New Delhi, Aug 30 (IANS) Led by growing consumer preference for online shopping and strong internet penetration, India’s e-commerce market value is set to increase at a compound annual growth rate (CAGR) of 18.7 per cent, from $147.3 billion this year to $292.3 billion in 2028, according to a new report.
The future of e-commerce payments in the country appears promising, driven by the government’s initiatives such as ‘Make in India’ and ‘Startup India,’ as well as the rising number of online shoppers.
The e-commerce market in the country is growing at a fast pace and is forecast to surge by 23.8 per cent this year, says GlobalData, a leading data and analytics company.
Ravi Sharma from GlobalData said that the uptrend in e-commerce sales in India is likely to continue over the next few years, supported by the growing consumer preference, improving payment infrastructure, and growing popularity of alternative payment solutions.
The latest Telecom Regulatory Authority of India (TRAI) data revealed that there were 954 million internet subscribers as of March, up from 881 million in March 2023.
This strong momentum is encouraging merchants, especially small and medium enterprises (SMEs), to enter the e-commerce space.
The report mentioned that among payment tools, alternative payment solutions are most preferred by online shoppers.
India’s e-commerce sector witnessed a seismic shift, with alternative payment methods commanding a staggering 58 per cent share of the market in 2023.
“Alternative payment solutions have consistently gained popularity among Indian consumers in the last five years, with some of the popular brands being Amazon Pay, and Google Pay,” said Sharma.
Payment cards are the second most popular e-commerce payment method in India, occupying a share of 25.7 per cent with credit and charge being the preferred card types, accounting for a 15.4 per cent share in 2023.
Cash has seen a drop in the market share for online purchases, accounting for only 6.2 per cent share, said the report.
–IANS
na/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
