India’s E-Commerce Revenue To Touch $52 Billion By 2022
The revenue from e-commerce amounted to $25 billion in India in 2017, and is likely to grow by 20.2 percent per year to hit $52 billion by 2022, says a report by Admitad.
According to the report, in 2017, 37 percent of the population comprised internet users, 14 percent of whom made online purchases regularly, with the population's share of internet uses expected to rise to 45 percent by 2021. The number of online buyers is expected to grow to 90 percent.
Fifty six percent of the purchases are made via desktop, while smartphones account for 30 percent of the total purchases, said the digital and affiliate marketing company's report.
However, with mobile penetration expected to reach 54 percent of the population by 2020, m-commerce has a high potential in India, and is likely to account for 70 percent of the e-commerce revenue.
While 57 percent of Indians prefer the ‘pay-on-delivery’ option , 15 percent and 11 percent of the population prefers to pay with debit cards and credit cards respectively.
"However, this is all likely to change in the near future. With a growing number of mobile users, and the government encouraging citizens to use non-cash payment, there should be an increase in digital transactions in the coming decade," the report said.
India beats the U.S. when it comes to the number of internet and smartphones, and ranks second in the world.
Meanwhile, China is the global leader in terms of number of internet users and online buyers. In 2017, the country’s internet penetration reached 53 percent. Even more, 42 percent of the population made online purchases regularly.