Online retail spending in India to grow to $300 bn: BCG report
09 July 2022, Mumbai:
Online retail spending in India is expected to grow nearly six-fold to $300 billion by 2030 with expansion in the number of digitally-influenced shoppers and online shoppers, says a Boston Consulting Group report.
The report adds, the number of digitally-influenced shoppers has grown to 280 million from 260 million and online shoppers have grown to 230 million from 210 million in 2021.
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These numbers are expected to increase by 2.5 times over the next decadewith online retail spending growing by sixfold, adds the report.
The pandemic encouraged new-to-online shoppers and existing shoppers to increase their online purchasing, as physical shopping channels closed or became difficult to access, says Nimisha Jain, Senior Partner and Managing Director, BCG India.
Digitally-influenced retail spend is expected to surpass $1.5 trillion by 2030, and account for about 80 per cent of total retail spends, according to the BCG report.
The survey was conducted with over 10,000 Indian consumers, across more than 40 metro to Tier IV cities and 50 rural towns and villages, and was overseen by BCG's Center for Customer Insight, according to the report.
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