A 24% growth and other eCommerce news and updates that you should know

(Last Updated On: July 12, 2023)

How has eCommerce been performing in 2023 so far? In short – very well! Despite the global economic slowdown and the eventual reopening of physical stores, Indians have demonstrated their unwavering dedication to a delightful blend of online and offline shopping experiences.

According to an official report by Unicommerce, eCommerce in India has seen a 24% increase in sales in Q2 of the year 2023 (April-June)! 

Here are some other eCommerce news and updates 

  1.  If January – March saw a 16% growth, the following quarter saw an increase of 24%. The segments that saw high growth were – Pharmaceuticals and Eye-Wear.
  2. A senior eCommerce industry executive also observed a slowdown in “low-priced items” like fashion, appliances etc. People are spending more on premium categories that have a higher price point.
  3. The total number of orders placed online witnessed a 41% growth in the Indian state of Telangana
  4. A report by Deloitte India titled “The future of retail” predicates that the online retail sector, which stood at $70 billion in 2022, will see a surge up to $325 billion by 2030.
    It outlined 6 future trends that online sellers should stay on top of: 

    • Rising new commerce (penetration in tier 2 cities)
    • Technology for a more frictionless customer experience (AR, VR, Metaverse etc.)
    • The technology offered by SaaS providers like Instamojo that power Kirana stores
    • A rise of the luxury market
    • Private labels and D2C distribution by brands that focus on consumer consciousness
    • Experiential retail that gives shoppers an immersive experience

5. India has recorded 89.5 million digital transactions in the year 2022 and its total value stood at Rs.125.95 Lakh Cr, a 1.75x YoY increase!

That is more than the top 4 countries combined! India accounted for 46% of all digital payments happening globally.

Still dependent on Cash-on-delivery? You are missing out.

UPI and digital payments have become ingrained in India’s digital landscape. As a business owner, it’s crucial to stay ahead of these trends for continued success.

With Instamojo smart links, all you need to do is share a payment link with your customers. Customers can effortlessly enter their shipping details and complete their transactions without ever leaving the window!

Talk about a seamless checkout experience!


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