India e-Commerce Market Outlook to 2024: Overview, Trends, Initiatives, Companies
DUBLIN, May 26, 2020 /PRNewswire/ -- The "E-commerce Market in India 2019" report has been added to ResearchAndMarkets.com's offering.
The market is forecasted to expand at a compound annual growth rate (CAGR) of ~18.15% to reach a value of INR 10,494.3 billion by 2024, from INR 3,550.7 billion in 2018.
Increased adoption of smartphones and access to the Internet, along with streamlined logistics infrastructure are the key factors driving the growth of the e-commerce market in India. The Indian government is proactively embracing and leveraging e-commerce digital platforms to transform and organize traditional offline markets through the Digital India initiative.
Market Segment Insights
Based on product categories, the Indian e-commerce market can be segmented into online travel, online retail, online financial services, online matrimony and classified, and other online services segments.
The online travel segment held the highest market share in 2019. Improved air and rail connectivity, coupled with growing number of Internet users in tier II and tier III cities has boosted the online travel market. Moreover, government initiatives to promote tourism such as Athiti Devo Bhava and Incredible India have attracted international travelers in India, which has had a positive impact on market growth. Companies including MakeMyTrip, Goibibo, IRCTC, Clear trip and Yatra.com are leading the players in the online travel market in India.
By 2024, the online retail market is expected to dominate the e-commerce market in India and reach a value of INR 4,289.64 billion, expanding at a CAGR of ~20.22%. In this segment, demand for electronics products was the highest, followed by apparels and home furnishing products, in 2018. Deep discounts offered by e-retailers in the form of cashback offers, and buyback schemes have driven the market for online retail in India. Moreover, growing appetite for international brands, especially for apparels, has also positively affected market growth. In the online retail space, companies such as Amazon, Flipkart and Snapdeal are the major players.
The online financial services market in India is expected to be the fastest growing segment, expanding at a CAGR of ~33.55% during the forecast period. An increase in the number of mobile wallet and digital transactions, coupled with the proliferation of high-speed Internet has propelled the adoption of online financial services among consumers, thereby fueling market growth. Furthermore, lucrative discounts, free coupons and cashbacks offered by companies like Paytm, Google Pay, Mobikwik and PhonePe have attracted more consumers to use digital financial services during payment for bills like telephone, and electricity.
Competitive Insights
E-commerce companies are incorporating various technologies like voice recognition, virtual and augmented reality (VR & AR), Fintech, artificial intelligence (AI) and machine learning (ML) to attract customers and compete with other players. Companies like Amazon, Flipkart, Goibibo, Ola, Zomato and Ixigo have incorporated voice assistants for assisting customers with their queries, thereby improving customers' satisfaction. E-commerce companies are also integrating Fintech-based payment platforms like PayPal, Apple Pay, Google Pay and Amazon Pay to offer secure and efficient online payment methods to consumers.
Key Topics Covered
Chapter 1: Executive summary
Chapter 2: Socio-economic indicators
Chapter 3: Introduction
3.1. Market definition and structure
3.2. Business models
Chapter 4: Market overview
4.1. India e-commerce market overview
4.1.1. E-commerce market size and growth forecast
Chapter 5: Market segmentation
5.1. India e-commerce market segmentation
5.2. Online travel market overview
5.2.1. Online travel market size and growth forecast
5.2.2. Online travel market share based on type
5.3. Online retail market overview
5.3.1. Online retail market size and growth forecast
5.3.2. Online retail market share based on product type
5.4. Online financial services market overview
5.4.1. Online financial services market size and growth forecast
5.5. Online matrimony and classified market overview
5.5.1. Online matrimony and classified market size and growth forecast
5.6. Other online services market overview
5.6.1. Other online services market size and growth forecast
Chapter 6: Government initiatives
Chapter 7: Market influencers
7.1. Market drivers
7.2. Market challenges
Chapter 8: Market trends
Chapter 9: Recent funding
Chapter 10: Competitive landscape
10.1. Infibeam Avenues Ltd.
10.2. Info Edge (India) Ltd.
10.3. Thomas Cook (India) Ltd.
10.4. BigTree Entertainment Pvt. Ltd.
10.5. Flipkart Internet Pvt. Ltd.
10.6. Jasper Infotech Pvt. Ltd.
10.7. MakeMyTrip (India) Pvt. Ltd.
10.8. One97 Communications Ltd.
10.9. People Interactive (India) Pvt. Ltd.
10.10. Amazon India Ltd.
Chapter 11: Website benchmarking
Chapter 12: Recent developments
For more information about this report visit https://www.researchandmarkets.com/r/bcbgk8
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Share this article