Several large Internet companies like Amazon and Ebay have put money into India, in hopes of catching a piece of the e-commerce market. Earlier today it was also disclosed that India is Alibaba's second largest market when it comes to business-to-business transactions.
India is expected to have a massive e-commerce growth as more and more of its population moves online.
A new study cited by Times of India today revealed that from today's e-commerce turnover of 10 billion USD in India, the market is expected to grow to 100 billion USD in four years. The country is looking at a tenfold increase in e-commerce in five years.
"Create Huge Consumer Opportunity"
Looking further into the future the report predicts that the country's e-commerce could touch 250 billion USD within the next ten years.
By the year 2017 India will have 350 million smartphones and the digital networks and broadband will spread into the rural areas. With a population of roughly 1.3 billion people the potential for a lot of new online customers is of course exceptional.
- We would see several trends growing, while e-commerce has mushroomed in India recently. By 2017, we would have 500 million Indians connected to Internet and it would create huge consumer opportunity, said Amitabh Kant, Secretary at The Department of Industrial Policy and Promotion.