As per latest report India has the potential to generate e-commerce value of over $50 billion by driving awareness, usage and transactions among the current and next set of Internet users and shoppers. Meanwhile more than 500 million Indians will constitute the next wave of online consumers, according to a report jointly released by Bain & Company, Google and investment firm Omidyar Network.
Presently with an online buyer spending on an average $224 per year, e-commerce retail shopping in India is 10% of what Chinese spend, according to the report. Reports added that only 40% of India's 390 million Internet users transact online, said the report titled and it added "Unlocking Digital for Bharat: $50 Billion Opportunity". India on an average adds 40 million new Internet users per year to online transactions.
Arpan Sheth, Partner,
Bain & Company and one of the authors of the report said in a statement "While
online spends are still low given lower per capita incomes, there is huge
potential to unlock value by addressing user concerns at various stages of the
digital curve; however, the path won't be easy for businesses and they will
have to innovate and be patient to monetize this user base and generate value".
Furthermore of the 390 million Internet users, 80% are from affluent
socioeconomic segments and penetration among lower income segments is only
13%, the findings showed.
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