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Indian eRetail pegged at Rs 7,000 crore

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Indian online retail industry is expected to touch Rs 7,000 crore by the mid of this year. The estimates were announced at the on-going two-day Indian eRetail Congress, in New Delhi.

“The online retail industry is evolving to create a bright commercial ecosystem. With 100 million internet users supporting the e-revolution, the total number of transactions in India is set to take a leap from the present 8-10 million to 40 million by 2015. It has been observed that Tier-II & Tier-III cities are joining the eRetail revolution” Gaurav Marya, President, Franchise India (an integrated franchise solution company, and organiser of the two-day Congress), was quoted as saying in an official communiqué.

“Everyone is craving for an eShare these days; the corporate are looking at the online market to multiply their presence. The existing small business players want to innovate their business by getting online and the startups are jumping towards the low risk opportunities of the virtual space,” Marya added.

The boom is expected to come from a large chunk of youngsters who are eager to adopt new technologies with rapidly changing lifestyles.

Experts believe India’s e-commerce market is expected to grow from $10 billion in 2011 to $200 billion by 2020, as the number of Indians with Internet access expands eightfold, to 80 crore, which figure was merely 40 lakh way back in 2009. Furthermore, nearly $ 350 mn has been pumped into 40 e-commerce startups till the end 2011 compared to $43 million in 11 companies in 2009.

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