the total retail market, despite its notable growth.
Despite such variations in estimates, on the ecommerce front, India has come a long and impressive way, with big industry players acquiring smaller ones, receiving massive amounts of funding and developing strategies in place to chart out their future growth plans and gain a bigger pie in this fast growing market. In the fight for dominance on the local ecommerce market, there are two companies that have recently stolen the spotlights: Amazon and Flipkart, an 8-year-old Indian version of the US ecommerce company. Also, Snapdeal has raised USD 627 million from Japan’s Softbank.
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