India’s consumer internet economy is expected to reach a soaring upper limit of $100 billion (rs.7.29 lakh-crore). This is for the first time. The year 2021 has been fueled by massive growth in consumer adoption across sectors.
In 2020, the overall gross merchandise value touched $75 billion. It includes services and products after Covid-19 induced lockdowns. It forced several consumers to purchase goods and services from the comfort of their homes.
The year 2020 has been a landmark year for India’s consumer Internet economy. Overall, India’s eCommerce services and products market touched a GMV of $75 billion in 2020. And is now creating a large impact on the overall economy.
“We expect it to accelerate further in 2021. Driven by the massive growth in consumer adoption and satisfaction seen in 2020 across sectors.” Anil Kumar, Co-founder, and CEO of RedSeer told DH.
RedSeer tracks the eCommerce sector in India. “For the first time in 2021, the Indian Internet economy expected to cross a triple-digit GMV. Eventually, it will seek to become a $250 billion scale and 10% of private consumption in 2025”, he said.
In addition to his previous statement; Kumar said, “The growth rate of the eCommerce sector was in the range of 6-7% in 2020. And we expect it to be in a similar range during 2021 as well. The Internet is now mainstream and access to the Internet on smartphones is changing the buying behavior of consumers. Tier-2 and Tier-3 towns are largely contributing to the growth of the Internet economy.”
According to the co-founder of DailyHunt, Umang Bedi says, “Internet adoption has increased by 100 million users since last year. And there are at least about 700 million connected users at any time in the country. Due to reasons like reverse migration, the consumption in Tier-2 and Tier-3 cities picked up. The adoption of digital mode among others.
information Source – Deccan Herald
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