India will have e-commerce market of 8 lakh crore by 2024, estimated to grow 21% annually in 4 years
India’s e-commerce market is growing rapidly. According to a report by the global financial technology company FIS, by 2024, it could grow by 84%. It is estimated to be 111 billion dollars (about 8 lakh crore rupees). The report states that this growth will come from mobile shopping. Which is projected to grow by 21% annually over the next 4 years.
Research has shown that digital commerce has gained momentum during the Covid epidemic. Many countries including India have seen major changes in consumer behavior due to Covid-19. They are now giving more priority to online shopping.
Industry will grow rapidly in future
Phil Pomford, managing director of Asia Pacific, WorldPay of FIS, said, “The Indian e-commerce industry has seen a huge boom due to Covid-19. It has enough potential for future growth. The potential of e-commerce is now only traditional and not limited to websites. Physical retail is also engaging with the digital world.”
Buy Now, Pay Letter… Customers Like It
FIS’s WorldPay included trends in 41 countries for current and future payment trends in its 2021 Global Payment Report. Online payment method is growing fast due to ‘Buy Now, Pay Letter’ in India. Digital wallets were the most popular method of online payment in the form of 40%, credit card 15% and debit card 15% in 2020.
Online payment market share expected to grow by 47%
Data in the report shows that online payment market share is expected to grow to 47% by 2024 from purchases made with digital wallets. The FIS report found that the point of sale (POS) market in India is projected to grow at 41% by 2024.
Cash transactions are the first choice of people
The most preferred in-store payment method in India is cash transaction with 34%. This is followed by Digital Wallet at 22% and then Debit Card at 20%. According to the report, by 2024 the most preferred in-store payment method will be the digital payment.
