All the trends forecast a rosy 2016 for India’s e-commerce market that will expand its consumer base fuelled by rapid increase in the number of internet users, most of them accessing the Net through mobile. From USD3.5 billion in 2014, India’s e-commerce market is estimated to catapult to over USD100 billion by 2020, according to a Boston Consulting Group retail report Retrospect, Reinvent and Rewrite.
Overall, Indian retail is projected to double to USD1 trillion by 2020 from USD600 billion in 2015, forecasts BCG. Very soon e-commerce and offline retail will be at par with each other in India.
However, the store is by no means dying. Instead, it is fighting back. Formats may change as modern retail will grow at twice the pace of traditional retail on the back of innovations and omnichannel strategy adoption. The arrival of shopping butlers in the form of concierge services will level the playing field for physical stores. Here is what experts forecast we will see in 2016:
- Bricks and clicks
- Rewards and promotions
- Tackling the four-letter word – sale
- Conversational commerce
(Source: Business Standard )