The Indian E-Commerce market has seen tremendous growth in recent times with boom of internet and smartphone penetration. Hence, one can naturally predict it to be a strong economy.
According to a recent report by First Data Corporation and ICICI Merchant Services, domestic e-commerce market has the potential to grow between $125 billion and $260 billion by 2024-25. The report E-Commerce: A boon for the current economic downturn', says urban Indian consumers are now confident enough to make online purchases of up to Rs 25,000, from Rs 2,000-5,000 in the recent past.”
"With different levels of adoption, the e-commerce market has the potential to grow anywhere between $ 70 billion and $ 150 billion under one scenario, and at a more robust growth scenario it can grow between $ 125 billion and $ 260 billion by 2024-25," it says.
On the global level, the report says Brazil, US, Europe and China are showing tremendous growth. China is expected to add the equivalent of the entire population of Canada as e-shoppers in each of the next four years.
It also says that even though there are only under-10 million internet users who actually buy online in India, there are about 150 million internet users or around 75 million households that are ‘ready’ for e-commerce.
The sectoral umbrella body, current e-commerce market in India is around $10 billion, while US e-commerce market is set to touch $200 billion in 2013, growing at 17%, according to IAMAI.
According to the report, almost 57 percent of e-commerce sales come from small towns, while the eight metros account for the remainder.
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