India’s digital consumer economy will hit $ 800 billion by 2030: RedSeer

India’s digital consumer economy is expected to transform an $ 800 billion market by 2030, growing from $ 85 billion to $ 90 billion in 2020, thanks to strong adoption of online services like e-commerce and online shopping. education technology, according to consultancy firm RedSeer, which recently said the country’s online retail market is also on track to become the third largest in the world, after the United States and China.

The annual gross value of goods (GMV) of the Indian online retail market will reach $ 55 billion by 2021 and $ 350 billion by 2030. In addition, kiranas (small grocery stores) are expected to achieve around 1,500 billion dollars in sales by 2030, he said.

The information was presented at RedSeer’s Ground Zero 5.0 event.

According to data from RedSeer, 88% of online shoppers that will be added between 2020 and 2030 will come from cities of Level II and beyond.

In addition, more than 7 billion cumulative incremental online retail transactions will be added by customers in Tier II cities and beyond, while more than $ 150 billion cumulative incremental online retail GMVs will be added. are expected to be added from these locations between 2020 and 2030.

RedSeer said electronic logistics in India has emerged as the world’s fastest growing market with over 3 billion shipments in 2020, and new era logistics players are expected to deliver 2.5 billion d ‘direct shipments to customers by 2030.

With the rise of e-commerce, the need for specialized delivery services has arisen, which has led to the overall growth of the logistics segment. The emergence of this sector creates 5 lakh employment opportunities for concert workers in 2021.

Shared mobility has seen a sharp decline due to the second wave of lockdowns in the past two months, according to RedSeer’s research. Although the auto segment recovered the fastest, the industry as a whole recorded just 18 million trips, down from 113 million trips in January last year.

However, as shared mobility is on the decline, the personal mobility space is riding a wave of strong traction seen since last year.

“Today, over 50% of customers say they use online services for convenience. A few years ago, almost 70% used to say that the main reason was discounts, but with the hit of COVID, digital services have undoubtedly served customers very well. well, which is evident in the high customer satisfaction and the willingness of customers to continue to use digital as a key channel to meet their needs, ”said Anil Kumar, Founder and CEO of RedSeer as quoted by a news agency .

The next wave of entrepreneurs will create innovations that will make the Indian model successful on a global scale, he added.

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India’s digital consumer economy is expected to transform an $ 800 billion market by 2030, growing from $ 85 billion to $ 90 billion in 2020, thanks to strong adoption of online services such as e-commerce and education technology, according to RedSeer, who said the country’s online retail market is also expected to become the world’s third largest, after the United States and China.

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