From pins to aeroplanes, everything is available online today. The way the e-commerce industry in India has gained its pace for over the past few years is indeed a surprising journey to look into.
Not one, not two, the Indian e-commerce market is crowded with online stores of what not. From daily needs, apparels, electronics, furniture & appliances, food & personal care, fashion to services, everything is just a click away. With the online users and their shopping demands flooding high, there is no doubt in the success of e-commerce in India. Still, we have rounded up some interesting facts and figures regarding Indian e-commerce that you will be amazed to know.
1. According to the recent Indian E-commerce Industry Analysis carried out by the India Brand Equity Foundation, the Indian e-commerce industry is expected to surpass its competitors China and US by the year 2034. From US$ 38.5 billion as of 2017, the expected growth by 2026 is predicted to be US$ 200 billion.
2. The internet economy of India will see a tremendous jump from US$125 billion as of April 2017 to US$ 250 billion by 2020.
3. The count of online shoppers will blow your mind. Looking at the current scenario, around 329.1 million people are estimated to buy goods and services online by 2020 as per Statista’s report.
4. When it comes to shopping, women are always blamed to be spending more and being a shopping freak. Well, guess what? The myth has been busted and studies show that men in India are about 3 times more active shoppers than women! Unbelievable, isn’t it? While the majority of women in India are still comfortable with their regular offline stores, men find mobile shopping much easier.
5. Gone are the days of wandering shop to shop in search of a product, today shoppers don’t have any time to waste doing so. And with mobiles in their hand all the time, they prefer mobile shopping more. Moreover, the comfort of getting things delivered to them, quick price comparison, offers and discounts, all these have given a significant rise of around 83%. Hence alongwith it, the demand for e-commerce mobile app development is booming as well.
6. As per the eCommerce report of Regalix, 33% of the consumers are monthly mobile shoppers, while 28% of them are weekly ones another 25% shop once for every three months and only 14% of the people shop online once in a year.
7. Talking about the age group, 90% of mobile shoppers fall in the age group of 25-34 years. And the young generation found apps handier than browsing the website. This is a good reason why e-commerce startups are interested in e-commerce mobile app development today.
8. Discounts and offers are what luring people to shop online. Studies show that about 71% of customers shop online believing that they will get a better deal online than in stores. Also, 1 out of 3 customers even buys the product that has got a fair amount of likes on social media platforms like Facebook.
9. A minimum of 3 users is generated every second in India which is taking Indian e-commerce to a high level. But unfortunately, 26% of shopping carts are abandoned at the time of checkout due to forced user registration.
10. With maximum people working 9 to 5, you may think e-commerce sales might be happening the most during the free hours. Well, you’ll be surprised to know that, 60% of online purchases happen during business hours only i.e. 9 AM to 5 PM. This shows how much we are into e-commerce in our everyday life.
11. Another interesting fact is that, in spite of the digital payment methods available, we Indians prefer Cash-On-Delivery (COD) as we don’t have to have to pay without verifying the product. The COD method is said to have increased impulse purchases too.
12. Amongst the e-commerce categories, clothing and accessories are the most favourites and purchased ones with 35% of buyers followed by mobile accessories at 27% and computer accessories at 8%.
13. Amazon is undoubtedly the global eCommerce giant and is the favourite in India too but as per surveys, Flipkart emerged as the most favoured eCommerce platform in India compared to the other rivals. 44% of the respondents in the survey believed in shopping from the Flipkart rather than Amazon which is preferred by around 32% or Snapdeal which is favoured by around 19%.
As you can see, e-commerce business is booming every second and it will continue for ages looking at the present shopping spree of the people. Hence if you are planning to take your steps into the e-commerce business, be ready to make an app of it too since you would not want those countless mobile shoppers to miss your product. Approach an efficient e-commerce mobile app builder and spread your e-commerce magic all over.