Indian Ecommerce Will Become $33 Bn Market; eShoppers Grow At 33% Per Month!
Edutech takes over offline tuitions as online shopping increase!
Economic Survey Results for 2017-18, which was tabled yesterday in the Parliament, declared that Indian ecommerce will become $33 billion market this fiscal year.
Although this is a growth of 19% compared to last year, the market value is still very small compared to China, where $45 billion of shopping was done in a day during Single’s Day shopping festival.
However, this also means that there is tremendous possibilities, and opportunities for the digital entrepreneurs to tap into the market, and carve a niche for themselves.
Consultancy firm Redseer has come up with an interesting report, which complements the findings of the Economic Survey results, besides highlighting some issue which are affecting the growth of ecommerce in India.
Here are the major highlights:
E-shoppers Growth: 33% Per Month!
As per the findings of the research by Redseer, in 2017, Indian e-shoppers grew by 33% per month, which is one of the highest growth rate ever recorded.
As per the findings, 2017 saw 20 million online shoppers, compared to 15 million a year back.
Deeper penetration into Tier2 and Tier3 reasons by major ecommerce portals have been attributed as a reason for this massive expansion.
Online Cab Bookings Experience Improve By 400 BPS
Meanwhile online mobility increased, as consumers made more online bookings for cabs than ever and their experience improved as well. The study found an increase of 400 BPS in Q3CY’17 compared to last quarter, in terms of overall experience of booking cabs online.
The report attributes the reason for this jump to “stabilization of supply and other operational metrics over time”, besides, “slight improvement in the cab availability and a fall in the driver side cancellations”
Offline Tuitions Decrease As Edutech Takes Over
In an interesting development, the report discovered that parents are discontinuing offline tuitions of their kids, as edutech rises, and online educational portals and apps are taking over the industry.
For Q3CY’17, the report observed that 64% of parents said NO to offline tuitions, compared to 41% a year ago.
The Problem: Cancellation Policy Of Online Tickets
At the same time, the report mentions cancellation policy of online tickets booked as one of the major challenges faced by the industry.
Online tickets covered movie tickets, bus tickets and general event tickets. The experience of cancelling online tickets received least points in the survey.
We will keep you updated as receive more inputs related to ecommerce in India!