The Bain & Co announcement calculated that India has the third-largest online shopper base globally, with 180-190 million consumers in 2021.
Subsequently, after months of careful spending amid the pandemic, Indian shopper has slowly unlocked their purse threads. Calling the pandemic a “crucible moment” for online retail, a report by Bain and Company has stated that there has been a speed and strong growth, taking the market to $50 billion in 2022.
Further, the reports augmented that India has the third-largest online shopper base globally, with 180-190 million shoppers in 2021. Not only that, the shopper base in India is scaling quickly and is likely to overtake the US in the next 1-2 years, declared the report. India’s online shopper base is computed to boost around 400-450 million by 2027.
Alternative business models are also being analyzed by retailers to attain a wider audience and bridge the gaps in traditional commerce. Some of these criteria include social-led commerce, video-live commerce, business-to-consumer commerce, and quick commerce. Social media players also incline to power their strategies for online sales, for instance, Instagram shops, short-form video platforms etc.
