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Research from TechNavio Shows Huge Projected Growth in the Online Retail Market in India

06-10-2014 06:20 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Technavio

An increasingly connected population is driving exceptional growth in this market.

An increasingly connected population is driving exceptional growth in this market.

TechNavio, the independent tech-focused global research firm, has released their recent market research report on the Online Retail Market in India, which is growing at a CAGR of 55.70 percent from 2013-2018.

According to TechNavio analysts, there are some strong factors driving this growth, including increased internet penetration and easier payment options.

“Internet access from cellphones has witnessed a quantum leap in India in the last few years. As of 2013, 81 percent or 910 million of the Indian population use cellphones. Of these, 105 million use the internet on their phones,” says Faisal Ghaus, Vice President of TechNavio.

Numbers from Snapdeal, an online marketplace, support this perspective. In an official statement released by the company, out of every 10 orders it receives, 3 are received via cellphone.

With the increase in popularity of shopping through mobile devices, retail sales through these devices will account for a major chunk of total online retail sales over the projected period, says Ghaus.

Users spend more than 25 percent of their total time on social networking websites such as Facebook and Twitter. Retailers are busy tracking social networks for product development and customer service, and social media will soon be a key marketing channel for online retailers to specifically connect with current customers and to attract new customers to their sites.

As of 2013, India had around 100 million Facebook users, and is poised to overtake the US in the near future. It is also expected that soon many retailers will use social networking sites as a potent tool to gain marketing and sales leverage.

To determine these market scenarios over the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.

If you are interested in more information on this topic and our upcoming research on the Online Retail Market in India please send an e-mail to media@TechNavio.com.

About TechNavio

TechNavio is a leading global technology research and advisory company. Founded in 2003, TechNavio has about 200 analysts globally and develops over 2000 pieces of research every year. We cover more than 500 technologies across 80 countries.

We focus on emerging trends that can shape a market, and model these trends using a mix of quantitative and qualitative tools in our proprietary research methodologies in order to build forecasts across market segments and geographies.

These forecasts and analysis are used to help our customers identify new and existing opportunities in their markets. We also help customers assess their competitive position in a constantly changing technology market scenario.

TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Our analysts obtain the information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

Our large and growing base of happy customers include technology suppliers, end users, consulting companies, investment firms, research institutes and media worldwide.

Follow us on Twitter @TechNavio
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8 Wimpole Street
W1G 9SP London
United Kingdom
www.TechNavio.com

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