E-commerce in India grew by 25% to $38 billion in the last financial year (FY21) in spite of two waste of time a very long time during the first wave of the pandemic, as per a report by consultancy firm Bain and Co in association with Walmart-owned Flipkart.
While the second Covid-19 wave hit online deals harder, the business is expected to clock somewhere in the range of 25% and 30% growth this year too, Shyam Unnikrishnan, accomplice at Bain and Co, told ET.
This will mean around $47.5 billion before the finish of FY22. Since the beginning of the pandemic, 30-35 million new clients have come online to shop in the country. Before the pandemic, there were around 100-110 million e-commerce buyers in India. This client base has leaped to 140 million and is on track to surpass the 150-million-mark in the ongoing financial year.
“Basically across most nations, you see a peak (in online shoppers) and it settles to be typical that is higher than the pre-Covid times, and that essentially is being sustained,” Unnikrishnan said. “We expect something similar to happen here as well.”
The report pegs the e-tail area at $120-$140 billion by FY26.