A latest a market report by Deloitte India and Retailers Association of India has made some interesting revelations on the e-commerce market in India.
The report states that the e-commerce market in India is set to grow exponentially regardless of the newly announced regulations and policies for the sector. The market, as reported, will reach US $ 84 billion in 2021 from US $ 24 billion in 2017.
(The new e-commerce policy will soon have certain amendments as a draft policy for the e-commerce sector was released last week following which the Government has invited comments from the retailers.)
Factors such as rising craze for online shopping, smartphone usage and internet penetration across semi-urban and rural areas would further amplify online purchases in the time to come.
What’s more, the report claims that the retail business in India will reach US $ 1.2 trillion in the next two years as against US $ 795 billion in 2017.
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If this happens, India will be the third-largest retail market in Asia and fourth largest globally.
“India continues to hold a strong position as far as its market potential is concerned. Against the backdrop of the Indian and global economies that set the stage for achieving globalisation, innovation, M&A activity, and increased digitalisation, consumer companies are likely to continue to reinterpret traditional levers to stimulate growth in a competitive business environment,” Anil Talreja, Partner, Deloitte India said.