Indian e-commerce market to touch $84 billion in 2021: Deloitte RAI report
India’s burgeoning e-commerce sector is all set to grow despite newly introduced regulations and policies to $84 billion in 2021 from $24 billion in 2017, according to a report by Deloitte India and Retail Association of India.
Increasing online shopping, smartphone usage and internet penetration across semi-urban and rural segments would help boost the sales in the e-commerce space.
The report also states that the retail market in the country will grow to $1.2 trillion by 2021 from $795 billion in 2017 which will make it the third largest retail market in Asia and fourth largest in the world.
The growth will be fuelled by a fast growing economy coupled with robust demographics, said the report titled 'Unravelling the Indian Consumer'.
"India continues to hold a strong position as far as its market potential is concerned and is on its way to becoming the third largest consumer market in the world, poised to grow close to $1.2 trillion by 2021," Anil Talreja, partner at Deloitte India, said in a statement.
"Against the backdrop of the Indian and global economies that set the stage for achieving globalisation, innovation, M&A activity, and increased digitalisation, consumer companies are likely to continue to reinterpret traditional levers to stimulate growth in a competitive business environment," he added.
The report comes at a time when the country is in the process of finalising the new e-commerce policy. A new draft policy for the e-commerce sector was released last week following which the government has invited comments on the proposed rules by March 9, after which the rules are likely to be legalised.
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