The Indian ecommerce market to reach USD 60 billion by 2023

Wednesday 5 March 2014 10:26 CET | News

Indias ecommerce market will have registered 7% share of the countrys retail market by 2023, reaching USD 60 billion, according to the speech delivered by Arvind Singhal, chairman of Technopak Advisors, at eTailing India conference and Exhibition 2014.

With limited access to financial capital, outdated logistics, unreliable customers and poor internet connectivity, the Indian ecommerce industry faces impediments which detract its growing pace.

In terms of numbers, the industry recorded USD 1.5 billion in 2012 and grew to USD 2.8 billion in 2013. The number of online shoppers grew twofold, reaching 20 million in 2013 from 8 million in 2012. The average consumer spending has grown by 50-80%.

In recent news, the Indian online retail market will have reached a market share of USD 12 billion (rs 50,000 cr) by 2016. This amounts to a 30 fold increase compared to 2008, according to forecasts released by Crisil, a global analytical company providing ratings, research and risk and policy advisory services.

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Keywords: India, ecommerce, retail market, eTailing India Conference and Exhibition, online shoppers
Categories: Payments & Commerce
Countries: World
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