E-commerce business in India is expected to grow by 84% by 2024. Photo Courtesy – Pexels
E-commerce business in India has been observed with high growth, especially since the pandemic started. Consumers in India have adopted the way very easily as the situation was adverse for marketing and guidelines for the pandemic protocol.
India’s e-commerce market is expected to grow by 84% to 111 billion by 2021, according to a new report by global financial technology firm FIS of Florida. The growth will be driven by mobile shopping, which is expected to grow at an annual rate of 21% over the next four years, the report revealed.
Studies have shown that e-commerce in the global market has increased in the time of the Coronavirus epidemic. In other countries, including India, COVID-19 has changed consumer behaviour and increased the trend of mobile shopping.
Phil Pomford, the Managing Director, Asia Pacific, FIS World, told in a statement that e-commerce was not just limited to traditional websites, it was also involved in global trade.
According to the World’s 2021 Global Payments report from FIS, the trend of new payments has increased in 41 countries, which will continue in the future. In India, more and more businesses are trying to connect the internet to market their products. IT has been observed that a number of companies are initiating their online businesses through the WooCommerce platform with or without their existing websites. People of India are much more comfortable purchasing products through e-commerce websites. In India, ‘Buy Now, Pay Later’ is the fastest online payment method.
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According to the report, e-payments are currently only 3% in the market. It will increase to almost 9% by 2024. Digital wallets (40%), followed by credit cards (15%) and debit cards (15%) were the most popular online payment methods in 2020.
According to the data available in the report, the market for online payments will grow by 47% by 2024. India’s Point of Sale market is expected to grow by 41% by 2024. The most popular in-store payment methods are 34% cash, followed by digital wallet (22%) and debit card (20%). According to the report, digital wallets will surpass cash as the most popular in-store payment method by 2024.
As a result of that, employment in the Information Technology sector will be higher than any other job sector in future. A lot of skilled professionals will be required in India to maintain the business structure of the existing businesses and initiating new start-ups. The pandemic of COVID-19 has established a new and alternative trend in business modules. Yes! it the e-commerce business in India that will rule in the coming future.
Shalini Gupta is a teacher at New Delhi with multifarious talents. She has a deep passion for reading, writing, drawing, sketching etc. simultaneously with her teaching job. She is currently writing for Bigumbrella also.
