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E-com to drive Indian consumer growth's next level: report

Mar '19
E-com to drive Indian consumer growth
E-commerce will drive the next level of Indian consumer growth starting this year, says a report by Deloitte India and Retailers Association of India. India's e-commerce marketplace is worth $200 billion now, is growing at a compound annual growth rate of 32 per cent and is poised to grow to $1.2 trillion by 2021 as the space grows at a massive pace, it said.

The report, titled ‘Unravelling the Indian Consumer’, lists some factors for this growth that include changing purchase patterns, high-intensity online shopping and heightened use of smartphones, according to a press release from Deloitte.

Mobile-commerce is growing at an exponential pace with such transactions in India increasing from ₹200 billion in fiscal 2015-16 to ₹3,000 billion in 2017-18.

The millennial population has mostly championed this trend across tier one, tier two, and tier three markets.

Social media-related commerce in India has been on the rise, with 28 per cent millennials purchasing products due to social media recommendations and 63 per cent millennials staying updated on brands through social media.

Experiential retail offerings have picked up with the use of advanced data analytics, bots and drones, beacons, cloud-platforms and virtual reality to understand consumer needs.

The report emphasises that despite the stress faced by the Indian rupee and the rising crude oil bill, Indian retail market would grow at a compound annual growth rate of 7.8 per cent between 2021 and 2026. (DS)

Fibre2Fashion News Desk – India

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