FICCI-KPMG report reveals that e-commerce market in India may touch $100 billion by 2020
A study reveals that the
According to a report titled 'Direct selling; Mapping the industry across Indian states', the country's e-commerce sector, which is around USD 10 billion (Rs 65,000 crore) at present, can even touch USD 250 billion in next ten years as digital network would spread in the rural areas.
"By end of the decade, by 2020, e-commerce would be USD 100 billion industry... Presently China has a USD 450 billion e-commerce (market) and India is just USD 10 billion.
"India in next 10 years, in my mind 10 years, would be close to USD 250 billion of e-commerce," DIPP Secretary Amitabh Kant said while releasing the report on direct selling by industry body
This boom will happen because the broadband would take over and digital network will spread into the rural areas, Kant added.
According to him, e-commerce market would be driven by the local languages and broadband Internet penetration into rural India.
By 2017, India will have 350 million smartphones and it will create demand, the report said.
Meanwhile, e-retailing and various other formats of retail such as direct selling could co-exist and grow as there are several models growing in retail across the world.
"We would see several trends growing, while e-commerce has mushroomed in India recently... by 2017, we would have 500 million Indians connected to Internet and it would create huge consumer opportunity," Kant said.
India will also witness rapid urbanisation and create an economy driven by the middle class.
Image credit: Indiatimes
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