Exponential Increase in E-Commerce till 2020

The recent report of Boston Consulting Group along with Google have predicted an exponential ;growth till 2020

Exponential Increase in E-Commerce till 2020
Exponential Increase in E-Commerce till 2020

The ways of selling and buying have come a long way from barter to online purchasing. The online shopping which is popular under the terminology E-Commerce has grown leaps and bounds in the last few years. Even in a country like India where still a lot of people do not have access to basic amenities, e-commerce has played a major role in the trading. India which has a market cap of $40 billion spending is expected to increase 250% in the next two years. The digital transaction is going to touch a figure of $100 billion as quoted in the report of the Boston Consulting Group in collaboration with the tech-giant Google.

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The products like apparels and accessories, consumer electronics, food and groceries which are the general utilities of the common masses are expected to witness a major growth. The current market of $18 billion is estimated to touch a whopping figure of $45 billion. The payment of the hotel and travel bookings is estimated to have an increase of 9 billion which will make a base of $20 billion from a mere figure of $11 billion. The digital payment for financial services is expected to touch a figure of $30 billion as compared to a mere $12 billion. The services of digital media which are just having a market cap of 200 million is going to be the biggest benefactor as it is estimated to touch the figure of 570 million.

Such a fair estimation by the Boston Consulting Group and Google have been based on the surge in the number of online users which is at present 430 million which is twice if we look back just four years behind. Obviously, the technology boom which has made the digital payments quite user-friendly along with cheaper smartphones and mobile data. The report has found that the users will also increase from small town and cities which will result in an increase of almost 250% women years and an increase of 300% among the older shoppers. The surge in the digital transactions have seen a massive surge after the recent demonetization but still, when it comes to international standards we have to go a long way.