Indian e-commerce market set to grow substantially with fashion as key growth driver: Goldman Sachs
India’s e-commerce market is expected to grow at a compound annual growth rate of 27% until 2024, with fashion and grocery sales driving growth, according to a new report by Goldman Sachs.
The e-commerce market in India could reach a value of $99 billion (Rs 6.6 lakh crore) by 2024, financial services business Goldman Sachs predicted in its new report ‘Global Internet: E-Commerce's Steepening Curve’, accessed by the Press Trust of India. The report also predicted that Reliance Industries Limited will account for half of online grocery sales in the same time period.
“We forecast India e-commerce will reach $99 billion by 2024, growing at a 27% CAGR over 2019-24, with grocery and fashion/apparel likely to be the key drivers of incremental growth in our view,” read the report, the Press Trust of India reported.
With online retail penetration expected to increase significantly, influenced by the coronavirus pandemic, apparel and other fashion products are expected to continue to grow in popularity online. Both the Indian and the global e-commerce markets are expected to grow over the coming three years, according to the report.
The pan-India lockdown saw numerous jewellery businesses, multi-brand boutiques, and apparel brands launch online stores to be able to continue sales when shops were shut. As many consumers still prefer to stay at home due to the continued threat of coronavirus, many brands expect to see e-commerce sales’ portion of total revenue increase during this financial year.
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