The booming ecommerce market in India has attracted VC’s to fund the next Indian ecommerce success story. Several Indian ecommerce startups like Flipkart, Myntra, snapdeal & others have already made a big name in Indian ecommerce space. Many are planning for expansion, M&A & others to gain new markets.
Accel Partners India has brought out a study on the ecommerce in India & how it is shaping up.
1) Online shopping of physical goods in India, will grow to $8.5Bn in 2016. Number of online shoppers in India will more than double to 40M. The study doesn’t take into consideration travel, ticketing and food ordering.
2) Last year saw the rise of fashion category – fashion e-commerce GMV doubled since 2012.
3) People are becoming more comfortable in ordering higher priced items online.
4) 35% of Online GMV in 2016 will be influenced by Women.
5) Tier 2 cities growing faster in ecommerce adoption. Potentially 40M shoppers between ages of 19 – 24 years, will start spending money online
6) Last year there was a big jump in average order value with new categories like jewellery, home decor & others.