Indian online retail market to be the world’s third largest: RedSeer Consulting
2nd October 2021, Mumbai:
The Indian online retail market is expected to become the third largest market in the world, eclipsing more mature markets such as the UK and South Korea over the next decade, says management consulting firm RedSeer Consulting.
The market is expected to reach $350 billion by 2030 from $45-50 billion now. The shopper base is expected to increase from 150 million shoppers in CY20 to 600 million shoppers in 2021, adds Abhishek Gupta, Engagement Manager, RedSeer Consulting. Tier-II cities are expected to drive the rapid growth of the engine of ecommerce over the next decade, he adds further
Gupta says, the next wave of growth would see more affordable smartphones reaching a wider set of unpenetrated audience. Research from Counterpoint’s Market Monitor Service shows, smartphone shipments from the country grew by 82 per cent YoY to reach over 33 million units in Q2 2021.
TOP 5:
2. Consumers will determine growth of sustainable fashion e-comm in India
3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'
4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22
5. Nike strengthens retail presences with new store at DLF Mall of India,Noida
