The online retail industry in India is likely to be worth Rs 7,000 crore by 2015 due to easy availability of broadband services and increasing Internet penetration across the country, apex industry body ASSOCHAM said here today.
In a study on trends in retail sector conducted across 10 cities, including Chandigarh and Ludhiana, ASSOCHAM found that buying-selling trends received from leading online shopping portals indicate the online retail market currently stands at Rs 2,000 crore and is growing at a steady annual rate of 35 per cent.
“A booming economy and rising disposable incomes have contributed to the evolution of online shopping,” said DS Rawat, secretary general of ASSOCHAM, while releasing findings of a random survey conducted between January and June 2011, in which 5,000 shoppers were interviewed.
Earlier, most online shoppers used to evaluate options by gathering information on available products and prices or buy low value items like gift products but finally opted for final transactions at the traditional retail outlets. “But now the trend is changing fast. Leading companies have gauged the potential of online retail industry and are gearing up fast to cash in,” said Rawat.
The survey conducted by ASSOCHAM social development foundation (ASDF) involved interactions with 500 shoppers in the age group of 16 to 35 years each in 10 cities. About 40 per cent of those surveyed across the aforesaid cities said they preferred to shop online, considering convenience to shop anytime during 24 hours and one could collect detailed product information.
SRC.http://www.tribuneindia.com/2011/20110705/cth1.htm#10
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