Industry analysts project that India's internet economy will surge to $1 trillion by 2030, driven predominantly by the rising e-commerce sector.
With an anticipated value of $325 billion, e-commerce is set to secure third position globally, according to insights from industry experts.
In a recent virtual roundtable hosted by InGovern Research Services, key developments in India's e-commerce landscape were examined, with a significant emphasis on the role of customer trust in propelling its growth.
Notably, the year 2023 marked a turning point for the e-commerce industry in India, marked by shifts in consumer behavior, technological advancements, and regulatory frameworks.
Siju Narayan, Chief Experience Officer at RexEmptor Consult LLP, emphasized the challenges facing the rapid expansion of quick commerce, particularly in diversifying product categories.
Madhumita Mohanty, a retail consultant and educator, attributed the growth of e-commerce in India to factors such as increasing mobile phone and internet penetration, rising aspirations, urbanization, and the adoption of Unified Payments Interface (UPI).
She highlighted the critical role of e-commerce in catering to the demands of consumers in Tier-II and Tier-III cities, where access to diverse products may be limited.
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