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Value e-commerce in India to touch $40 billion by 2030: Report

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Currently estimated at USD 4 billion, the value e-commerce market -- is expected to see rapid growth and reach USD 20 billion by 2026, and USD 40 billion by 2030, it said.

The value e-commerce market in India is predicted to touch USD 40 billion by 2030, up from USD 4 billion in 2019, driven by a rapid increase in internet user base and as more people embrace online shopping, a report by Kearney said.

The expanding digital footprint in tier III and IV areas also as in rural India, alongside the aspirational needs of those consumers and their changing attitudes towards online buying present a huge opportunity, as per the report titled, ''Value e-commerce: a subsequent big leap in India''s retail market''.

Currently estimated at USD 4 billion, the worth e-commerce market -- is predicted to ascertain rapid climb and reach USD 20 billion by 2026, and USD 40 billion by 2030, it said.

Meanwhile, the worth lifestyle retail market is predicted to grow from USD 90 billion in 2019, to USD 156 billion by 2026, and touch USD 215 billion by 2030, it added.

This includes categories like apparel, footwear, fashion accessories, cosmetics, small appliances, and residential and living.

"As retail in India bounces back from COVID, the growing number of value-conscious internet buyers is reshaping India''s e-commerce landscape. This value segment is pegged to grow rapidly and emerge as a USD 215 billion-plus market by 2030," Kearney Partner Siddharth Jain said.

He added that while only 4 per cent of this demand is today served by online channels, this may rise to 19 per cent by 2030 creating a USD 40 billion marketplace for value e-commerce in India.

"We expect the amount of internet users in India to surpass 1,100 million people by 2026 - and a 3rd of those are going to be active online buyers. We believe that the requirements useful lifestyle consumers will increasingly be met by differentiated business models and online channels," it added.

Currently, about 70 per cent of lifestyle retail demand comes from the worth lifestyle segment. This segment is dominated by unorganised general trade (nearly 80 per cent share) and modern trade is at 16 per cent, while e-commerce features a low penetration at 4 per cent.

By 2030, unorganised general trade is forecast to account for about 57 per cent share, modern trade 24 per cent, and e-commerce at 19 per cent.

The report acknowledged that nearly all value lifestyle consumers spend tons of your time finding and evaluating products before they buy them due to their strict budgets.

Also, value lifestyle consumers scout for the simplest deals, often purchasing products with the most important discount or markdown, which may be an enormous factor once they do plan to make a sale , it said.

The report said value lifestyle consumers tend to possess less brand loyalty and are focused on getting the simplest quality in their preferred price range. they will be highly influenced by friends, family, and social media.

The report provided an summary of the efforts being made by various e-commerce companies in India like Snapdeal and Lenskart to align themselves to the requirements of the value-conscious segment.

In the case study on Snapdeal, the report highlighted how the corporate has reinvented its positioning within the e-commerce space by focusing entirely on value lifestyle e-commerce.

The report also noted the efforts of recent format value retailers like V-Mart to expand their e-commerce channels.

"Value lifestyle retail is pegged to grow to USD 215 billion markets, driven by India-2 (mainly mid to low income in tier II towns) – their online purchase behavior is about to extend the worth e-commerce market...

"Online players that craft a pointy value proposition around relevance, convenience, and trust, focused on needs of India-2 will emerge strong contenders to capture this USD 40 billion markets," Kearney Partner Karan Dhall said.