India’s e-commerce industry will grow 84 per cent to $111 billion by 2024 as it gains from demand created by the coronavirus pandemic’s impact, said a report.
The 2021 Global Payments Report by Worldpay FIS, a financial technology product and services provider, tracked trends in 41 countries to find that digital commerce accelerated during the pandemic.
“The Indian eCommerce industry (sic) has witnessed a huge upsurge due to COVID-19 and there is substantial room for future growth,” said Phil Pomford, managing director of Asia Pacific, Worldpay from FIS.
The report said India’s e-commerce market will be driven by mobile shopping, projecting it to grow 21 per cent annually over the next four years. Digital wallets (40 per cent) followed by credit cards (15 per cent) and debit cards (15 per cent) were the most popular payment methods online in 2020.
“eCommerce capability is no longer limited to just traditional websites, and physical retail has blended with the digital world. The shop floor is now in the palm of our hands and consumers expect the same hassle free and convenient shopping experience whether they are purchasing in app, through their social feeds or in the real world.
“Merchants will be well positioned to be successful, if they put customer experience at the heart of the checkout process. Those who position themselves with digital payments capabilities will be well-positioned to capture the next wave of growth in the retail and eCommerce market in India,” said the report.