Mubasher: India’s overall e-commerce market value is forecast to top 6.3 trillion Indian Rupees ($91 billion) in 2023 when compared to 3.4 trillion Indian Rupees ($49 billion) in 2019, GlobalData said on Thursday.
The data and analytics company added that the growing e-commerce market in India is driven by higher internet penetration rates and higher online consumer demand, according to a press release.
In addition, the benefits online retailers offer to customers such as discounts, cash-back, and loyalty points on purchases also contribute to the exponential growth of e-commerce sales along with the annual online sale festivals such as ‘Flipkart Big Billion Days’ and ‘Amazon Great Indian Sale’.
Commenting on this, senior banking and payments analyst at GlobalData, Shivani Gupta, added, “Along with rising Indian shoppers going online, the government has also made efforts to boost the country’s e-commerce market with initiatives such as Startup India, Make in India, and Digital India; all of which have contributed positively towards the growth of the e-commerce industry.”
Some retailers started to further penetrate the market. Flipkart, for example, launched ‘Supermart’, an online grocery store to extend its presence from fast-moving consumer goods to groceries.
Shivani concludes: “The underlying potential for online purchases, coupled with favourable government policies, and online shopping events are expected to further drive the e-commerce market in India.”