Up to 40% of retail sales in India's top 75 cities expected to take place online within seven to 10 years, driven by increasing Internet penetration, smartphone usage, says expert
September 26, 2013
(HT Media Ltd.)
– Online retail in India is expected to strengthen over the next decade on the back of increasing Internet penetration, usage of smartphones and a growing appetite among Indian consumers for online shopping, a meeting of retailers has been told.
Rising real estate prices will also boost retailers' interest in selling products online.
Around 30-40% of the overall retail in India's top 75 cities is expected to be done online in the next 7-10 years, said Arvind Singhal, chairman and founder, Technopak Advisors, a retail consultancy. He was speaking at the India Retail Forum 2013 in Mumbai.
"The jinx of the fear of online shopping has been broken," he said.
E-commerce will emerge as a dominant retail channel in India, much on the lines of developed markets like the US, said Singhal when it comes to offline retail, he said there is a large market for specialized, niche retailers as well as "everything-under-one-roof providers."
E-commerce revenue in India is expected to increase by more than five times by 2016 to $8.8 billion from $1.6 billion in 2012, according to a report by Forrester Research and the Associated Chambers of Commerce and Industry released last year. Published by HT Syndication with permission from MINT. For any query with respect to this article or any other content requirement, please contact Editor at email@example.com
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