India is expected to become the second largest E-Commerce Market till 2034 by dethroning US from the same position. China currently stands at the top and the country has nothing to fear about as of now.
The report further stated that the e-commerce segment is expected to grow swiftly in emerging markets and India is expected to see a growth of 28% in this industry by 2020, making it a $ 63.7 Billion industry.
This report will definitely give a boost to PM Narendra Modi’s move towards digitalisation and India being a developing country, the scope for growth is considerably large. Considering the nation’s population, which is second highest in the world, companies like Alibaba, Amazon have already started cementing its roots in India.
The report by Worldpay also advised small merchants to enter e-commerce as soon as possible, guaranteeing a decent profit in the future.
Worldpay analyzed 30 developed and developing Asia-Pacific markets including China, Hong Kong, South Korea, India, Singapore and Australia.
Indian consumers enjoy numerous choices when it comes to online retailing, and gone are the days when online shopping was a big taboo in India. Noticeably, while demonetizing Rs 500 and Rs 1000 notes, PM Modi specifically conveyed and promoted his idea of a cashless and digitalised economy. He appealed Indian Youth to make four other people understand the importance of online retailing and make them aware of the benefits that it bears.
Hectic working hours and the need for proper utilization of time have further inclined people towards e-retailing. Consumers are liking the idea of getting everything at their doorstep and the days of all and all digitalisation may come very soon.
According to the Worldpay report, the rapid e-commerce growth in India is majorly due to internet penetration as nearly 350 million Indians have access to internet and the number is expected to reach 600 million by 2020, which is almost double.
Every urban household in India is reckoned to have at least one smartphone user among them and the technological advancement that India has seen in the recent years, is the major justification behind this report.
India is currently going through a transformation from 3G to 4G network and after considering the economical data plans, Indians are expected to shop more via e-commerce and specifically the youth.
India has been competing with US and China since ages, when it comes to economy and technology. Many reports from around the world have suggested that India is fastest growing ‘developing nation’ and if India overtakes US by 2034, it would not take long for India to transform from a ‘developing’ to a ‘developed’ nation.
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5 December 2016
Rohan Jaitly