Mumbai, Feb 24 || India’s e‑commerce market, currently at $120–140 billion, is projected to reach $280–300 billion by 2030, even as it remains 7–8 per cent of total consumer spending, a report said on Tuesday.
The report from Boston Consulting Group said that even amidst rapid growth of e-commerce offline retail remains resilient, having grown at an annual rate of 13-14 per cent over the past four years.
Market is entering a phase of coexistence between online and offline retail, with multi-channel becoming a norm for shoppers and five of 10 offline shoppers using online channels to research purchases, the report said.
India currently has nearly 300 million online shoppers, projected to reach 440 million by 2030, with around 30 per cent of online shoppers from rural India, the report further said.
E‑commerce comprises e‑retail and e‑services, estimated at $75–85 billion and $45–55 billion respectively, and growth will be driven by e‑services with a forward CAGR of 20–22 per cent versus 16–18 per cent for e‑retail, the report added.
"Shoppers today move seamlessly between screens and stores, researching online, purchasing offline, and vice versa, based on convenience, trust, and need," the report said based on a survey of over 12,000 consumers across geographies.