Major e-commerce trends that can reshape the industry in 2024
India's e-commerce industry is experiencing rapid growth, fueled by the country's digitization and expanding internet user base. Advancements in technology, such as artificial intelligence and virtual reality, are expected to revolutionize the online shopping experience.
According to Google's latest report, India's internet economy is projected to reach a staggering $1 trillion by 2030, a sixfold increase from $175 billion in 2022.
This remarkable growth is driven by the increasing penetration of e-commerce in Tier-2 and Tier-3 cities, which were previously underserved by traditional retail.
The trajectory of India's e-commerce industry indicates its inevitable rise to become the world's second-largest by 2034, with an anticipated annual gross merchandise value of $350 billion by 2030.
As per the report, e-commerce will achieve a remarkable compound annual growth rate (CAGR) of 27 percent, reaching $163 billion by 2026. This growth rate is nearly three times that of the overall retail market.
«The factors driving this rapid growth include increasing internet penetration, rising disposable incomes, and the convenience of online shopping.
As more consumers from Tier-2 and Tier-3 cities embrace online shopping, the demand for e-commerce platforms and services is expected to continue growing. Five key trends are going to define the e-commerce industry in 2024,» e-commerce expert Sachin Verma, the founder of FEDUS, said.
Artificial intelligence (AI) AI is expected to play a significant role in the future of e-commerce.
Advancements in AI technology will enable businesses to personalize customer experiences, improve recommendation systems, and streamline operations through automation. AI-powered chatbots and virtual
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