Indian e-commerce set to grow 15 times by 2030: Report

07 May '15
2 min read

It is boom time for e-commerce in India. The segment will account for 2.5 per cent of the country’s GDP by 2030, growing 15 times and reaching $300 billion, according to a report by Goldman Sachs.

The current market size of e-commerce is $20 billion. The report cited the "hyper growth in affordable smartphones, improving infrastructure, and a propensity to transact online," as key growth factors.

"Further, India's attractive demographics - the youngest population in the world - should lead to over 300 million new online shoppers in the next 15 years, making e-tailing the largest online segment," it said.

Goldman Sachs identified e-retailing, online travel, digital advertising market and electronic payments as segments that could "potentially catalyse domestic companies into multi-billion dollar businesses".

India will have the second-largest digital population in the world with one billion users by 2030, powered by online mobile penetration, it added.

"India has enough spectrum and telecom infrastructure to provide 3G data coverage to 25-30 per cent of the population," it said.

The payment landscape is also evolving fast with the launch of digital wallets and payment banks, despite 60 per cent of e-commerce transactions in cash-on-delivery mode, the report pointed out.

"Logistics and infrastructure are bottlenecks, but also indirect drivers for online adoption," it added.

According to the report, over $6 billion of private funding has come into India in 2014 and "significant funds are still waiting, implying a potent eco-system is in place." (SH)

Fibre2fashion News Desk - India

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