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Online retail in India to touch $170 bn by 2030: report

24
Apr '19
Online retail in India to touch $170 bn by 2030: report
Online retail in India will touch $170 billion or 8 per cent of the retail market by 2030, growing at a compound annual growth rate of 21 per cent, higher than the growth offline retailers will see, says a recent report by brokerage firm Jefferies. Online retail is a fourth of the total organised retail market and can reach 37 per cent by 2030, it estimates.

NewYork-based Jefferies conducted a survey of over 550 online shoppers in several cities across India, tracking their purchases.

Indian shoppers are now pivoting to online, driven by convenience over discounts that drew the initial shoppers to the Internet in India, the survey found. While electronics and apparel have continued to see high demand, the emergence of newer shoppers buying into personal care and groceries a lot more has been observed as well, which can be perceived as an imminent threat to offline retailers.

Currently, Indian online shoppers spend ₹12,800 per shopper per year; that number is expected to rise to ₹25,138 by 2029-30 as shoppers extend shopping online to segments beyond electronics and apparel, according to Indian media reports.

Over the last few years, online retailers like Flipkart, Myntra, Jabong and Amazon have caused a sizeable dent into the shares of offline retailers like Kishore Biyani-backed Future Group, Tata’s Trent, Arvind Retail, and Reliance Retail, which have pivoted to an omni-channel retail model as well.

Online shopping has now become a more convenience driven habit, the survey added. (DS)

Fibre2Fashion News Desk – India


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