Research carried out by investment bank Goldman Sachs into Indian E-commerce has found that India’s online retail market will reach $99 billion by 2024. The study also found that E-commerce penetration will more than double to almost 11% by the same year. The growth rate of Indian E-commerce over 2021 and 2022 will also be almost double that expected for countries such as the US – online retail in the US is expected to grow by 17% for 2021 and 19% for 2022, and in India it is predicted to grow by 33% and 28%.
In terms of the sectors that are driving the growth in India’s E-commerce the most, online grocery is the most successful and is expected to grow 20 times over the next five years. It can definitely be concluded that this is a result of the coronavirus crisis, as many more countries have turned to online grocery shopping because of the pandemic.