MUMBAI: The coronavirus pandemic will accelerate the growth of India’s e-commerce market, pushing it to ₹7 trillion by 2023, according to GlobalData, a London-based data analytics firm. “The growth of Indian e-commerce market has been revised up, considering the positive push due to coronavirus (Covid-19) outbreak," said GlobalData on Friday.
The e-commerce market in India is set to grow at a compound annual growth rate (CAGR) of 19.6% between 2019 and 2023. As consumers increasingly shift to online spending to avoid exposure to disease vectors such as cash and point of sale (POS) terminals, e-commerce payments are set to record a steep increase of 25.9% in 2020, said the company.