Assocham: India retail sales to cross $1.25 trillion by 2018
According to the latest Assocham-Resurgent India survey, retail sales in India are expected to exceed $1.25 trillion (Rs 8.28 lakh crore) by 2018, as apparel e-commerce continues to rise.
Assocham has predicted that total retail sales in India will increase from the $718 billion recorded in the 2014 calendar year to reach $1.25 trillion by the end of 2018. This is because the market is growing at a rate of 15 percent and the figure has been in double digits since 2014.
The survey also shows that e-commerce is continuing to grow in popularity, especially in categories such as apparel and fashion, gifts, jewellery, and beauty products.
According to the survey, residents of Bengaluru shopped the most online in 2017 compared to other cities in India and, by the end of the year, 75 percent of the city’s residents are expected to shop online. Mumbai ranked second and Delhi third for cities shopping online. Around 100 million customers bought items online in India last year and the number is predicted to cross 120 million by 2020.
Along with e-commerce, mobile shopping is also expected to increase, according to Assocham. The survey showed that many companies, especially in categories such as fashion and beauty, are embracing mobile shopping by developing apps and widening services.
At present, mobile commerce accounts for between 30 and 35 percent of all e-commerce sales and the share is predicted to increase to 50 percent by 2020, said the report.
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