The eCommerce market in India has seen a revolutionary shift since the past decade. From $14 billion in 2014 to $64 billion in 2020 and it is expected to reach a whopping $200 billion by 2027 as per research data.
Two of the major reason for this shift includes the advancements in technology that lead to the growth of internet users and favorable market conditions.
The competitive growth of Indian and foreign eCommerce companies has soared great heights. From leading conglomerates such as Amazon that lead the eCommerce market back in 2017; to other names such as Flipkart, Snapdeal and Myntra that are no where far behind.
Given the current COVID-19 pandemic, more than 70% of Indian brick and mortar stores have switched to an online mode of sale and delivery. This switch led to a change in the lifestyle of Indian shoppers.
Without a doubt, one can state that eCommerce is a growing trend in India. The digital population of the country accounted for 687.6 million. What caused the rise of increased digital population?
- Cheap Internet Plans
- Digitalization
As per a survey, the average eCommerce revenue in the retail front collected from a single user in 2018 valued at $50. However, it is estimated that this figure is sure to cross $75 by 2024.
