The fast-growing e-commerce market in the country will touch USD 84 billion in 2021 from USD 24 billion in 2017. The reason for this hike is mainly the rise in the number of internet users and increase usage of smartphones. About 28 per cent of millennial’s purchase products due to social media recommendations.
It’s almost impossible to calculate the indirect influence that social media has on consumer spending.
Business always follows where there is a concentration of people. Earlier these places of concentration used to be places, towns, and cities but now it is the Social Media platforms. People spend so much of their time on these platforms that the businesses were forced to take proactive steps to reach out to them.
The number of online shoppers is expected to increase from the current 15 per cent of the online population to 50 per cent by 2026.
Smartphone users in India are expected to increase from 260 million in 2016 to around 450 million by 2021, which is also likely to drive the m-commerce sales from $10.5 billion in 2016 to $38 billion in 2020.
“India continues to hold a strong position as far as it’s market potential is concerned and is on its way to becoming the third largest consumer market in the world, poised to grow close to USD 1.2 trillion by 2021,” Anil Talreja, Partner, Deloitte India said.
