India’s online retail spending to grow to $300 bn by 2030: BCG Report

Online retail spending in India is projected to increase up to six times, which amounts to around $300 billion, by 2030 due to the rising number of digitally influenced and online shoppers, according to a Boston Consulting Group (BCG) report. This hardly comes as a surprise since India is now the second-largest digital economy by number of internet users. The country has one of the world’s cheapest data costs.

Digitally influenced retail spending is also estimated to cross $1.5 trillion by 2030, which will be about 80 per cent of total retail expenditure. The number of digitally influenced shoppers has soared up to 280 million from 260 million, while online shoppers have shot up to 230 million from 210 million in 2021. Even these figures are expected to grow more than twice over the next decade.

Online retail spending in India is projected to increase up to six times, which amounts to around $300 billion, by 2030 due to the rising number of digitally influenced and online shoppers. This hardly comes as a surprise since India is now the second-largest digital economy by number of internet users. The country has one of the world’s cheapest data costs.

The findings of the report titled ‘Ten Things You Should Know About E-Commerce in India’ are based on a survey of over 10,000 Indian consumers across more than 40 metro to tier-4 cities and 50 rural towns and villages. The study was conducted by BCG’s Center for Customer Insight and its findings were reportedly verified by real-time transaction data collected and analysed regarding the purchase transactions of over 8 lakh consumers including around 2 lakh e-shoppers in addition to several industry reports and expert interviews.

“COVID has further accelerated online shopper and spend growth by 3-4 years. The pandemic pushed new-to-online shoppers and existing shoppers to increase their online purchasing, as physical shopping channels closed or became difficult to access,” BCG India managing director and senior partner Nimisha Jain said in a media statement.

Fibre2Fashion News Desk (NB)