'Online shopping in India could touch $34 billion by 2015'
Online shopping in India which is at a nascent stage is poised to witness significant growth in the next few years, with the industry likely to touch USD 34.2 billion by 2015.
New Delhi: Online shopping in India which is at a nascent stage is poised to witness significant growth in the next few years, with the industry likely to touch USD 34.2 billion by 2015.
"It is estimated, that around 27 million (in India) are active mobile Internet users. Currently 4 percent are buying products, through mobiles and in next four years time, it can go up to 20 percent," Homeshop18.Com CEO Sundeep Malhotra said.
Going by the current trend, the Industry is expected to grow at a compound annual growth rate of 57 percent and is likely to reach USD 34.2 billion by 2015, he said.
The number of mobile users in the country is expected to touch 1200 million by 2015, Malhotra said.
Meanwhile, in order to boost online shopping, an industry wide initiative was carried out in the country on December 12.
Under it, Google India partnered with a host of e-commerce players including Flipkart, Snapdeal, Homeshop18, IndiatimesShopping and makemytrip to bring its own version of ?Cyber Monday? -- a term which was created to woo people to shop online.
As part of this event, Internet users could log on and get deals for 24 hours on that day from over 50 partners across e-commerce, local and classified, online travel sites and BFSI (banking, financial services and insurance) industries.
"Seeing the surge in traffic and sales, we believe that this phenomena is expected to be a tremendous success in India as well," Malhotra said.
He recalled that "Homeshop18.Com witnessed 300 percent increase in sales with majority of its electronics and lifestyle offers sold out by afternoon on December 12.
The significant growth in online activity in India reflects that the evolving nature of the market and the Indian consumer, he said.
Opportunity in e-commerce are huge because of a large population base, changing consumer lifestyle and lack of infrastructure for bigger brick and mortar stores.
With more than hundreds of websites currently operating in the sphere and many more to join the space, it is obvious that e-commerce is going to be a game changer in India, he said.
"We believe that such an industry initiative is definite to grow and improve the overall online shopping trend", he added.