According to a recent study, the Indian e-commerce market is expected to surpass that of the US and pass China to become the second largest in the world in less than 20 years. According to the study, the number of online Indians, currently 350 million, is anticipated to nearly double to 600 million by 2034.
India is expected to experience spectacular growth in online and mobile shopping over the next 20 years, even though it only makes up a minuscule percentage of global e-commerce spending, according to Worldpay, a payment provider.
“By 2034, the Indian e-commerce sector is likely to overtake the US to become the second-largest e-commerce market in the world,” according to Bharati Balakrishnan, head of operations for Shopify in India. Adding that “Indian online businesses are growing on Shopify, delivering a 78% rise in economic activity and supporting close to 2,00,000 jobs last year alone,” she said.
In a statement, Worldpay Vice-Chairman Ron Kalifa said: “Our research has unearthed many factors that point to India’s potential for spectacular e-commerce growth over the next two decades. According to predictions, the industry will surpass the US by 2034 and reach $63.7 billion by 2020.
Google’s ‘Next Billion Users’ team estimates that three Indians join the internet every second.
The research cites the nation’s rapid adoption of mobile phones as another important issue. Data plan costs are two and three times lower in China and the US.
According to the survey, India’s middle class is predicted to transition to 3G and 4G networks, increasing mobile purchasing, particularly among millennials, who are already driving significant growth in the country’s online spending.
Worldpay examined 30 markets worldwide for the annual report, including Asia-India, Pacific China, Hong Kong, Malaysia, Taiwan, South Korea, Singapore, and Australia. The research was created utilizing data, insights, and conclusions from Euromonitor, Datamonitor, and stats.
