E-commerce market growing at 41% CAGR – Crucial segment of the current retail market in India. It is estimated that between 2018 and 2023, value of Indian e-commerce market.
The online travel segment is expected to expand at a CAGR of ~21% during the 2018-2023 period, and will reach a value of INR 3,563.66 Bn by the end of 2023. In India, the increasing use of smartphones is one of the major factors leading to the higher number of hotel and ticket bookings through online portals and applications.
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E-commerce Market growing number of Internet users and continuously increasing purchasing power are the primary driving forces for the growth of the e-commerce market in India. As of 2017, the Indian e-commerce market was dominated by the online travel segment (~49.59%), followed by that of retail, financial services, and online classifieds market, among others.
“Segmentation based on technologies”
Among the different online travel portals, MakeMyTrip is the most significant player, with a market share of ~31%, primarily due to its high penetration rate, large number of partnerships with global hotel chains, and attractive discount offers. The other major players of the segment are Goibibo, IRCTC, Clear Trip, and Yatra.
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The increased penetration of Internet-enabled devices, focus on advertising, ease of online shopping, innovative payment options, cashbacks and discount offers, and rapidly changing customer needs are the major growth drivers of the online retail market in India. As of 2018, electronics sector had the largest share (~48%) within the online retail market, owing to the facility of being able to compare the features of products manufactured by different companies, on a single platform.
The online classifieds segment is expected to expand at a CAGR of 39% during the 2018-2023 period, and will reach a value of INR 141.58 Bn by the end of 2023. Consumers wh- are Internet savvy are increasingly using online classifieds, since they are more convenient in terms of search functionalities and find the desired results with regard to jobs, real estate, etc. Quikr, Sulekha, Just Dial, OLX, and Click India are some of the leading digital classifieds websites in India.
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Key growth drivers of the market:
– The affordability of hardware such as laptops, netbooks, desktop PCs and ‘Smart’ handheld devices, coupled with rising Internet adoption, especially in Tier-I and Tier-II cities, are aiding the growth of the Indian e-commerce market. Also, the rapid growth of smartphone usage is giving improved access t- virtual shopping and e-tailing websites t- the tech-savvy generation, thus driving business for the e-commerce market in India.
– India’s per capita income is expected t- reach INR 91.92 Mn in 2018-2019, expanding at a rate of ~6.1% from its 2017-2018 value of INR 86.66 Mn. This rise in income has brought about changes in the buying and spending patterns of customers. Changes in demand, along with the popularity of online markets will lead t- the growth of the e-commerce market in India.
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