The un-equivalent potential of India: A blooming digital market
Soon to be the 3rd economy in the world, India is an expanding market filled with potential, boosting a USD 136 billion digital commerce. From a demographic or economic perspective, India is a must-have for global companies looking to expand internationally.
The fastest-rising digital buyer population
India is the world's second-largest online market, following closely behind China. It has recorded the most significant increase in digital buyers since 2017, with a projected count of over 400 million by 2027, primarily consisting of tech-savvy youth. According to World Data Lab projections, by 2030, 1 in every five consumers under 30 will hail from India, underscoring the country's growing influence on the global digital stage.
Digital payments for a booming digital commerce: the rise of UPI
The intense digitization of India's payments during the last years has made the country a prone market for digital industries looking to a young, digital-savvy consumer. UPI stands as the paramount payment method in India, wielding significant influence in reaching consumers. As the world's premier instant transfer system, it commands over 40% of global real-time transactions and is a key to access the vast potential of the Indian digital market.
India, the digital commerce paradise
India's digital commerce sector is on a rapid trajectory, poised to achieve 35% growth over the next four years. By 2027, it is projected to surpass the milestone of USD 200 billion in volume.
Online retail and the SaaS market are prime examples of the flourishing digital commerce landscape, both set to experience double-digit growth over the next four years. This extraordinary growth positions India as one of the planet's fastest-growing markets, brimming with boundless opportunities for the future.
Alternative payments are key to unlock online sales in India
Due to limited card penetration in India, alternative payment methods (APMs) are essential to harness the immense potential of the second-largest digital market and enhance sales opportunities in the most populous country in the world.
More than 70% of online purchases are made through APMs, with digital wallets and bank transfers like UPI accounting for most of sales.
Understand about the key verticals that shape Indian local and international market landscape
In recent years, India has emerged as a dynamic and rapidly evolving landscape for digital sales across various sectors. From Software as a Service (SaaS) to Retail, the country has witnessed substantial growth and transformation in its e-commerce ecosystem.
In this report, you will find:
Preferred payment methods used by Indian local community
Market data and the influence of UPI to Indian payments
The main industries ascending in the country
The best cross-border payment strategies for India’s necessity
How Indian consumer market will shape the future of international digital commerce
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