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Ecommerce

ASSOCHAM: online shopping in India hits USD 16 billion in 2013

Friday 3 January 2014 | 10:55 AM CET

India’s ecommerce market reached USD 6.3 billion in 2011, it went up to USD 16 billion in 2013 and is expected to hit USD 56 billion by 2023, accounting for 6.5 percent of the total retail market.

These statistics have been released by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) in its “Online Shopping - Review & Outlook in 2013” paper.

The increasing internet penetration, coupled with the availability of more payment options were the main factors which boosted the ecommerce industry in 2013. Also, the buying trends during 2013 have witnessed a significant upward movement due to aggressive online discounts, rising fuel price and wider and abundant choice. Also, a significant number of small companies have also established online stores for group buying, which enable customers to obtain goods at a discount so long as a certain number of people make the purchases.

Data released by ASSOCHAM indicate that 35 percent of regular shoppers are in 18-25 age group, 55 percent in 26-35, 8 percent in 36-45 and 2 percent in the age group of 45-60.

India has an internet base of nearly 150 million as of August 2013.
 

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