“The Indian Online Retail Industry is forecasted to reach a value of around US$ 100 Billion by 2022- says RNCOS”
A number of factors such as growing use of smartphones, increasing penetration of internet, ease of payment and captivating commercials are driving the Indian online retail market. This market is among the fastest growing markets of India. Additional factors such as convenience of shopping and access to large variety of products at one place is Indian online retail market. Also, the seasons of festivities are another factor which will add to the overall growth of this market in India.
Emphasizing on the potential of this industry, Shushmul Maheshwari, CEO – RNCOS said that, “the Indian online retail market is greatly impact by festivals and events. These events and festivities bring in a great wave of zeal for both the customers and the retailers as they mark the arrival of sale period through which great offers and discounts are provided to the customers”.
Different names are given to festive season sales by online retailers. For instance, Amazon India holds festive season sale by the name of the Great Indian Festival. On the other hand, Flipkart holds its annual festival sale by the name of Big Billion Days. The huge discounts and numerous offers provided during these sales help in attracting more customers to procure products online. Therefore, this season results in spike in online sales which in turn provide impetus to the online retail market of India. As per RNCOS analysis, this market is forecasted to reach an approximate value of more than 100 Billion by 2022.
Various initiatives are being taken by the Indian government to aid in the growth of online retail industry of India. For example, in 2015, “Digital India” campaign was launched by Prime Minister Modi. The objective of this campaign is to make the country digitally empowered in the field of technology. This can only be done by improving the online infrastructure and internet connectivity. The success of this initiative will provide major puch to the growth of online retail industry of India.
With more than a decade of experience in retail industry, RNCOS can act as a potential growth partner in all your business endeavors, be it product launching, geographic expansion, sales improvement, distributor/retailer tie-ups etc. We help make your business flourish by studying the market dynamics, collating with your business and devising the right strategies.
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RNCOS is a leading industry research and consultancy firm incorporated in 2002. As a pioneer in syndicate market research, our vision is to be a global leader in the industry research space by providing research reports and actionable insights to companies across a range of industries such as Healthcare, IT and Telecom and Retail etc. We offer comprehensive industry research studies, bespoke research and consultancy services to Fortune 1000, Trade associations, and Government agencies worldwide.