E-commerce Business Growth In India
India has become one of the fastest-growing retail industries in the world. Representing more than 10% of the country's gross domestic product (GDP) and around 8% of employment, it is expected to almost double, from 600 billion US dollars in 2015 to 1 trillion US dollars by 2020. This would mean annual growth rate (CAGR) of 16.7% over 2015-2020.
India's growing per capita income, the rise of the middle class, changing demographics, urbanization, and changing attitudes in consumer habits indicate that the retail sector may be the real engine of growth of the economy.
Retail Industry, which currently stands at 625 billion US dollars, has evolved over the past decade, major national and international actors playing a role. They have long-term plans to expand their businesses in vertical sectors, cities, and formats because of a surge in retail activity online in recent years.
Online retailing is spreading rapidly, not only in large metros but also in Level II and Level III cities. This growth can be attributed to the increase in Internet penetration and the smartphone revolution. Today, the number of tech-savvy consumers who explore multiple channels before making critical purchasing decisions has increased.
Keeping in mind the online growth potential, not only brands but chain stores update the sites to make them more practical for customers who buy online. In the future, the total number of online shoppers is expected to increase 3.5 times, from 50 million in 2015 to 175 million by 2020.
Consumer goods in different categories, including electronics, food, groceries, clothing, and appliances, are available online and the product should continue to grow. An interesting trend is that online fashion is becoming the fastest-growing category in the booming e-commerce market in India, supported by solid technology and marketing strategies.
By 2020, India is expected to generate 100 billion in retail revenue online, including 35 billion will come from fashion e-commerce. This clearly implies that sales of online clothing should increase four times over the next five years and will contribute significantly to the booming growth of electronic commerce.
This may surprise some, as buyers of Indian clothing are traditionally skeptical about shopping for clothing online, as they like the feel, feel and cut of their clothes. This first of them discouraged from buying online. Today, this hurdle is over. With increased awareness and easy-to-use apps, buyers have largely migrated to online shopping for clothing.
In India, Online Shopping Market has so many startup Ecommerce Sites. For Example, Picknhook is one of the Startup Ecommerce Online Shopping Site.
Picknhook.com is a new online Sopping site in India. As our name suggests our focus is to provide casual wear and western wear apparel for Women and Men and accessories, lifestyle products and position ourselves as the top online store. Picknhook is a new and fastest growing online site in India.
Picknhook.com Online shopping store has the latest full range of products.