Associated Chambers of Commerce and Industry (Assocham) said that the India’s e-commerce market likely to touch the mark of $38-billion-mark in 2016.
According to Assocham, last year the revenue is $23 billion and this year they are expecting 67 percent rise in it. “With a steep increase in the internet and mobile penetration, growing acceptability of online payments and favourable demographics has provided the e-commerce sector in India, which helps the companies to connect with customers.”
Assocham secretary general, DS Rawat said that the India’s e-commerce market was worth about $3.8 billion in 2009, it went up to $17 billion in 2014 and to $23 billion in 2015 and is expected to touch $38-billion mark by 2016 due to aggressive discounts.
Rawat said that the customer is connected 24×7 through their smart phones, tablets and other mobile devices which is leading to a gradual evolution of e-commerce. In 2015, 78 per cent of shopping queries were made through mobile devices, compared to 46 per cent in 2013.
The highest growth rate was seen in the apparel segment, almost 69.5 per cent over last year followed by electronic items by 62 per cent, baby care products at 53 per cent, beauty and personal care products at 52 per cent and home furnishings at 49 per cent.
Among them, 45 per cent of online shoppers reportedly preferred cash on delivery mode of payment over credit cards (16 per cent) and debit cards (21 per cent). Only ten per cent opted for internet banking and a scanty seven per cent preferred cash cards, mobile wallets and other such modes of payment.
As per the survey conducted by Assocham, three per cent of regular shoppers are in 18-25 age group, 52 per cent in 26-35, eight per cent in 36-45 and two per cent in the age group of 45-60.
Sixty-five per cent of online shoppers are male with females constituting 35 per cent. The products that were sold most in 2015 were mobile phones, iPad and accessories, MP3 players, digital cameras and jewellery, among others.