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$100-bn online consumer spending potential in India by 2020
20
Feb '18
Online consumer spending by Indians may grow 2.5 times to $100 billion by 2020 led by e-commerce, travel and hotel, financial services and digital media, says a report by Boston Consulting Group and Google. Online users have grown two-fold in four years to reach 430 million due to cheaper phones and data and more mobile-specific or local language content.

Indians now spend around $40 billion through digital transactions.
E-commerce for apparel and accessories, consumer electronics, durables and food and grocery is expected to be the biggest constituent of this growth with the market size estimated to reach $40-45 billion by 2020 from around $18 billion at present, an Indian news agency reported citing the document.

Women, new users from non-tier 1 cities and shoppers above 35 will drive this growth. By 2020, women shoppers will rise by 2.5 times and older shoppers will increase more than three times.

Digital payments for travel and hotel are likely to touch $20 billion by 2020 from $11 billion now, financial services may reach $30 billion from $12 billion, and digital media may reach $570 million from $200 million, according to the joint report.

Digital transactions in India, however, still lag far behind, being at nearly one-third of China’s levels and one-fourth of US levels across most categories, the report noted. Only one in five Internet users in India shop for products online, one in six do travel bookings online and a negligible percentage pay for digital media, it added. (DS)

Fibre2Fashion News Desk – India


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