India’s fashion e-commerce market to grow to $30 billion in 5 years
07 June 2022, Mumbai:
The size of the fashion e-commerce market in India will grow by 35 per cent to around $30 billion in the next five years, says NanditaSinha, CEO, Myntra.
According to Sinha, the Indian e-commerce industry is going through a "transformational" growth phase with India having 1 billion internet users by 2030 and 50 per cent of its population below 25 years. A lot of these consumers who are below the age of 25 will get digitized.
India is an under-penetrated country from the brands point of view as it has less brands per capita consumption than the Southeast Asian countries or the West, adds Sinha.
There is a proliferation of brands that is coming into the country to build their brand base, be successful across both online and offline channels and use the next seven to eight years to establish themselves very deeply in the country, she adds further.
Along with international brands, there is an increasing element of building homegrown D2C brands, Sinha adds. Brands are also taking the opportunity to create specialized capsules for India, which are rooted in Indian culture, she states.
