According to new research, India will have more eCommerce users by 2025 than the entire population of the United States. In addition, seven out of ten internet users are likely to execute an online transaction in the same time frame.
Rising eCommerce Sector
The Indian eCommerce market is predicted to develop at a compound annual growth rate (CAGR) of 23 percent to reach half a billion dollars by the end of this decade, according to a report by WPP’s GroupM and Wunderman Thompson in cooperation with Amazon Ads.
According to a report by private wealth management firm Bernstein, India’s internet buyers would number 330 million by 2025. The TAM is also expanding, according to the business, with new prospects in social commerce and rapid commerce. Flipkart is developing Shopsy (a social commerce platform) and growing Flipkart Quick (hyperlocal). To scale JioMart, Reliance has acquired Dunzo (Quick commerce).
Manoj Mansukhani, the chief digital officer of Wunderman Thompson South Asia, claimed that during Covid-19, they noticed an exponential increase in consumers shifting to online purchasing. With more customers coming online to shop from Tier 2 and Tier 3 cities, the tendency is only going to grow.
He also stated that, as marketplaces like as Amazon become the first stop for product searches, firms must build a contextual perspective solution to help users engage with them on these sites.
About the Ecommerce Market in India
As per Vijay Iyer, Director of Ad Sales at Amazon Ads India, eCommerce marketplaces are influencing brand and product discovery. Rather than confining themselves to real estate advertising, marketers have a unique opportunity to create relations with consumers through a holistic multimedia experience, as per the sources.
As per a Bernstein estimate, eCommerce is the Indian internet’s largest sector, with a projected increase of more than five-fold to $133 billion by 2025. They predict that the sector will not be a winner-take-all situation and that a slew of new competitors will arise across all categories and markets.
As per the latest study, 56% of firms believe that in the next three years, e-commerce would account for the majority of their sales. For entrepreneurs who wish to take their business online and sell products utilizing eCommerce, this opens up a lot of options.
Ecommerce refers to a wide range of businesses that might include selling through many channels as well as simply selling online. Smart business owners understand the importance of putting their products in front of their customers where they are already: online. Ecommerce is transforming the way companies sell products, process orders, and also provide customer support.