A recent study by ASSOCHAM-Deloitte has found that e-commerce encompassing an increasing range of economic activities such as retail, travel, tourism, food and beverages, has emerged as India’s new sun-rise industry and is set to notch up 16 billion US Dollar of business by the end of 2015.
Titled ‘Future of e-Commerce: Uncovering Innovation’, the study reveals that the digital commerce market in India has grown steadily from 4.4 billion US Dollar in 2010 to 13.6 billion US Dollar in 2014 and likely to touch 16 billion US Dollar by the end of 2015 on the back of growing Internet population and increased online shoppers.
Online travel accounts for nearly 61 per cent of e-commerce business while e-tailing contributes about 29 per cent. Visa India spend data showed 53 per cent growth in the number of e-commerce transactions in 2014, according to the study.
E-commerce players from the US, Europe and Japan are witnessing slower growth in home markets. They are increasingly looking to enter developing economies of India, Brazil and China which have growth forecast rates of more than 20 per cent over coming years. Most popular e-commerce categories are non-consumable durables and entertainment related products, the joint study said.
