India, that is currently at the third rank after China and the US, will soon overtake the US to hold the second rank, said Anurag Mathur, Partner – Consumer Goods & Retail, Bain & Company at the Internet Commerce Summit 2022
Bengaluru: India’s rising online shopper base, particularly from low-tier cities is all set to make Asia’s third largest economy upgrade its rank to 2nd from the current 3rd rank after China and the US shortly, said Anurag Mathur, Partner – Consumer Goods & Retail, Bain & Company, Tuesday.
Mathur was making a research presentation on ‘10 things on why, how and when of ecommerce in 2023’ at the Internet Commerce Summit (ICS) 2022 in Bengaluru.
The sixth edition of the summit kicked off on Tuesday and more than 100 speakers are expected to keep the audience hooked on Tuesday and Wednesday.
“Over 60 percent of the new online shoppers came from the breadth of Bharat and one each in three online shoppers belongs to the low-income segment and less than 25-year age group,” said Mathur.
The rising penetration of the internet has enabled India to add 40-50 million online shoppers last year in 2021, he said.
In his presiding address, Manish Tiwary, Chairman of the Internet Commerce Summit and Vice President- India Consumer Business, Amazon said that India’s transition toward digital economy has made the country the second major digital adapter among digital economies globally.
“Though e-commerce is at nascent 3-4 percent of India’s total retail sector, it is playing a vital role in the D2C revolution with digital first brands doing well and the shopping experience becoming highly personalized,” Tiwary said.
Indian e-retail market is estimated to reach about USD 50 billion in 2022 and grow at more than 25 percent per annum to scale to USD 150-170 billion by 2027, which will be fueled by fashion, grocery and general merchandise and account for up to two-third of e-retail by 2027, Mathur said.
However, the consumer journey is no longer linear with the rising number of online platforms and multiplication of consumer touchpoints, experts said.
Revenue, reputation and retention is becoming a challenge as exceptional customer experience is only going to make people feel, recommend and re-use the brand again, said Prateek Sinha, Partner Experience Consulting, PwC.
ICS 2022 saw the participation of several other business and thought leaders. It is the only event of its-kind for the country’s e-commerce and m-commerce industry which is a convergence of new-age retailers from online retail, brick-and-mortar stores, product and services commerce and omnichannel.
Leaders and experts from the emerging industry of internet commerce convened to share their valuable thoughts about the massive cross-channel transformation and what challenges and opportunities are available to woo the connected customer.