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E-Commerce-August-2020.Pdf E-COMMERCE For updated information, please visit www.ibef.org August 2020 Table of Contents Executive Summary……………….….…….3 Advantage India…………………..….……..4 Market Overview …………………….……..6 Strategies Adopted………….……..…..…..14 Growth Drivers and Opportunities…….…..17 Industry Associations……………...…….....24 Useful Information……….......……….……..26 EXECUTIVE SUMMARY ▪ India e-commerce will reach US$ 99 billion by 2024, growing at a 27 per cent CAGR over 2019-24, with grocery and fashion/apparel likely Indian E-commerce Market (US$ billion) to be the key drivers of incremental growth. 200 ▪ Online penetration of retail is expected to reach 10.7 per cent by 150 2024, versus 4.7 per cent in 2019. 99.00 100 50.00 63.70 ▪ With growing internet penetration, internet users in India are 50 expected to reach 835 million by 2023. As of 2019, internet 0 2018 2020F 2024F subscribers in India stood at almost 718.74 million. ▪ Each month, India is adding approximately 10 million daily active Internet Users in India (million) internet users to the internet community, the highest rate in the world, thereby supporting the E-commerce industry. 1,000 835.00 718.74 ▪ Online shoppers in India are expected to reach 220 million by 2025. 560.00 ▪ India’s digital sector is expected to increase by two-fold and reach 500 US$ 335 billion by 2025. 0 ▪ Through its ‘Digital India’ campaign, the Government of India is 2018 2019 2023F aiming to create a trillion-dollar online economy by 2025. ▪ The Indian online grocery market is estimated to exceed sales of India’s Internet Economy (US$ billion) about Rs 22,500 crore (US$ 3.19 billion) in 2020, a significant jump 400 of 76 per cent jump over the previous year. 300 335.00 200 250.00 100 125.00 0 2018 2020F 2025F Source: Media sources, Global Internet: e-commerce's steepening curve' published by Goldman Sachs 3 E-commerce For updated information, please visit www.ibef.org E-commerce ADVANTAGE INDIA ADVANTAGE INDIA ▪ India is the fastest growing E- ▪ The recent rise in digital literacy has commerce market and is expected to led to an influx of investment in E- grow at approximately 1,200 per cent commerce firms, levelling the market by 2026. for new players to set up their base, ▪ Indian E-commerce market is while churning out innovative patterns expected to reach US$ 84 billion by 2021. to disrupt old functioning. ADVANTAGE INDIA ▪ India’s start-up ecosystem is ▪ In India, 100 per cent FDI is permitted growing, which is well supported by in the B2B E-commerce. favourable FDI policies, Government ▪ As per the new guidelines on FDI in initiatives like Start-up India and E-commerce, 100 per cent FDI under Digital India, as well as the rising automatic route is permitted in the internet penetration driven by market marketplace model of E-commerce. players like Reliance Jio. ▪ Heavy investment made by the Government of India in rolling out fiber network for 5G will help boost E- commerce in India. Note: FDI – Foreign Direct Investment Source: Media sources, Grant Thornton, EY 5 E-commerce For updated information, please visit www.ibef.org E-commerce MARKET OVERVIEW GROWTH OF E-COMMERCE IN INDIA ▪ Propelled by rising smartphone penetration, increasing internet E-commerce Industry in India (US$ billion) penetration and increasing consumer wealth, the Indian E-commerce market is expected to touch US$ 200 billion by 2027. 120 ▪ E-commerce is increasingly attracting customers from tier II and tier III cities where people have limited access to brands but have high aspirations. 100 ▪ India e-commerce will reach US$ 99 billion by 2024, growing at a 27 99 per cent CAGR over 2019-24, with grocery and fashion/apparel likely to be the key drivers of incremental growth. 80 ▪ Online penetration of retail is expected to reach 10.7 per cent by 2024, versus 4.7 per cent in 2019. 60 64 ▪ The Indian online grocery market is estimated to exceed sales of about Rs 22,500 crore (US$ 3.19 billion) in 2020, a significant jump of 76 per cent jump over the previous year. 50 40 ▪ The Government e-marketplace (GeM), three years after its inauguration, saw a cumulative procurement by central and state Governments of Rs 24,183 crore (US$ 3.46 billion) in FY19 and has 20 a target of Rs 50,000 (US$ 7.15 billion) crore in FY20. ▪ The GeM signed a memorandum of understanding (MoU) with Union Bank of India to facilitate cashless, paperless and transparent 0 payment system for an array of services in October 2019. 2018 2020F 2024F Notes: *Estimated, F – Forecast Source: Media sources, Global Internet: e-commerce's steepening curve' published by Goldman Sachs 7 E-commerce For updated information, please visit www.ibef.org RISING INTERNET PENETRATION IN INDIA Internet Penetration in India (%) 60.0 ▪ Internet penetration in India grew from 4 per cent in 2007 to 54.29 50.0 per cent in 2019, registering a CAGR of 24 per cent between 2007 and 2019. 40.0 ▪ Internet penetration in rural India is expected to grow at a rate of 45 per cent by 2021 compared to the current rate of 22 per cent . ▪ Number of active internet users in the country is the second highest 30.0 globally and is also one of the largest data consumers globally. It has 54.29 the highest data usage per smartphone at an average of 10.40 GB per month. 20.0 38.02 10.0 0.0 2018 2019 Note: Internet penetration - number of internet subscribers per 100 population Source: Economic Times, Live Mint, Department of Telecommunications, Bain & Company – Unlocking Digital for Bharat 8 E-commerce For updated information, please visit www.ibef.org ONLINE RETAIL MARKET Shares of Various Segments in E-commerce Retail by Value (2019) 3% Electronics 3% 8% Apparels 9% Home and 48% Furnishing Baby, Beauty and Personal Care 29% Books Others ▪ The online retail market in India is estimated to be 25 per cent of the total organized retail market and is expected to reach 37 per cent by 2030. ▪ E-retail market is expected to continue its strong growth and will nearly be Rs 1.8 trillion (US$ 25.75 billion) by FY20. ▪ Online penetration of retail is expected to reach 10.7 per cent by 2024, versus 4.7 per cent in 2019. ▪ In 2019, mobile handsets were the biggest contributor to online retail sales in India followed closely by mobile and electronic accessories, other consumer electronics such as printers, routers, laptops, and home décor. ▪ FMCG segment accounted for almost 11 per cent of online sales in 2019. ▪ With cost of servicing tier II and other smaller cities going down, most of the growth for E-retail’s the country is going to come from there. Overall, online shoppers in India is estimated to reach 220 million by 2025. Source: Report by eMarketer, Kalaari Capital – Imagining Trillion Dollar India 9 E-commerce For updated information, please visit www.ibef.org ONLINE RETAIL VS TOTAL RETAIL IN INDIA Online retail out of total retail in India (2020F) Online retail out of total retail in India (2030F) 5% 8% 95% 92% Offline Retail Online Retail Offline Retail Online Retail ▪ There are lot of opportunities for E-retailers in India to capitalize upon with the gradually growing internet penetration in India. Note: F- Forecasted Source: Redseer, Crisil, Report by eMarketer 10 E-commerce For updated information, please visit www.ibef.org E-COMMERCE RETAIL LOGISTICS MARKET IN INDIA E-commerce Retail Logistics Landscape in India (2019) Captive Logistics Arms 23% E-commerce 49% retail focused LSPs 28% Traditional LSPs ▪ The E-commerce retail logistics market in India is expected to be around US$ 2.5 billion by 2020 and around US$ 6.0 billion by 2023. ▪ Around 1.9 million shipments are currently being handled every day with metro cities contributing around 50 per cent of this demand. ▪ Logistics is a major driver of the E-commerce retail industry and is an important point of differentiation between market players aiming at better customer satisfaction and service. ▪ Currently, in-house (captive) logistics arms of large retailers execute most of the shipments followed by E-commerce focused logistics service provides (LSPs) and traditional LSPs. Source: KPMG Report – E-commerce Retail Logistics India Notes: CAGR – Compound Annual Growth Rate 11 E-commerce For updated information, please visit www.ibef.org E-TAILING MARKET BY BUSINESS MODEL E-commerce Marketplace Model Inventory-led Model ▪ Marketplace model adheres to the standards and directions of a ▪ Inventory-led models are those shopping websites where buyers zero-inventory model. choose online from within a range products owned by the online shopping company or websites. Then website take care of the ▪ The E-commerce marketplace offers a digital platform for whole process end-to-end, starting with product purchase, consumers and merchants without a need for warehousing the warehousing and ending with product dispatch. products. Marketplaces offer shipment, delivery and payments help to merchants by tying up with various logistics companies and ▪ Few examples of inventory-led model are Jabong, Yepme and financial institutions. LatestOne.com. ▪ The new FDI policy has permitted 100 percent FDI in the E- commerce marketplace model under the automatic route. Source: PWC 12 E-commerce For updated information, please visit www.ibef.org KEY PLAYERS IN E-TAILING MARKET 13 E-commerce For updated information, please visit www.ibef.org E-commerce STRATEGIES ADOPTED STRATEGIES ADOPTED…(1/2) ▪ In January 2020, Divine Solitaires launched its E-commerce platform. ▪ In February 2020, Flipkart set up a ‘Furniture Experience Center’ in Kolkata, its first offline presence in eastern India.
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