Online retail spending in India grows almost sixfold to $ 300 billion. in 2030: BCG report

Online retail spending in India is expected to grow nearly six times to $ 300 billion by 2030 with the expansion of the number of digitally impacted shoppers and online shoppers, a report by Boston Consulting Group said Wednesday.

According to the report, the number of digitally influenced shoppers has grown rapidly in recent years, reaching 280 million from 260 million and online shoppers has grown to 230 million from 210 million in 2021.

BCG expects these numbers to increase by 2.5 times over the next decade, accompanied by nearly a sixfold increase in online retail spending.

“We expect online shoppers to nearly triple over the next decade, and online retail spending to grow nearly sixfold to reach $ 300 billion by 2030. COVID has further accelerated online shopping and spending growth by 3 -4 years.

“The pandemic pushed new-to-online shoppers and existing shoppers to increase their online purchases as physical shopping channels closed or became difficult to access,” BCG India CEO and senior partner Nimisha Jain said in a statement.

Digitally impacted retail spending to exceed $ 1.5 trillion by 2030, accounting for about 80 percent of total retail spending, according to the BCG report.

With one of the world’s lowest data and smartphone costs, growing internet penetration and a proliferation of new online shopping channels, India is experiencing a dramatic increase in e-commerce and digitally impacted spending, as India becomes the second largest digital economy by number of internet users. that in the report.

BCG claims that the results were confirmed and substantiated by real-time transaction data collected and analyzed on purchase transactions for over 8 lakh consumers, including around 2 lakh e-shoppers, along with several industry reports and expert interviews.

The survey was conducted with over 10,000 Indian consumers, across more than 40 metro to tier 4 towns and 50 rural towns and villages, and was overseen by BCG’s Center for Customer Insight, according to the report.

While mobile phones, electronics and travel once dominated online retail, categories such as online food orders, FMCG and beauty and personal care (BPC) have seen sales grow by three to five times in recent years and are expected to be the fastest growing sectors along with mode, the report said.

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