Three out of four trigger points for e-retail growth have played out in India: increased physical and digital access through cheaper data and logistics reach; enhanced affordability and convenience through lower logistics costs; and the emergence of digital ecosystems. [...] In India, e-retail only accounts for 15%–20% of digital ad spending, compared to 25%–30% in the US and 55%–60% in China. [...] How India Shops Online 2023 Figure 13: Distinct consumer micro-segments remain salient for e-retailers 7 in 10 1 in 3 1 in 3 Online shoppers reside in Online shoppers are Gen Z Online shoppers belong to Tier 2+ cities¹ (i.e., shoppers born in or after 1997) low-/low-middle-income segment² India will need multiple models of e-commerce to build scale and serve the needs of this diverse shopper base. [...] shoppers who have spent less than 1 year ~2x ~1.8x Number of categories2 purchased in 2022 by new shoppers onboarded in 2019 GMV per shopper in 2022 for new shoppers onboarded in 2019 ~2.4x Transactions in 2022 for new shoppersonboarded in 2019 Notes: 1) As compared to their purchases in the same categories in 2019 ; 2) 4–5 categories in 2022 vs. [...] Since our founding in 1973, we have measured our success by the success of our clients, and we proudly maintain the highest level of client advocacy in the industry.
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