<p>E-commerce market is expected to be at USD 50-55 billion by 2021 from the current USD 6-8 billion, according to a recent report.<br /><br /></p>.<p>The report by Retailers Association of India and Boston Consulting Group revealed that on decoding the digital opportunity sectors that could see maximum e-commerce penetration would be consumer electronics, apparel, homeware and furniture, luxury, health, FMCG and food and grocery.<br /><br />By 2025, consumer electronics would see maximum penetration of e-commerce between 38-42 per cent compared to 13-15 per cent currently, while food and grocery could see the least growth with 1-3 per cent of e-commerce penetration from under 1 per cent currently, the report noted.<br /><br />In the last three years alone digital buying has increased from 3 per cent in 2013, to 23 per cent in 2016. The overall digital influence on consumers has increased from 9 per cent to 30 per cent during the same period.<br /><br />The report notes that convenience has overtaken discounts as a key driver for buying online. From 40 per cent in 2014, the report notes that more than 55 per cent purchase online due to convenience.<br /><br />The digital purchasing has been catalysed by progress in infrastructure, including falling smartphone prices, reducing data charges, and rising smartphone penetration.<br /><br />"Smartphone penetration has increased from 3 per cent to 30 per cent in the past five years. Besides, the prices fell by up to 50 per cent between 2011 and 2015," it said.<br /><br />The report also noted that digital adoption by a user base over 35 years of age is much higher in the past two years alone.<br /><br />E-commerce adoption has increased 3.8 times from 4 per cent to 15 per cent in the over-35 age group between 2014 and 2016, it said. Similarly, social media adoption has increased 2.9 times from 8 per cent to 23 per cent in the same time period.<br /><br />The report further noted that in order for companies to take advantage of the current digital wave, they will have to digitise their core business, to unlock significant value.<br /><br />Besides, consumer engagement, integrating all the channels of sale from website and mobile to in-store, and collaborating with marketplaces is key, the report noted.</p>
<p>E-commerce market is expected to be at USD 50-55 billion by 2021 from the current USD 6-8 billion, according to a recent report.<br /><br /></p>.<p>The report by Retailers Association of India and Boston Consulting Group revealed that on decoding the digital opportunity sectors that could see maximum e-commerce penetration would be consumer electronics, apparel, homeware and furniture, luxury, health, FMCG and food and grocery.<br /><br />By 2025, consumer electronics would see maximum penetration of e-commerce between 38-42 per cent compared to 13-15 per cent currently, while food and grocery could see the least growth with 1-3 per cent of e-commerce penetration from under 1 per cent currently, the report noted.<br /><br />In the last three years alone digital buying has increased from 3 per cent in 2013, to 23 per cent in 2016. The overall digital influence on consumers has increased from 9 per cent to 30 per cent during the same period.<br /><br />The report notes that convenience has overtaken discounts as a key driver for buying online. From 40 per cent in 2014, the report notes that more than 55 per cent purchase online due to convenience.<br /><br />The digital purchasing has been catalysed by progress in infrastructure, including falling smartphone prices, reducing data charges, and rising smartphone penetration.<br /><br />"Smartphone penetration has increased from 3 per cent to 30 per cent in the past five years. Besides, the prices fell by up to 50 per cent between 2011 and 2015," it said.<br /><br />The report also noted that digital adoption by a user base over 35 years of age is much higher in the past two years alone.<br /><br />E-commerce adoption has increased 3.8 times from 4 per cent to 15 per cent in the over-35 age group between 2014 and 2016, it said. Similarly, social media adoption has increased 2.9 times from 8 per cent to 23 per cent in the same time period.<br /><br />The report further noted that in order for companies to take advantage of the current digital wave, they will have to digitise their core business, to unlock significant value.<br /><br />Besides, consumer engagement, integrating all the channels of sale from website and mobile to in-store, and collaborating with marketplaces is key, the report noted.</p>