Indian ecommerce retail market expected to cross USD 100 bln by 2024

Friday 28 August 2020 12:56 CET | News

A white paper published by A&M India and CII Institute of Logistics has estimated that the ecommerce retail space in the country with prompt growth by five times in the next five years.

According to the white paper, titled 'Enabling the next wave of ecommerce in India through supply chain innovation', some of the key evolving models for ecommerce include order to store for apparel; dark store for FMCG/grocery and meat/pharmaceuticals; store to customer deliveries for FMCG grocery and omnichannel presence for retailers.

The Indian retail landscape has seen a momentous change over the past 10 years with the overall industry growing to USD 915 billion in 2019, it said. The paper added that ecommerce retail, which accounted for less than USD 1 billion in 2010, has grown to more than USD 30 billion in 2019. It attributed the growth of ecommerce over the last decade to internet penetration, smartphone adoption, and category expansion. 

The paper also said categories like electronics have been led by the horizontal marketplaces, while penetration in groceries, furniture, pharmacy, and cosmetics have been led by specialists. Ecommerce retail (B2C) market to be more than a USD 100 billion opportunity by 2024, the white paper said adding that with just around 3% penetration of ecommerce in 2019, the market continues to ride its next wave of growth given the significant headroom available. Ecommerce penetration in retail in mature markets like the US and China has reached around 15% and around 20%, respectively, by 2019; while in India, it could reach around 6% by 2024, it added. 

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Keywords: A&M India, CII Institute of Logistics, India, Asia, APAC, ecommerce, study, marchants, US, China
Categories: Payments & Commerce
Countries: India
This article is part of category

Payments & Commerce