Coming Up: The World’s Third Largest Country
Which will be the world’s third largest country in 2020? Well, if the latest BCG report is to be believed, the line up in 2020 will be China, India and, then, e-India! Here are some numbers that BCG has put out in its Retail 2020 report: By 2019, the Indian e-commerce GDP will be ranked 70 in the lineup of 190 countries. All of this is happening simply because the e-commerce market is expected to quadruple to $70 billion over the next five years!
So what’s driving all of this? India is going all out with figures suggesting 170 million year on year surge in the purchase of smartphones. All the things that make m-commerce work, as per BCG, are present here: better value, more choices, easier to access-choose-buy and great deals because the cost of storing and carriage gets knocked off along the way. While launching India’s Digital Drive, the Prime Minister concisely stated that India is going to get driven by mobile.
A respectable chunk of the online fashion and lifestyle space is already shifting to mobile; especially in Tier 2 and 3 cities where customers first experience internet on their mobiles. A significant portion of the industry’s growth will be driven by these cities. We believe online shopping through mobile is going to become mainstream in the next five-six years. What do you think?