India is now officially the world’s fastest-growing ecommerce market, with a 23.8 per cent year-on-year growth from 2023 to 2024. It’s expected to keep booming at this rapid pace, with projections suggesting it could be worth US$292.3 billion by 2028.
In a world that’s become completely dominated by ecommerce, it’s impressive that India is beginning to take the lead. There are lots of factors that have made this possible, and it’s encouraging news for anyone in India that wants to start an ecommerce business of their own.
Rapidly Spreading Internet and Mobile Penetration
One of the biggest reasons as to why the ecommerce industry in India is growing at such a lightning pace is because it’s coinciding with the broader spread of the internet. The subcontinent has been way behind the West until recently, with only 14.9 per cent of the population having had access in 2015. That figure is finally at over 55 per cent and rising fast.
On top of the internet spreading, there’s also been a massive uptake in smartphones. It was recently found that over 85 per cent of households in the country now own a portable device that’s internet-enabled. This growth isn’t just limited to the big cities either. Even rural villages are now getting connected thanks to the expanding 4G coverage in the country.
Thanks to internet availability and ease of access through smartphones, online industries such as ecommerce have been able to take off. With so many people living in India, there’s now a huge market out there for ecommerce companies to take advantage of. This is why it has attracted global companies along with local businesses in the sector.
Readymade Platforms Make Things Easier to Set Up Ecommerce Sites
Aside from global names in ecommerce helping the industry to take off in India, the country has become a hotbed for small businesses. Indeed, in the current climate, it’s easier than ever for anyone to start their own ecommerce company.
Aside from the fertile landscape, readymade online platforms have helped people set up their own ecommerce sites quickly. Shopify is one of the best-known names, offering a variety of templates which designers can add to and modify to suit their needs. Entrepreneurs can also find site-building services for more specialist applications of ecommerce technology.
For instance, there are iGaming software solutions that allow for easy implementation of a variety of payment processing capabilities, as with many ecommerce platforms, but which additionally come with more specific features. These can include thousands of games, already available, as well as live dealer products and in-play betting and statistics, which the developer can choose from depending on their brief.
The bottom line is that no matter what their sector is, anyone can easily start their own site using one of several different platforms at their fingertips today. Consequently, the large chunks of India’s population who never used to have access to such tools can begin to launch a start-up now with just a few clicks.
How Does the Future Look for Ecommerce in India?
India is well on track to one day becoming a global leader in the ecommerce industry. With this incredible growth, the country will be a hotbed for investment and innovation. As new technology emerges, it will help the industry become even more efficient.
There could well be new delivery features in the future, with many companies expecting drones to soon take over from delivery drivers. India could be a prime place to put this into practice, as the built-up areas will need slicker solutions.
Various factors have converged and placed India as one of the world’s leaders in ecommerce growth. Now, it’s time for the country to capitalise on that. There’s room for innovation and development, and a chance to take the lead on the global stage in the industry.
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