As per a report by Payoneer, Indian e-commerce sector ranks on the 9th position globally in cross border growth.
The sector saw a massive growth in recent times as more Indians shopped online rather than venturing outside, says Economic Times. The sector also attracted huge investments from global players such as Facebook investing in Reliance Jio. Google announced its first investment in Mukesh Ambani-owned Jio Platforms, joining Facebook, etc. The deal was followed by Reliance Retail buying out Future group to increase the Ambani group’s presence in e-commerce space.
According to the report, as the world moved to full or partial lockdown, online shopping cemented into a new reality. The year 2020 has seen a decade of growth within just a few months with China topping the charts followed by the US, Hong Kong, South Korea, UK, Ukraine and Vietnam. India on the ninth position is followed by Japan which emerges on the tenth position.