India’s e-Commerce revenue is expected to jump from $30 billion in 2016 to $120 billion in 2020, growing at an annual rate of 51%, the highest in the world, according to a joint ASSOCHAM – Forrester study paper. According to “India E-commerce Market Forecast & Opportunities, 2020”, the country’s e-commerce market is projected to grow at a CAGR of more than 36% during 2015 – 2020.
The Indian e-commerce market is set to overtake the US and become the second largest in the world in less than two decades. The number of digital buyers in India, aged 14 or older, is a huge factor in this growing market. In 2011 were estimated at 14.5 million nationwide, this number rose to 19.2 million in 2012 and forecasts predict that the number will exceed 40 million by 2016.India’s eCommerce growth will be the result of rising internet penetration as roughly 350 million Indian citizens are already online and that number is expected to nearly double to 600 million by 2020. Major ecommerce players in india are Amazon, Flipkart, Snapdeal, Shopclues, Myntra, Jabong, eBay, Homeshop18.com, Yebhi…
Consumers in India are increasingly opting for online shopping as online retailers offer huge discounts on their products. Private label brands, launched by various online retailers, are also fueling growth in the country’s e-commerce market as retailers are now able to offer a wider range of products to their customers at competitive prices. In India, cash on delivery is the most preferred payment method, accumulating 75% of the e-retail activities.
China accounts for nearly 80 percent of online retail sales in Asia Pacific, and Forrester expects it to become the first market to reach $1 trillion in online retail sales in 2020. More than 19 percent of all retail sales in China takes place online, and it will reach 24 percent by 2021.