Online Retail In India To Touch USD 70 Billion
Online Retail in India – The total size of business of selling retail goods on the internet, commonly known as online retail, is set to touch USD 70 billion mark by 2020 in India, according to estimates of consulting firm Technopak.
Online retail, which is around 6 per cent of the total e- commerce, is estimated to be around USD 0.6 billion in 2011 and growing at a CAGR of 70 per cent, it said.
Online Retail market in India is approx USD 10 bn
The total e-commerce business in India, including other products and services such as travel and financial services, is estimated to be USD 10 billion at present and is expected to touch USD 200 billion mark by 2020.
“The coming years will see emergence of totally new sets of retailers in all formats, including hypermarkets, department stores, supermarkets, cash and carry, and specialty stores. However, these retailers shall be ‘virtual’ ones rather than physical ones,” Technopak said.
Online retail in India is at a nascent stage
Advanced market in developed countries accounted for about 85 per cent of the internet economy in 2005, but their share is estimated to have fallen to 70 per cent in 2010.
“It is estimated that emerging countries will account for more than half of the online retail by 2020,” it added.
The potential is huge and retailers and opportunists alike have just started waking up to it. With a huge population base that is just getting onto the internet bandwagon, market potential and growth in oneline retail will come in triple digits for the first few years.
Amazon has just got in with a tieup to bring amazon sold products in India. Online retail, which is around 6 per cent of the total e- commerce, is estimated to be around USD 0.6 billion in 2011 and growing at a CAGR of 70 per cent
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