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'E-commerce India's new sunrise industry'
10
Apr '15
A recent study by ASSOCHAM-Deloitte has found that e-commerce encompassing an increasing range of economic activities such as retail, travel, tourism, food and beverages, has emerged as India’s new sunrise industry and is set to notch up $16 billion of business by the end of 2015.
 
Titled ‘Future of e-Commerce: Uncovering Innovation’, the study reveals that the digital commerce market in India has grown steadily from $4.4 billion in 2010 to $13.6 billion in 2014 and likely to touch $16 billion by the end of 2015 on the back of growing Internet population and increased online shoppers.
 
Online travel accounts for nearly 61 per cent of e-commerce business while e-tailing contributes about 29 per cent. Visa India spend data showed 53 per cent growth in the number of e-commerce transactions in 2014, according to the study. 
 
E-commerce players from the US, Europe and Japan are witnessing slower growth in home markets. They are increasingly looking to enter developing economies of India, Brazil and China which have growth forecast rates of more than 20 per cent over coming years. Most popular e-commerce categories are non-consumable durables and entertainment related products, the joint study highlighted.
 
While releasing the joint study DS Rawat, secretary general ASSOCHAM said, the greater adoption of Internet and smartphones is the biggest driver of e-commerce in India. “Internet penetration is rapidly increasing with around 300 million users in 2014. The smartphone is steadily growing and consists of 35 per cent of the overall mobile phones market in the country and success rate of some of the technologies is directly connected to the success of e-commerce,” he said.
 
The availability of e-commerce applications on various mobility devices is helping to drive sales and revenue. E-tailers like Flipkart, Amazon and Jabong generate nearly 50 per cent of their revenues from consumers shopping using mobile phones.
 

Fibre2fashion News Desk - India

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