India’s e-commerce market to scale $325 bn by 2030: Invest India

Invest India, the nation’s investment promotion and facilitation agency, predicts e-commerce is set to touch the $325 billion-mark in the country by 2030. Increasing access to e-commerce facilities all across the nation including rural India, which is driven by cheaper data, rise in UPI usage and popularity of the smartphone, is cited as the reason that will see nearly 500 million e-shoppers buying off the net. Overall, digital economy is expected to scale $800 billion by 2030.

The report by Invest India says the country is currently the second-largest market in the world when it comes to internet use, with 881 million consumers, which only boosts India’s growing position as an online retail hub.

The boom in digital economy should continue unabated over the next decade and Invest India forecasts that, in the immediate future, internet access will reach nearly 87 per cent Indian homes by 2025.

Among other factors that are expected to work towards adding to India’s volume of online shoppers in urban as well as rural areas is the fact that almost every network provider in the country is today offering cheaper data, in a bid to stay ahead in the race. The rise of the smartphones across urban and rural markets all over the country is a key factor, too, that has been adding to India’s upsurge in e-commerce.

Invest India, which aims at helping investors on the lookout for viable options within the country, mentions that an increasing number of consumers have been taking to Unified Payments Interface, or UPI, for digital transaction, which in turn enhances the prospects of e-commerce.

Online content in local languages has also lately had a growing influence on e-commerce. Invests India predicts that by 2026 there will be a notable growth in online buying across tier 2, tier 3 and tier 4 towns as well as villages, The Times Of India said.