The Indian e-commerce market is set to overtake the US and become the second largest in the world in less than two decades, going headto-head with China for the numero uno position, according to a report by global payments firm Worldpay .
The report said the e-commerce market is expected to grow exponentially with emerging markets leading the charge -particularly India, where the segment is predicted to mature by 28% per year from 2016 to 2020.
“According to Worldpay projections, India will be the world’s second largest e-commerce market by 2034, thanks to massive surges in internet penetration, a swelling millennial population and the rising uptake of mobile phones,” it added.
Ron Kalifa, Vice Chairman at Worldpay , said the research found a number of trends that point to India’s potential for “astounding e-commerce growth in the next two decades”.
“The market is predicted to reach $63.7 billion by 2020 and overtake the US by 2034. This enormous development will in turn open up enormous opportunities for companies who sell online,” he said.
However, it is essential that merchants stake their claim today in order to win over India’s commerce-hungry population and capitalise on future ecommerce growth, he added. “Leading companies such as Amazon and Alibaba are already making their move, indicating a clear incentive for merchants to gain their foothold within India’s budding eCommerce market as soon as possible,” Kalifa said.
Worldpay analysed 30 markets around the world, including India, China, Hong Kong, South Korea, Singapore and Australia in Asia-Pacific. The Global Payments Report is compiled using a combination of Worldpay’s data and insights as well as external findings and secondary data.
Source : The Economic Times (Delhi)