Research from TechNavio Shows Huge Projected Growth in the Online Retail Market in India
London, 09 June 2014: TechNavio, the independent tech-focused global research firm, has released their recent market research report on the Online Retail Market in India, which is growing at a CAGR of 55.70 percent from 2013-2018.
According to TechNavio analysts, there are some strong factors driving this growth, including increased internet penetration and easier payment options.
“Internet access from cellphones has witnessed a quantum leap in India in the last few years. As of 2013, 81 percent or 910 million of the Indian population use cellphones. Of these, 105 million use the internet on their phones,” says Faisal Ghaus, Vice President of TechNavio.
Numbers from Snapdeal, an online marketplace, support this perspective. In an official statement released by the company, out of every 10 orders it receives, 3 are received via cellphone.
With the increase in popularity of shopping through mobile devices, retail sales through these devices will account for a major chunk of total online retail sales over the projected period, says Ghaus.
Social Networks Will be an Essential Part of the Online Retail Evolution
Users spend more than 25 percent of their total time on social networking websites such as Facebook and Twitter. Retailers are busy tracking social networks for product development and customer service, and social media will soon be a key marketing channel for online retailers to specifically connect with current customers and to attract new customers to their sites.
As of 2013, India had around 100 million Facebook users, and is poised to overtake the US in the near future. It is also expected that soon many retailers will use social networking sites as a potent tool to gain marketing and sales leverage.
To determine these market scenarios over the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.