E-retail seen offering big biz in India

India, which is still warming up to the concept of e-retail, is expected to see a whopping Rs 7,000 crore market for buying goods online this year, claims a report.

The report, published by a private firm, said changing lifestyle in India, responsible for the popularity of the website has made is possible for the e-commerce market to grow manifolds.

Currently, there are about 360 eCommerce portals offering services in India. The report said that the industry is witnessing a 30 to35 per cent growth per annum.

Some of the most prominent e-retail site are Flipkart, which is tipped to become India’s first billion-dollar internet company, e-bay.com, letsbuy.com, are currently making business across the country, but the analysts believe that this industry has not yet reached a tipping point and it could take another 5-6 years before the real presence of these companies are felt in India. This, they say, will happen only when the top retailers start selling online.