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
- 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.
- 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.
- The total number of orders placed online witnessed a 41% growth in the Indian state of Telangana
- 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.
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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!