New Delhi: India’s e-commerce market is set to grow three times to surpass $100 billion by 2022 and may trigger over a million jobs in the coming years, a report said on Friday.
According to the report by industry body Nasscom and PwC India, the e-commerce market is worth about $35 billion at present.
It also noted that e-commerce can potentially create one million plus jobs by 2023.
“The Indian e-commerce market of $35 billion is expected to grow at 25% in the next five years and exceed $100 billion by 2022,” it said.
It noted that three out of four online customers are expected to come from tier II markets and beyond.
“A vast majority of them will be relatively less tech-savvy, seek greater transparency from a brand and prefer consuming content in local languages,” the report said.
It said that the next 100 million customers will be “very different” from the existing 50 million and therefore, e-biz players “must Make in India”.
The report underlines the need for “harmonisation” in the e-commerce policy framework that enables the growth of the sector.
The middle class will form the biggest chunk of the Indian population and, in the next few years, is likely to consume just as much as their Chinese counterparts do today.
Their consumption pattern is expected to eventually supersede that of both the US and China, the report said.
“To experience exponential growth in the next phase, existing barriers pertaining to language, tech usability, logistics, and regulatory compliances will have to be removed,” the report added.
Nasscom President Debjani Ghosh said, over the next five years, the sector has the potential to create a million jobs in allied industries such as logistics, warehousing, and others.