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Ecommerce Market In India Was Worth $16 Billion In 2013 And Is Headed Towards The $56 Billion Mark By 2023
The e-commerce market in India has been growing by leaps and bounds for the last few years. The trend is expected to continue as the e-commerce market in India is estimated to be worth $16 billion in 2013 and is expected to touch $56 billion by 2023, according to the latest ASSOCHAM report. Consumer behavior and shopping-trends have helped the Indian e-commerce industry to record a staggering 85% growth in 2013. The e-commerce market in India will control 6.5% of total retail market by 2023.
The ASSOCHAM report on ecommerce market in India 2013 – 2023 is based upon the survey responses received from recently conducted surveys of over 3,500 traders & organized retailers in Delhi, Mumbai, Chennai, Bangalore, Ahmadabad and Kolkata. The result claims that Mumbai leads the other cities in number of online shoppers, followed by Delhi and Kolkata. Its surprising to know that the silicon hub of India – Bangalore, fails to make it to the top 3 places despite of a superior technology infrastructure and a large number of technology professionals who are quite used to internet usage.
Young generation on the internet has emerged as the driving force behind the growth of the e-commerce industry in India. Nearly 90% of online shoppers in India belong to the 18 – 35 year age group, while 8% fall in the 36 – 45 year age group. While classifying the online shoppers based upon gender, men contribute more to online shopping revenue. Nearly 65% of online shoppers in India are male as against 35%, who are female.
The report also highlights the products bought & sold online. Gift articles (58%) remain the favorite among online shoppers in India, followed by books (42%) and electronic gadgets (41%).
The survey also attempted to understand the reluctance of people who still refrain from online shopping. Around 30% of people who buy from retail stores actually research about the product online. However, 25% people are still skeptical about online security and don’t share their financial information online. 20% people, who blamed high shipping costs as the main reason, follow this, while 15% are unsure about the handling of the product during transit and receiving the product in a good condition.
Nearly 10% of the total population in India is on the internet now and with a growing penetration India is expected to leapfrog U.S. to become the second largest country by the number of internet users. According to a report from ComScore, three out of every five internet users in India are shopping online. This has made India, one of the most lucrative markets for global e-commerce giants, especially the likes of Amazon and Alibaba. While Amazon has already ventured into the Indian market, Alibaba is keen to make a perfect start. Rumours have claimed that the poster boy of Indian e-commerce industry – Flipkart, is on the cards for both giants, but a recent statement from Sachin Bansal – CEO & CO-Founder, Flipkart, has ruled out any possibilities of acquisition.