India Shining in Ecommerce Growth

26 Jul,2021

 

By Indrani Sen

 

Indrani SenA study “Global Ecommerce  Forecast 2021” conducted earlier this year, followed by articles published in www.emarketer.com recently show that India ranked eighth in the share of retail Ecommerce  sales in the world in 2020, while leading in the growth rate along with a pack of Latin American countries and Russia. The trend is estimated to continue during 2021 with China leading the pack of countries with US featuring as the poor second. India, thanks to the huge population base and the accelerating drive for a “Digital India”.

 

 

The retail Ecommerce grew dramatically across the world at the cost of the physical stores sales in 2020 as COCID 19 raged across both developed and developing countries. In an article published on July 7, 2021 Karin Von Abrams wrote “Before the pandemic, we had forecast that total retail sales worldwide would rise by 4.4% in 2020, to $26.460 trillion. We now estimate that retail sales amounted to just $23.624 trillion last year-a decline of 2.8%. But in 2021, this figure will rebound to pre-pandemic (2019) levels, reaching $25.052 trillion.” (https://www.emarketer.com/content/global-Ecommerce -forecast-2021) 

 

Another chart published in the same article reflects the worldwide growth of Ecommerce  from 2019 to 2020 and the subsequent drop in the same.

 

 

India, however is expected to have an increase in the growth rate of Ecommerce  in the coming years and reach a size of US$ 99 billion by 2024 as also indicated in another article published on May 9, 2021 (https://www.ibef.org/industry/Ecommerce .aspx)   which lists a series of initiatives taken by the Ecommerce  industry along with Government initiatives and increasing investments as the key factors behind this surge of growth apart from growing demand and attractive opportunities. The road ahead also seems to be full of promises. The growth in this sector has been beneficial for the MSME sector in India and is expected to fuel their growth in the long run.  Along with the growth, the share of India in the world wide retail Ecommerce  is also supposed to increase propelling its rank from eighth to third after US in the coming years.

 

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