Arising e-commerce sensations point towards rapid adoption of online shopping among Indian consumers, with the user base rising three times and consumption increasing sixfold to touch $300 billion by 2030, up from $50 billion in 2021, Boston Consulting Group (BCG) announced in a report on Wednesday. According to the consulting firm, the transition toward online commerce was stimulated by three to four years during the last two years of the epidemic.
“This e-tail growth acquired a jump-start from the covid-19 pandemic, which pushed numerous consumers to begin shopping online for the initial time and motivated prevailing shoppers to expand online purchasing, as physical shopping channels shut down or became hard to access. The effect was to stimulate growth in the number of online shoppers in India by nearly four years and in the amount of spending by about three years,” Nimisha Jain who is the managing director and senior partner of BCG India announced.
By 2030, commercial spending in India is anticipated to breach the $1,650 billion mark. BCG researched over 800,000 online trades by 10,000-plus customers from across 40 metros and tier 4 cities, and 50 towns and villages, besides executing skilful interviews and reviewing industry documents to arrive at the conclusions. The abrupt development of e-commerce in India is merely a surprise as it has among the poorest data and smartphone costs, thriving internet penetration, and the expansion of new online shopping channels, the report said. Internet penetration in India has further than made twice as much in the past five years, attaining over half of its population as of 2021, it added.
With the abrupt growth in internet users, digitally influenced shoppers and online shoppers made twice as much in recent years to 260-280 million and 210-230 million, respectively, in 2021. The report said country areas will account for over half of e-shoppers and one-fourth of spending by 2030. Small cities have vast potential for the development of e-commerce in India, with tier 2 or below cities already accounting for 30 of the top 50 mature markets. These could be the reference for an estimated 60% of urban e-shoppers and 45% of spending by 2030, it added.
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