The eCommerce industry in India is predicted to rise by 24% this year. This means the Indian online retail industry could be worth 47.8 billion dollars at the end of 2020. The growth rate of India’s eCommerce was decreased in 2017-19, but surprisingly 2019-20 is dispensing steady demand growth despite the inferior retail economy environment.
The impressive and remarkable figures identified by chief data mining expert Mrs Pranjan Shah at Chitrangana.com, She ensures the eCommerce industry made success to defeat the countrywide slowdown. The factual miracle turned due to higher adoption of eCommerce by the new customer from the Tie-3,4 cities, towns and villages too. The eCommerce industry has expanded the customer base by 17% until August 2019 and expected to add another 20% stack of the new customer by the end of 2020.
The research team at Chitrangana, analysis 143 eCommerce portals from different categories and drill down 254,000 sales transaction to research geolocation, product interest and buying pattern. The research conducted for the data originated between January 2019 to August 2019.
The slow down has shifted the consumer behaviour from the luxury products, large electronics and gadgets to lifestyle product including personal care and food products. The data represented another key change in Indian consumer behaviour from sticking to a popular brand to trying for new products and fresh brands. Indian customers are now welcoming the modish product under fresh labels eliminating brand sensitivity and further getting loyal to the new brands those fulfilling the quality promise by bestowing significant recurring purchases.
Nitin Lodha, countries first eCommerce consultant said, the grand growth in eCommerce is a big boost for new startup and presumed 27%~32% growth for small scale startups. Lodha said once the liquidity cycle gets restored, a new growth series will begin for the Indian eCommerce industry and the next retail liquidity flow will divert 40% buying to the eCommerce industry.
Chitrangana.com has more than a decade of experience in eCommerce advisory and servicing more than 1850+ project across the globe, mainly UK, India, Australia and Singapore.
The study has been conducted by the Chitrangan’s India and Singapore arm, having exclusive eCommerce data science expertise.
The company encourage new startups to focus their new business ideas for B2B, Home decor, Personal care, Food, Personal hygiene, Printing, Home and business service and Software as Service segments.