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2011-07-04

Online retail to reach 7000 crore by 2015

Online retail booms

According to DS Rawat, Secretary General, industry body ASSOCHAM, 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.

India is set to become the third largest nation of internet users in the next two years with a large chunk of youngsters eager to adopt new technologies with rapidly changing lifestyles, it says.

"A booming economy and rising disposable incomes have contributed to the evolution of online shopping," said Associated Chambers of Commerce and Industry of India (ASSOCHAM) Secretary General, D S Rawat.

The buying-selling trends from leading online shopping portals indicated that online retail market currently stands at Rs 2,000 crore and is growing at a steady annual rate of 35 per cent.

"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.

About 40 per cent of respondents said they preferred to shop online for convenience it offered and also to collect detailed product information.

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