Looking for your next e-commerce market? Consider India, a large country with a growing economy and a young population, with incredible retail potential. Ecommerce Foundation’s new report, sponsored by Asendia, looks at India’s e-commerce market and how retailers can make the most of its unique opportunities.
Despite boasting an adult population of over 900 million, only 82 million shop online ‒ demonstrating a largely untapped consumer base which is now looking abroad for the best products. So what does your business need to know about the Indian e-commerce market?
India’s GDP continued to grow in 2015 by an impressive 7.6%, while Indian consumers remained very confident about their economy. This confidence is reflected in how consumers are buying online, with e-shoppers spending $25.5bn in 2015 ‒ up from just $6.5bn in 2013.
On the other hand, India scores low in the Logistics Performance Index at just 54, ranking 130 for Ease of Doing Business, and featuring at 118 on the E-Government Index, which shows there are challenges for retailers, but the country’s low Internet penetration rate does hold promise. At 27%, it is still very low, but the population online has more than doubled in three years (from 111 million to 254 million) while there were only 25 million e-shoppers in 2012, a number which has more than trebled since.
While only 33% of Indian adults use smartphones, again, this is a dramatic increase since 2013, when only 13% of adults used a smartphone. And with 20% of online sales already coming from mobile, consider how you can optimise your webshop for smart devices to make the most of India’s m-commerce potential.
The report also features some interesting advice from Dieter Pluess, CEO Asendia Asia, who highlights the latest logistical developments in the country, including the Made in India and Digital India projects.
Get some more insight by downloading the India B2C E-commerce Report 2016 today.