Future of the Online Marketplace in India: The Rise In Numbers
In 2022, there is a future for the online marketplace in India that will have grown by 15%.
A primary driver of this growth is the increased use of smartphones. In 2018, there were more mobile phones than people in India, and this is expected to grow by another 7 million phones by 2022. This will allow more people to access online eCommerce marketplaces and make purchases.
Before that, let’s check about the eCommerce predictions in India and the scope it might take in 2022.
Ecommerce in India: Booming of Marketplace Online shopping
The time has arrived for India’s ecommerce sector to grow up and show its potential. While there is still plenty of room for improvement when it comes to the competitive environment, logistics infrastructure, and overall expansion of the industry itself, the country’s online shoppers can be certain that online retailing in India is ready to continue growing by leaps and bounds.
And that goes for both the breadth of available products as well as the rising number of sellers taking advantage of this exciting new sales channel. Whether you are an entrepreneur in India looking to get into the ecommerce business, or an international ecommerce giant looking for a foothold in one of the world’s most promising online markets, there is plenty happening right now in India’s competitive ecommerce sector that would make any digital retailer stop and take notice.
The average price of an item on a marketplace is also going down. In 2018, the average price was $56. This is expected to dip below $50 by 2022. In addition to using their phones for purchasing goods and services, Indians are increasingly using marketplaces for research purposes as well. In 2016, only 17% of shoppers used an online marketplace platform for research purposes; by 2022, that number is expected to be 50%.
Although there are many factors contributing to the growth of the online marketplace in India, one of the key factors is an increase in trust among customers. The percentage of customers who reported trusting an online marketplace increased from 31% in 2017 to 58% in 2022. The Indian e-commerce market is expected to grow at a compound annual growth rate of 51.1% from 2016 to 2022.
Consumer demand for electronics, household items, and apparel/accessories are driving the growth of e-commerce in India. The market is expected to reach $150 billion by 2020, making India the fastest-growing e-commerce market in the world. E-commerce sales in India accounted for 2.5% of total retail sales in 2017, compared with 16% in China and 8% in the United States.
Travel has been the largest category within e-commerce in India since 2012; it was followed by electronics and apparel/accessories in 2017.
The future of the Online marketplace in India is phenomenal
The future of Online Marketplace in India 2022 is really very bright as we saw now the eCommerce market growing day and night. it is interesting to see the growth of the Online Marketplace in India and trends which are ruling the Indian E-Commerce market and what could be the major challenges ahead. These are some of the key things which will be ruling the Indian E-commerce market in 2022.
Building an online marketplace to sell with Webnexs is a worthwhile idea to scale your eCommerce business in 2022.