India set to pip US in e-commerce business
Roughly 350 million Indian citizens are already online and that number is expected to nearly double to 600 million by 2020.
Mumbai: The Indian e-commerce market is expected to be worth $64 billion in 2020, and $2,039 billion in 2034 when it is expected to overtake the US propelled by the growth of the use of mobile and desktop.
They are expected to grow by 29 per cent and 28 per cent respectively driving the overall e-commerce growth in India.
Roughly 350 million Indian citizens are already online and that number is expected to nearly double to 600 million by 2020. Underlining this will snowball into enormous opportunities for companies who sell online.
However, says Worldpay, the leader in global payments, it is essential that merchants stake their claim today in order to win over India’s commerce-hungry population and capitalise on the future. e-commerce giants like Amazon and Alibaba are already making their move, indicating a clear incentive for merchants to gain their foothold within India’s budding e-commerce market as soon as possible, it says in its Global Payments Report 2016.
The report analyses 30 markets around the world. Underlining this, Ron Kalifa, vice-chairman at Worldpay, said:“Our research has uncovered a number of trends that point to India’s potential for astounding e-commerce growth in the next two decades.”
It also says as the country’s middle class switches over to 3G and 4G networks at affordable prices, India is expected to see more mobile shopping.