New Delhi: The country’s e-commerce industry is poised to grow to $5 trillion in 2017 and more than half of India’s consumers are buying online, according to new data from online platform and marketplace platform Google.
Analysts estimate that in 2019, the e-Commerce sector in India will generate about $4.5 trillion of revenue and $7 trillion of annual sales, according the latest data from India’s National Bureau of Statistics.
Google India, a division of Google India Inc., said in a report to investors on Thursday that India’s online commerce market grew by 4.6% in the second quarter of 2018.
That is the fastest growth rate among the 10 countries analyzed.
Google said in the report that its services, including Google Play and Google Maps, have overtaken those of Amazon and Microsoft in India, while the latter dominates mobile commerce in India.
The company said the growth in India’s retail sector will be driven by an expanding e- commerce market, as online retailers are taking advantage of the government’s policies on tax incentives, as well as digital technology and e-governance initiatives.