The consumer spending in India is expected to surpass $4 trillion by 2030, according to a report released by e-commerce enablement platform Shiprocket. The report sees the consumer spending in the country to rise at a CAGR of about 10% on account of increased domestic consumer expenditure and consumption market.
Similarly, the spending by consumers on categories of food, housing, apparel, personal care, transport, and communication would rise by about 2 times by 2030.
The trends report titled “eCommerce in the New Bharat and it’s Future” also mentioned that the UPI was the most preferred prepay option (57%) in terms of consumer preferences, followed by credit cards (31%), and other payment options such as wallets, net banking, and debit cards. (12%).
The consumer survey concluded that nearly 80% consumers prefer shopping at online marketplaces. Fashion & accessories (48%) stood as the highest shopped category according to the consumers, followed by electronics (32%) and groceries (30%).
The report was launched by Shiprocket’s CEO & Co-Founder, Saahil Goel, along with T Koshy, MD & CEO of ONDC, and Bhaveh Pitroda, CEO, Images Group.
“We believe in the power of MSMEs and are committed to empowering them with our tech-driven solutions and being their Partners in Growth. India’s digital economy is set to soar to new heights with MSMEs playing a very important role in the growth of the Atmanirbhar Bharat vision. The Report will assist MSMEs in their business growth by helping them in decoding their consumers and leveraging the insights to improve their business,” Saahil Goel, CEO & Co-Founder, Shiprocket, said in a statement.
T Koshy, MD, and CEO, ONDC said, “At ONDC our aim is to transform the Indian e-commerce landscape and we strongly believe that MSMEs will play a key role in developing the future of Indian economy. It is critical for any business to understand the consumer psyche, and this Report will assist MSMEs in understanding their consumers’ thought processes, allowing them to make better business decisions in the future.”
Meanwhile, the government has been working on the e-commerce policy since 2018. It even floated a draft in 2019. The policy is aimed at bringing coherence among various laws and regulations governing the ecommerce sector.
These include the Consumer Protection Act, the foreign direct investment policy issued by the DPIIT, the Competition Act, and the Digital India Act being worked on by the ministry of electronics and information technology.
