By 2024 Ecommerce Retail Market Is Expected To Cross $100 Billion
According to a white paper, jointly prepared by global professional services firm Alvarez & Marsal (A&M) India and CII Institute of Logistics, the eCommerce retail market is expected to cross the $100-billion mark by 2024, which stood at $30 billion in 2019.
Among many factors, the three prominent factors driving this growth is internet penetration, an increasing set of suppliers selling online and change in buying behaviour of consumers.
Titled ‘Enabling the next wave of eCommerce in India through supply chain innovation’, the white paper added that eCommerce penetration in retail in India could reach around 6% by 2024, while in mature markets like the US and China it has reached around 15% and around 20%, respectively, by 2019.
The Indian eCommerce retail has seen an exponential rise over the decade, as the paper added that eCommerce retail has grown to more than $30 billion in 2019, which stood at less than $1 billion in 2010.
Talking about some eCommerce statistics, Manish Saigal, Managing Director at A&M (Alvarez & Marsal) India, said,
“While the bulk of eCommerce volumes come from top-30 cities, over 60% of eCommerce volumes are likely to come from Tier-II and Tier-III cities in the next five years, It is imperative for eCommerce businesses to build their seller base and delivery reach in smaller towns.”
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