India to be 2nd largest e-commerce by 2034: Co-Founder, Shiprock
30 August 2022, Mumbai
Increased internet penetration will enable India to become the second largest e-commerce market by 2034 globally from its current ninth rank, saysAkshayGulati, Co-founder, of Shiprocket, a logistics software platform.
By 2030, 1.3 billion Indians will be able to access the internet and smartphones with 500 million online shoppers, adds Gulati.
With over 800 brands in the D2C (Direct To Consumer) segment, the Indian market size is seen at $60 billion by 2027 and online adoption has accelerated in the past two years. The rising domestic e-commerce market will also open doors for Indian manufacturers to tap the global market as D2C gains momentum.
Already, India’s post-pandemic exports are at a record high with total merchandise exports at $105 billion during the third quarter of 2021-22 (Apr-Mar),
The changing paradigm in consumption and spending through digital mode has re-positioned the brick-and-mortar mall infrastructure into experience centres, according to experts at the convention.
Arvind Singhal, Chairman, Technopak – a management consulting firm, expected India’s merchandise retail to undergo a paradigm shift in the next decade with the introduction of the 5G network and rising per capita income. He added “Open Network for Digital Commerce will be the biggest transformation in Indian retail as the 5G network penetrates and facilitates product discovery much faster.
From being a $300 billion economy in 1992 to around $3 trillion economy in 2022, the Indian economy would grow by approximately 1.5 times to around $7.5 trillion, adds Singhal.
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