E-commerce Market in India - Sector Flash
- 1. Sector flash: E-commerce market in India April 2021
- 2. Content 1. Market landscape 2. Emerging trends 3. Key market developments 4. Outlook 09 17 20 04
- 3. Foreword The COVID-19 pandemic has disrupted the way people buy products and services. The existing norms of social distancing and limited mobility of individuals have tilted consumers towards e-commerce. Consumers have switched from shops, supermarkets and shopping malls to online portals for the purchase of products, ranging from basic commodities to branded goods. The e-commerce sector has responded positively and leveraged the opportunity presented. Innovative solutions, along with increase in the span of coverage within the e-commerce gamut, have led to unprecedented growth and launch of new digital businesses. E-commerce companies continue to expand beyond the metropolitan cities to increase their reach. This report explores the current market opportunity of the Indian e-commerce industry. It also captures the key trends and recent developments that are shaping the industry. Rahul Kapur Partner Grant Thornton Bharat Sector Flash: Ecommerce Market in India 03
- 4. Market landscape 04 Sector Flash: Ecommerce Market in India
- 5. E-commerce in India continues to gain traction, with total market size expected to reach USD 188 billion by 20251 • Much of this growth so far has been driven by increase in urbanisation, spike in consumer spending, high penetration of internet and smartphone adoption • Technology-enabled innovations, such as digital payments, hyper-local logistics, analytics-driven customer engagement, increasing consumer awareness and digital advertisements, are likely to support the growth going forward • The Indian e-commerce industry is expected to surpass the e-commerce market size of the US to become the second- largest e-commerce market in the world by 20342 Sources: 1. Global Markets 2. IBEF; 3. Global Markets and Statista; 4. Global Markets and Statista; 5. IBEF; 6. Statista; 7. Statista Indian e-commerce market size (USD billion)3 Industry fast facts 188 64 62 50 39 27 20 2026E 2020E 2019 2018 2016 2015 2017 25.1%4 Compound annual growth rate (CAGR) for 2015-25 974 million6 Internet users in India by 2025 1.2 million5 Daily e-commerce transactions 220 million7 Online shoppers in India by 2025 Sector Flash: Ecommerce Market in India 05
- 6. With various sectors going online, e-commerce continues to operate through multiple channels E-commerce segmentation based on industries E-commerce segmentation based on business model Business to business (B2B): Model refers to online busines between two or more businesses Example: TradeIndia, Indiamart and Amazon Distribution Business to consumer (B2C): Model enables companies to sell products to consumers through an online portal Example: JustDial, ClickIndia and Amazon Consumer to consumer (C2C): Model refers to online transaction portals where individuals conduct online deals on commodities Example: eBay Consumer to business (C2B): Model in which consumers post their demands and specifications, according to which companies revert New models, such as DirecttoConsumer(D2C), are gaining ground with younger brands reaching out to the masses without having to invest significantly in infrastructure to support sales. • Online retail: Sale of electronics, apparel, personal care products and books through an online portal • Online financial service: DTH, telephone bills, electricity bills, water bills, insurance premium payment, net banking, etc. • Online travel: Domestic and international air ticket booking, rail booking, hotel booking, tour packages, etc. • Online matrimony and classified: Online job portals, real estate services, matrimonial websites, etc. • Auto services: Online trade (buying and selling) of cars. Eg: Droom, Carvana, etc. • Taxi services: Ride hailing and ride sharing services offered by Uber, Ola, Zoomcar, Rapido, etc. • Other online services: Online ticket bookings for entertainment, online grocery and online food delivery (Swiggy) 06 Sector Flash: Ecommerce Market in India
- 7. Most of the segments in e-commerce are anticipated to witness significant growth E-commerce market in India, 20198 = Others include Ride hailing 5% Entertainment 2% Advertisement 4% Online gaming 2% Education 1% FinTech 1% Retail include Electronics 25% Apparel 15% Others 12% USD 62.2 billion Market share in percentage Retail Travel Food delivery Auto Others 32.0 51.0% 16.0 26.0% 3.7 6.0% 1.5 2.0% 9.0 14.0% + + + + + + + + • Most businesses and consumers are looking for online solutions as a preferred choice. Thus, various segments in e-commerce are expected to witness significant growth • Electronics is currently the largest contributor to online retail sales in India. It includes mobile phones, gadgets, appliances, etc. • Fashion is also one of the major categories searched on various e-commerce sites not solely for the purchase of apparel but for also researching the latest fashion trends • The consumer buying patterns and preferences have significantly changed with categories, such as health and pharma, groceries and food delivery, witnessing a surge and exponential growth mainly due to rise number of first-time shoppers • The need for personal mobility due to growing need for social distancing and concern over the hygiene of public transport is likely to drive the demand for used cars, followed by two-wheelers and budget new cars, which will further boost prospects of used vehicle sales platforms Sources: 8. Goldman Sachs, Statista and GT Analysis Sector Flash: Ecommerce Market in India 07
- 8. 0.7% 10.0% 4.0% 35.0% 35.0% 7.0% >10.0% Significant opportunity to improve the online shopping penetration, especially in the auto sector E-commerce channels are becoming the preferred mode of shopping, surpassing brick and mortar and kirana stores Market size, 2019 (USD billion)9 Online penetration10 Key advantages - E-commerce channel Sources: 9. BofA Global Research estimates and GT Analysis; 10. BofA Global Research estimates and Goldman Sachs *The Auto Market above includes Automotive and Auto Components, used car market, used two-wheeler market and auto services markets which includes auto loans, insurance, automotive tyre and automotive after market. The information has been sourced from Invest India, Mordor Intelligence, Allied Market Research, Market Line, Ken Research, RBI and GT Analysis 26 40 45 53 59 139 222 Beauty and Personal Care Furniture Travel Consumer Electronics Food Services Fashion Auto* Store experience (touch and feel) Proximity Pricing and offers Convenient payment options Better quality/brand availibility of product Range of products/services Familiarity with store/ owner of the store Overcoming language barrier Retail stores Ecommerce Kirana stores Ecommerce offer doorstep delivery at a selected time slot and with easy return policy, thus ensuring quality and convenience. Ecommerce ensures transparent and competitive pricing of products. Sellers also provide wide range of offers like cashbacks, loyalty points etc. Ecommerce offers ease of payment options such as EMIs, cash on delivery and digital payments alternatives making it easier for people opt for high value online transactions Wide and diverse range of product offering on ecommerce platforms gives them a strategic edge Ecommerce has helped overcome global, regional and local language barriers. Convenience Price comparisons Scheduled delivery time Multiple payment options No need to travel Competitive pricing Range of products/services Easy return policy Avoid crowded stores Overcoming language barrier 08 Sector Flash: Ecommerce Market in India
- 9. Emerging trends Sector Flash: Ecommerce Market in India 09
- 10. Individuals are now spending more time online than ever. Adding to their convenience, efficiency and safety this trend is likely to grow AccordingtoaCyberMediaResearch(CMR)report,theaverageusageofsmartphonesinIndiaisestimatedtohaveincreasedby25%to almost seven hours a day, as people depend on gadgets for work/study from home and entertainment amidst the pandemic. Chat (Messengers) Map Banking and financial services Social networking Game Dating and friendship Entertainment and video Music Shopping Health,fitness,and nutrition 92 68 32 90 57 16 75 54 72 37 Percentage of internet users, aged 16 to 64, that uses each type of mobile applications each month (December 2020)11 Percentage of internet users, aged 16 to 64, that has performed each e-commerce activity in past month (December 2020)12 79.3 Searched online for a product or service to buy (any device) 76.7 Purchased a product online (any device) 95.3 Visited an online retail site or store (any device) 57.3 Purchased a product online via a mobile phone Sources: 11. Digital India 2021; 12. Digital India 2021 10 Sector Flash: Ecommerce Market in India
- 11. Acceptance and dependence on digital payments have increased significantly Digital payment per capita (India)13 Total value of digital payments in India from 2018 to 2021, by transaction type (USD million)14 Sources: 13. Statista; 14. Statista; 1USD= INR 70 • India’s regulatory and digital infrastructure support have been driving the online payments • The country has taken rapid strides in advancing government e-payments, as a result it has moved up to 28th rank in 2018 from 36th in 2011 in Government E-payments Adoption Ranking (GEAR) • The value of mobile payment app Bharat Interface For Money (BHIM) transactions increased significantly post 2018. Among the cashless payment options currently, BHIM has overpowered the debit card payments • COVID-19 has further triggered the increase in online transactions. Individuals are now comfortable using online platforms and hence online purchases across e-commerce platforms have witnessed a massive boost • While hygiene was the primary reason in increase of digital payments, other factors such as convenience, ease of use, acceptance, and incentives, have given impetus to this adoption • The ongoing pandemic has brought a paradigm shift, as awareness and adoption of digital payments in Tier II and Tier III cities have increased drastically 4 5 11 13 22 FY2015 FY2016 FY2017 FY2018 FY2019 296 447 537 509 13 76 179 214 47 63 66 59 FY2018 FY2019 FY2020 FY2021 Digital Transactions BHIM (Mobile Payment) Debit Card Sector Flash: Ecommerce Market in India 11
- 12. India’s robust digital infrastructure and the participation of banks and NBFCs to further provide assistance to e-commerce players Banking channels assisting e-commmerce growth in India The Government of India, along with various financial institutions, have created digital infrastructure to pace up India’s digital adoption. Aadhaar The UIDAI was created with an objective to issue unique identification (UID) numbers, named as Aadhaar’, to all citizens of India. It is not only robust enough to eliminate duplicate and fake identities, but it can be verified and authenticated in an easily and in cost effective manner. Aadhaar Enabled Payment Services (AePS) It empowers individuals to use Aadhaar as an identification to access bank accounts. Services it offers allow customers to perform basic banking transactions with ease. • Banks have started extending e-Smart SME e-commerce loans • State Bank of India (SBI) was the first bank to launch this offering in collaboration with Snapdeal. After that banks, such as Canara Bank, Syndicate Bank, Bank of Baroda and Punjab National Bank, also launched e-commerce loans • Capitalising on the strengths of large existing customer base and efficient payment gateways, banks are not only complementing the e-commerce players, such as Amazon and Flipkart, and non- bank payment aggregators, but also improving the backend supply chain of e-commerce in India • Several Non-Banking financial corporations (NBFCs) are also engaged in extending e-commerce loans to e-sellers who trade their goods or services on popular online portals such as Amazon and Flipkart • E-commerce marketplaces are using transaction data of thousands of vendors on their platforms to help them raise working capital through tie-ups with banks and financial service firms Identity Aadhaar eKYC eSign Payment AePs UPI IMPS Data security DigiLocker 12 Sector Flash: Ecommerce Market in India
- 13. Delivery and fulfilment companies boost the e-commerce experience by strengthening supply chain Customers in India are getting accustomed to next-day delivery of products. Quick and efficient delivery becomes extremely critical to facilitate convenience. This has seen a rise in number of fulfilment and delivery companies. Large number of e-commerce players today outsource a part of their business to overcome challenges. Role of fullfillment companies Some key advantage Key players Role of delivery companies Timely delivery of the product Large number of the e-commerce have benefitted by strengthening their backend supply chain through fulfillment and delivery services. • Avoid long-term leases • Bring on the experts • Use your time to optimise • Infrastructure support • Cost reduction • Warehousing, or storing, the product or its components • Producing or assembling the product • Packing the order • Labeling the order for shipment • Shipping • Notifying the customer • Processing payment and transferring funds to the business • Shiprocket fulfillment • Shopify fulfillment services • DHL e-commerce fulfillment • Delhivery • Fedex They collect the product from a retailer or a fulfillment company anddelivertothecustomer.Deliverycompanyensuressafetyofthe product as well as timely/bulk delivery. Ensuring consistent quality Business have resource shortage Availability of space to stockpile quantities of your product Fulfillment involves entire e-commerce process starting from the sale up until the post-delivery experience of the customer. Sector Flash: Ecommerce Market in India 13
- 14. Companies across sectors today are strategising and revolutionising their business around a hyperlocal delivery model Why? How? What? Solution? • The present scenario, with shift in consumption patterns, disrupted supply chains and most consumers stuck at homes due to coronavirus pandemic, offers an opportunity for services like hyperlocal to grow • Customer today prefer hassle-free doorstep delivery of quality productorserviceswiftly • In this business model, the logistics provider acquires the requested product from nearby shops and delivers it to the customer • The moment request is placed, it can be monitored real time by the customer during entire delivery process • Hyperlocal empowers local offline businesses to connect to the end customer through a digital platform • Itenablesquickdeliveries as it covers short distances • The model has been adoptedacrosssegments such as food, logistics, groceries, pharmacies, horizontal and concierge services • Small sellers get the infrastructure to connect with their customers • This model enables last mile delivery • Helps to control associated costs, time, and resource optimisation • Hyperlocal offers transparency and real- time updates for smooth last-mile deliveries 14 Sector Flash: Ecommerce Market in India
- 15. • Convenience • Greater readiness to use online services • Price comparison • Expert and user reviews • Comprehensive specifications, photos and videos • Online platform are witnessing a 36% increase in traffic year-on-year • Companies in online trade space have witnessed a 175% surge in inquiries for used cars • 146% rise in car-loan leads through online platforms • According to Google’s Auto Gear Shift India Report 2020, 94% of used- car buyers research online to buy or sell their vehicle • The digital revolution is positively disrupting used-car retailing. These portals put consumers in spotlight and the user experience, convenience back by technology is attracting more users to transact. • More customers are turning to digital channels due to seamless service offerings, including hassle-free registration certificate transfer, car checks, security checks and payments. • Consumersareconfidentusingservicesofferedbydigitalplatforms,asnotonly number of inquiries but sales too have increased. Companies have reported 20%growthyear-on-yearinleadconversionforSeptembertoOctoberin2020. Triggeredbye-commerceboom,theonlinecartrademarkethas also witnessed a surge India’s leading online car sales platforms have witnessed a 175% surge in inquiries for used cars since mid 202015 Sources: 15. Techcircle News Articles; 16. New Articles Key growth drivers Impact16 Key players International Domestic • Carvana • Vroom • Shift • Carmax • Droom • Cars24 • CarTrade • Spinny Sector Flash: Ecommerce Market in India 15
- 16. Adoption of technology and digitisation are key trends that are driving the e-commerce market Sharp increase in online shopping • India’s online shopping population has increased drastically in the past few years • Digitisation of small and medium business enterprises could take center-stage and investments in segments such as grocery, telemedicine, car trade is expected to increase Adoption of technology to augment services • Companies in the e-commerce sector are increasinglyleveragingdata, technology and innovation to increase customer satisfaction and experience • Players are also experimenting with robots, chatbots and customised- search algorithms to serve customers faster and better • Further, to give a more personalised experience, e-commerce platforms are adopting voice search technology Virtual automobile stores coming home • The average number of visits to auto dealerships in India fell by 50%. Thus, to aid business recovery, businesses are encouraged to take their dealerships to customers online • As per a Google report, digital sources are now contributing close to 30% to Hyundai India’s sales inquiries17 Rise in collaboration between retail and online players • In April 2020, Reliance formed partnerships with local grocery stores in MumbaithroughWhatsApp. This was done to carry out home delivery of essentials • In May 2020, PepsiCo India partnered with Dunzo for its snack food brands that include Lay’s, Kurkure, Doritos and Quake18 • In May 2020, Hershey India partnered with Swiggy and Dunzo to launch their flagship online store in order to increase reach19 Sources: 17. Motorworld Article 18. Business Line; 19. Economic Times 16 Sector Flash: Ecommerce Market in India
- 17. Key market developments Sector Flash: Ecommerce Market in India 17
- 18. Government regulations continue to impact the segment Trend Impact Digital payments In 2019, Government e-Marketplace (GeM) partnered with the Union Bank of India to offer an array of services and promote a cashless, paperless and transparent payment system. Increaseddigitalpaymentsandcustomerconfidenceto make high-value transactions online. Digital India It aims to create a trillion-dollar online economy by 2025 by enablinginitiativessuchasBharatNet,Jan-Dhan-Aadhar-Mobile (JAM) trinity and BHIM. Initiative has helped India to take a massive jump in financial inclusion with increase in banked population and have unique identification across India. 5G network Major investments made by the Government of India in rolling out fibre network for 5G will help boost e-commerce in India. Improved internet services will enhance and improve consumers online screen time experience. Increase in foreign direct investment (FDI) In order to increase the participation of foreign players in e-commerce, the Indian government raised the limit of FDI to up to 100% (in B2B models). Increase influx of foreign investments will result in boosting e-commerce infrastructure and will further improve customer experience. Consumer Protection (E-commerce) Rule, 2020 Rules delineate roles and responsibilities for marketplace and sellers, and will reinforce competition and efficiency within the Indian e-commerce market. Regulation will ensure fair and transparent practices in the e-commerce sector. Open Network for Digital Commerce (ONDC) Providing equal opportunities to all market players to make optimum use of the e-commerce ecosystem, the Department for PromotionofIndustryandInternalTrade(DPIIT)willsetprotocols for cataloging, vendor discovery and price discovery by utilising its ONDC. Regulation will not only add quality and transparency but competitive placement of products and services. 18 Sector Flash: Ecommerce Market in India
- 19. Growth drivers Demographic advantage • According to the United Nations’ list of countries by urbanisation levels, India ranks 160th with around 34% of its population living in urban areas in 201920 . Increase in urbanisation is largely driven by rapid rise in technology and digital adoption. Moreover, urbanisation has led to convergence in investments, consumption and opportunities across India. • During 2015-19, India has witnessed a steady growth in its GDP21 per capita and consumer spending. However, in 2020, with ongoing coronavirus pandemic the economies globally witnessed an unprecedented downturn, but the recovery for e-commerce sector is expected to be fastest. Rising smartphone and internet penetration • The ongoing digital transformation in the country is expected to increase India’s total internet user base to 974.9 million by 2025 from 696.8 million in FY2022 . • The number of smartphone users in India has increased to 696 million in 2020 from 250.7 million in 2015. Further it is estimated to reach around 973.9 million by 2025 at a CAGR of 12.4%. Such factors are expected to lead to an increase in penetration of the Indian e-commerce market.23 Increasing government support • The Government of India has launched several schemes to support the industry. This includes initiatives like Digital India, which aims to introduce people to online modes of commerce. • The government has also eased FDI norms, allowing 100% FDI inB2Be-commerceand100%automaticFDIinthemarketplace model of e-commerce. • Providing equal opportunities to all market players to make optimum use of the e-commerce ecosystem, the DPIIT will set protocolsforcataloging,vendordiscovery,andpricediscovery by utilising its ONDC. Improvements in digital payment infrastructure • Consumers have become more comfortable using digital payment platforms such as mobile wallets and UPI platforms. • Further, the online retail segment provides various credit and payment options to customers – driven by developments in technology and cybersecurity • Such improvements are expected to boost the number of customers preferring e-commerce. Cash on Delivery Despite increased penetration of digital payments in India, there still is a section of people that is uncomfortable with digital transactions. Ensuring touchless delivery of services many e-commerce companies have dropped the ‘cash on delivery’ option. High returns A lot of e-commerce customers are first-time buyers, as a result they are not sure of the products they want to order and hence they return the goods post delivery. Reverse logistics involved in returns is extremely expensive and impacts profitability. Uneven address and postal codes Given the lack of standardisation in address, delivery to the exact locations become a challenge for e-commerce players. As a result, timely delivery of goods becomes an issue resulting in order cancellations. Delayed deliveries With increase in online shopping coupled with rise in exchange and refund orders has led to a decrease in on-time deliveries. Challenges faced Sources: 20. Worldbank Data; 21. Worldbank Data; 22. Statista ; 23. Statista Sector Flash: Ecommerce Market in India 19
- 20. Outlook 20 Sector Flash: Ecommerce Market in India
- 21. Triggered by e-commerce boom the online auto, grocery, education and pharmacy markets are also expected to witness a surge in demand Focus on smaller towns • Indian e-commerce sites are gradually shifting their focus from metro cities Tier II and smaller towns in sync with the internet and mobile penetration • While bigger brands are not physically present in Tier II and Tier III cities, e-commerce makes these brands available to people across the country. Technological Innovations • They will be crucial for e-commerce firms to stay in the highly competitive market • Technology-enabled innovations, such as digital payments, hyper-local logistics, analytics-driven customer engagement and digital advertisements, will likely support the growth in the sector. Improve online purchase paths • E-commerce being extremely competitive would come up with solutions improving • Robust search and filtering • Personalisation • Enriched purchase information • Streamlined returns and exchange • Ensuring quality Increase demand in online auto market • Used car market is likely to witnessasteadygrowthdue to increasing urbanisation and consumer spending, rising demand for owning a vehicle due to hygiene hazards and others • Driven by the growth of used car market the online auto market is set to grow. Offering a range of benefits over a physical stores a large number of consumer a likely to shift to online purchase Sector Flash: Ecommerce Market in India 21
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- 23. Acknowledgements Editorial review Charu Sharma Editorial review Himani Kukreti For media queries, please contact Rohit Nautiyal E: [email protected] M: +91 96544 17708 For queries, write to: Rahul Kapur Partner, Growth E: [email protected] Authors Karan Jain Associate Director E: [email protected] Raghav Sarin Manager E: [email protected] Vinayak Saxena Assistant Manager E: [email protected] Sector Flash: Ecommerce Market in India 23
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