The global e-commerce market keeps growing, and it is forecasted to reach a global value of $9.3 trillion by 2027, with India leading as the fastest-growing market.
GlobalData's latest report, "E-commerce," reveals that global e-commerce transactions grew from $2.5 trillion in 2016 to $5.9 trillion in 2022 at a compound annual growth rate (CAGR) of 15%. COVID-19 was a crucial factor in this growth, as pandemic blockchains accelerated the shift to online shopping.
Aisha UK Umaru, intelligence analyst at GlobalData, claims in the survey that "Although the e-commerce industry will grow globally, key geographic disparities can be observed. The US and China currently dominate the market and will account for more than half of the value of the e-commerce industry by 2027. However, emerging markets should not be overlooked."
India is one of the fastest-growing e-commerce markets in the world, and GlobalData expects India's e-commerce spending to grow at a compound annual rate of 23% between 2022 and 2027. This is mainly due to its vast population, higher Internet and smartphone penetration, and increased consumer shopping. strength.
India's e-commerce industry has been on an upward growth trajectory. Following a surge in digital adoption during COVID-19, the Indian e-commerce market is estimated to be worth over $55 billion in gross merchandise value by 2021. By 2030, it is expected to have an annual gross merchandise value of $350 billion. In addition, as of 2021, more than 348 million users were transacting online, and nearly 140 million were shopping online.
Young demographics, increasing Internet and smartphone penetration, and relatively better economic performance are some of the key drivers for this sector. With 830 million users, India is currently the second-largest Internet market. In 2021, digital wallets were the leading payment method for e-commerce transactions, with a share of 45.4 percent
Nearly 100 percent of PIN codes in India have seen e-commerce adoption. More than 60 percent of transactions and orders in India come from second-tier cities and smaller towns. The e-commerce trend is gaining huge popularity even in tier 2 and 3 cities, as they now account for almost half of all shoppers and contribute three out of every five orders for major e-commerce platforms. The average selling price (ASP) in tier 2 and smaller cities is only marginally lower than in tier 1/meter cities. Electronics and apparel account for nearly 70 percent of the e-commerce market when evaluated on a transaction value basis. Other upcoming new categories within e-commerce include education technology, hyperlocal, and food technology; India's e-commerce funding grew ~600 % y-o-y in 2021
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