Report: Indian E-Commerce Up 88% in 2013
Jan. 2, 2014
India’s e-commerce market surged 88 percent between 2013 and 2014 according to a report from the Associated Chambers of Commerce and Industry of India (ASSOCHAM). The group, which calls the numbers “a real threat” to small businesses, said online purchases in the country reached $16 billion in 2013, spurred by growing access to the Internet in India and a proliferation of payment options for consumers.
“The increasing Internet penetration and availability of more payment options boosted the e-commerce industry in 2013,” said D.S. Rawat, secretary general of ASSOCHAM. “Besides electronics gadgets, categories like apparel and jewelry, home and kitchen appliances, lifestyle accessories, books, baby products, beauty products and perfumes have witnessed a significant upward movement in the last year.”
Consumers cited aggressive online discounts, rising fuel prices and abundant choices online as reasons they are moving more of their purchasing activity online. ASSOCHAM expects online spending in India to reach $56 billion annually by 2023.