India's ecommerce market set to surpass USD 91 bln in 2023, says GlobalData

Thursday 23 January 2020 13:49 CET | News

The overall transaction value of the Indian ecommerce market is projected to grow from USD 49 billion in 2019 to USD 91 billion in 2023, according to GlobalData.

GlobalData’s latest report ‘India Cards & Payments: Opportunities and Risks to 2023’ states that the growth in the ecommerce market has been supported by rising Internet penetration rates, benefits such as discounts, faster delivery options offered by e-retailers, and the rising consumer preference for online shopping.

With Indians being increasingly price-sensitive, the growth of ecommerce can be attributed to the benefits offered by online retailers such as discounts, cash back, and loyalty points on purchases. Annual online sale festivals such as ‘Flipkart Big Billion Days’ and ‘Amazon Great Indian Sale’ have also contributed to the exponential growth of ecommerce sales.

Retailers are also extending their product lines to further penetrate the market. In May 2019, Flipkart launched online grocery store ‘Supermart’, extending its presence from fast-moving consumer goods to groceries.

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Keywords: GlobalData, India, ecommerce, retailers, report, online shopping
Categories: Payments & Commerce | Ecommerce
Countries: India
This article is part of category

Payments & Commerce