Growing at a rate of about 15 per cent and registering a double digit growth figure every year, the total retail sales in India is likely to rise from $717.73 bn during calendar year 2014 to $1,244.58 bn in 2018, says a study by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) and financial advisory services provider Resurgent India. In 2017, about 100 mn consumers purchased online and the number is expected to cross 120 mn by 2020 with the rise of digital natives, better infrastructure in terms of logistics, broadband and Internet-ready devices to fuel the demand in e-commerce, an Assocham said citing the study.
Bangalore has left behind all other cities in India shopping online in the year 2017. While Mumbai ranks second, Delhi ranks third in their preference for online shopping, the study says. In 2018, mobile commerce will become more important as most of the companies are shifting to m commerce. Mobile already accounts for 30-35 per cent of e-commerce sales, and its share will jump to 50 per cent by 2020, the report says. Online shopping has been embraced by the Indians with close to 25-30 mn adults making a purchase via the internet in the last year. There is a surge in the number of people shopping on mobile across India with tier 2 and 3 cities displaying increased dominance. The year 2018 will see large scale growth in the Indian ecommerce sector, which will continue to drive more employment opportunities and contribute towards creating more entrepreneurs through the e-commerce marketplace model, the study adds.