Amazing, e-commerce is huge in India!
A report by the Internet and Mobile Association of India has revealed that India’a E-commerce market is growing at an average rate of 70 percent annually and has grown over 500 percent since 2007.
The current estimate of US$ 6.79 billion for year 2010 is way ahead of the market size in the year 2007 at $1.75 billion. The following chart depicts the growth of E-commerce in India in the last couple of years:
Apparently, more online users in India are willing to make purchases through the Internet. Overall e-commerce industry is poised to experience a high growth in the next couple of years. The 70 percent year on year growth is expected to continue and India’s e-commerce market is forecast to reach a whopping $US 10 billion by the end of 2011.The e-commerce market in India was largely dominated by the online travel industry with 80% market share while electronic retail (E-Tailing) held second spot with 6.48% market share.
E-Tailing and digital downloads are expected to grow at a faster rate, while online travel will continue to rule the major proportion of market share. Due to increased e-commerce initiatives and awareness by brands, e-Tailing has experienced decent growth. As far as digital mobile downloads are concerned, the increasing use of smart phones, availability of 3G services and cheap data plans will also boost the growth process While e-commerce rises, there is a need to place one eye on cyber crimes and scams in India.
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