E-commerce Market In India is Expected to Expand at 41% CAGR Till 2023
Research On Global Markets has announced the addition of a market research report titled "E-Commerce Market In India (2018-2023)" to their offering. According to the Research On Global Markets analysts, the value of the Indian e-commerce market will increase at a compound annual growth rate (CAGR) of 41%, from INR 2,375.43 Bn in 2017. Increasing number of Internet users and growing purchasing power of Indian consumers are the primary factors driving the growth of the e-commerce market in India.
The report published by Research On Global Markets features comprehensive analysis of the e-commerce market in India, which was dominated by the online travel segment (49.59%), followed by that of retail, financial services, and online classifieds market, among others. The online travel segment is expected to expand at a CAGR of 21% during the forecasted period, and will reach a value of INR 3,563.66 Bn by the end of 2023. Increasing use of smartphones is one of the major factors leading to the higher number of hotel and ticket bookings through online portals and applications.
The online retail segment is also thriving, thanks to increased penetration of Internet-enabled devices, focus on advertising, and ease of online shopping, innovative payment options, cashbacks and discount offers, and rapidly changing customer needs, according to Research On Global Markets. In 2018, the electronics sector held the largest share (48%) within the online retail market, owing to the facility of being able to compare the features of products manufactured by different companies, on a single platform.
The online financial services segment, on the other hand, is expected to expand at a CAGR of 59% during the 2018-2023 period, and reach a value of INR 1,057.37 Bn by the end of 2023. Technological advancements in the banking, financial services and insurance (BFSI) sector in India have propelled the use of digital financial services in the country, according to Research On Global Markets.
Analysts believe that the affordability of hardware such as laptops, netbooks, desktop PCs and ‘Smart’ handheld devices, coupled with rising Internet adoption, especially in Tier-I and Tier-II cities, are aiding the growth of the Indian e-commerce market. Also, the rapid growth of smartphone usage is giving improved access to virtual shopping and e-tailing websites to the tech-savvy generation, thus driving business for the e-commerce market in India.
Research On Global Markets also tracks the performance of the major players operating in the e-commerce market in India including Amazon Seller Services Private Limited, Flipkart Internet Private Limited, Infoedge (India) Limited, Jasper Infotech Private Limited, MakeMyTrip (India) Private Limited, Paytm E-commerce Private Limited, People Interactive (India) Private Limited, Supermarket Grocery Supplies Private Limited, Thomas Cook (India) Limited, and Trendsutra Platform Services Private Limited, among others.
Some of the key topics covered in this report are:
- E-commerce market size and growth forecast – value-wise (2018-2023e)
- E-commerce market – segment-wise market split (2017)
- Online travel market size and growth forecast – value-wise (2017-2023e)
- Online retail market size and growth forecast – value-wise (2017-2023e)
- Online financial services market size and growth forecast – value-wise (2017-2023e)
- India online classifieds market size and growth forecast – value-wise (2017- 2023e)
- Qualitative analysis of the major drivers and challenges affecting the market
- Analysis of the competitive landscape and profiles of major players operating in the market
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for e-commerce platforms in India to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.