New Delhi: The value of e-commerce markets in India is expected to touch $ 40 billion in 2030, up from $ 4 billion in 2019, driven by a quick increase in the internet user base and because more and more people embrace online shopping, a report by Kearney.
Widespread digital traces in the Tier III and IV regions and in Indian countryside, along with the needs of this consumer’s aspirational and their attitudes that change to online purchases present a massive opportunity, according to the report entitled, ‘E-commerce Value: The Next Big Leap in the Indian retail market ‘.
At present it is estimated at $ 4 billion, the value of e-commerce markets – is expected to be able to see rapid growth and reach $ 20 billion in 2026, and $ 40 billion in 2030, he said.
Meanwhile, the value of the retail market for lifestyle is expected to grow from $ 90 billion in 2019, to $ 156 billion in 2026, and touched $ 215 billion in 2030, he added.
These include categories such as clothing, footwear, fashion accessories, cosmetics, small equipment, and home and live.
“As retail in India bounces back from Covid, more and more online buyers who are aware of resolving the Indian e-commerce landscape.
This value segment is pegged to grow rapidly and emerge as a $ 215 billion market in 2030,” Kearney partner.
Siddharth Jain said.
He added that while only 4 percent of this request is currently served by online channels, this will rise to 19 percent in 2030 creating a $ 40 billion market for e-commerce values ​​in India.
“We expect the number of internet users in India to exceed 1,100 million people in 2026 – and one third of this will be active online buyers.
We believe that the value of the consumer lifestyle value will be increasingly filled with different business models and online channels,” it added .
At present, around 70 percent of the lifestyle retail requests come from the value lifestyle segment.
This segment is dominated by unorganized general trading (almost 80 percent of the shares) and modern trade at 16 percent, while e-commerce has low penetration at 4 percent.
By 2030, non-organized general trade is estimated at around 57 percent of the shares, 24 percent modern trade, and e-commerce in 19 percent.
The report shows that almost all consumer lifestyle values ​​spend a lot of time finding and evaluating products before they buy them because of their tight budget.
Also, the value of the Consumer Lifestyle Scout for the best offers, often buy products with the largest discounts or decreases, which can be a big factor when they decide to make a purchase, he said.
The report said the value of consumer lifestyles tended to have fewer brand loyalty and focused on getting the best quality in the price range of their choice.
They can be greatly influenced by friends, family, and social media.
This report provides a general review of efforts made by various e-commerce companies in India such as Snapdeal and Lenskart to align themselves with the needs of a conscious segment.
In a case study on Snapdeal, the report highlights how the company has rediscovered its position in an e-commerce room by focusing fully at the value of an e-commerce lifestyle.
This report also records efforts for modern format value retailers such as V-Mart to expand their e-commerce channels.
“The value of retail lifestyles is pegged to grow into a market of $ 215 billion, driven by India-2 (especially low-up income in level II) – their online purchasing behavior is set to increase the value of e-commerce …” online players It makes a sharp value proposition around relevance, comfort, and trust, focusing on India-2 needs a strong competitor will emerge to capture this USD 40 billion market, “Karanney Karan Dhall’s partner said.