Indian e-commerce industry is all set to record the third highest growth rate in Asia-Pacific this year, and “That growth rate will trail only China and Indonesia in Asia-Pacific,” the report added.
Thanks to increased internet penetration and more and more young people in the country switching to using smartphones and making online purchases, according to eMarketer, India’s e-commerce sector will be worth $71.94 billion by 2022.
“In tandem with this shift to online and mobile usage, Flipkart, Amazon and Paytm Mall have been competing fiercely to claim their share of the Indian market. All three of these companies are making large investments, which include improved logistics and payment systems, as well as offering deep discounts, which will fuel future growth in the market,” noted Eric Haggstrom, forecasting analyst at eMarketer.
The US-based research firm expects a quarter of India’s population to be digital shoppers in 2018, which will rise to 41.6 per cent by 2022.
Further, highlighting huge future potential of retail commerce in India, the report mentions that India’s retail e-commerce will make up just 2.9 per cent of total retail sales in 2018 – which is still very low compared to many other developed markets in the region.