E-commerce is set to become a $70 billion industry in India by 2020.
According to the co-founder and CEO of Indian e-commerce company Flipkart, Sachin Bansal, the industry has grown by 80 per cent in 2013 and that pace is forecast to continue over the next five to six years.
Indians are normally “can’t touch, won’t buy” type consumers, however, that mentality is now changing, says Bansal. He said online shopping is going to become mainstream in the coming five to six years.
He added that smartphones will be the major growth driver of online shopping in India.
“Over half a billion Indians will switch to smartphones in the next five to six years. That’s going to be a big driver of e-commerce in India,” said Bansal.
Flipkart, alone, targets to become a $20 billion e-commerce company by 2020. It is investing heavily on technologies, especially on mobiles and the supply chain.
But, online shopping in India is still on its nascent stage, with only 12 per cent of the country’s population shopping online. Online shopping also accounts just one per cent of the country’s total shopping.
