Indian e-commerce to reach $120 billion by 2025

Despite the ongoing pandemic , India's e-commerce suffered a huge impact in 2020 , but data from GlobalData, a London-based data and analytics company , shows that India's e-commerce sales will grow at a compound annual growth rate (CAGR) of more than 18% to US$120.1 billion between 2021 and 2025 .

Analysis data from GlobalData, a world-renowned data analysis and consulting company , shows that e-commerce is currently on an accelerating upward track.

GlobalData said in a statement that consumers prefer to shop through online channels. Ravi Sharma, the company's lead analyst for banking and payments, added : " The pandemic has driven developments in most markets and accelerated consumers' transition to digital payments . With social restrictions in place and many physical stores closed, consumers are increasingly using online shopping even for daily purchases. "

In most markets, e-commerce is changing the way consumers shop and has reignited interest in all things online, leading to large acquisitions such as eBay Korea and increased partnerships for Farfetch in China .

According to GlobalData, e-commerce platforms such as Flipkart, Amazon and BigBasket have seen an increase in orders every month since the outbreak began . They have also expanded digital payment options to attract more new users .

In June, Flipkart, which has 300 million registered users , launched a QR code-based cash on delivery payment method. Ranjith Boyanapalli, head of the company's fintech and payments division, said: "With cash on delivery technology, customers can pay with confidence and shop safely from home ."

Buy now, pay later is also gaining popularity in India . In April 2020, Amazon launched Amazon Pay Later , which now has 2 million users , enabling consumers to shop securely and pay in monthly installments.

Sharma said the pandemic has accelerated India’s shift to digital payments and opened up the channel to new users and merchants who had not previously used it . The growing number of consumers shopping online , the proliferation of e-tailers and the emergence of new payment methods will continue to drive this growth. ”

India