India’s E-Commerce Market to Grow Rapidly by 2028, Says GlobalData
India’s e-commerce market is set to grow by 23.8% in 2024, reaching Rs 24.1 trillion by 2028, according to GlobalData. This growth is driven by increased internet use and consumer preference for online shopping.
Major platforms like Flipkart, Amazon, and Myntra are capitalizing on this trend with attractive deals. Alternative payment methods, such as Amazon Pay and Google Pay, are becoming more popular, while traditional payment methods are declining.
Government initiatives like ‘Make in India’ and ‘Startup India’ are also boosting the market.
Doubts Revealed
E-commerce -: E-commerce means buying and selling things on the internet. Instead of going to a shop, you can buy things online using your computer or phone.
GlobalData -: GlobalData is a company that collects and shares information about different markets and industries. They help businesses understand trends and make decisions.
Rs 24.1 trillion -: Rs 24.1 trillion is a very large amount of money. ‘Rs’ stands for Indian Rupees, which is the currency used in India. Trillion means a thousand billion.
Flipkart -: Flipkart is a popular online shopping website in India where you can buy many things like clothes, electronics, and books.
Amazon -: Amazon is a big online shopping website that sells a wide variety of products. It is used by people all over the world, including India.
Myntra -: Myntra is an online shopping website in India that mainly sells clothes, shoes, and accessories.
Amazon Pay -: Amazon Pay is a way to pay for things online using your Amazon account. It makes shopping easier and faster.
Google Pay -: Google Pay is an app that lets you pay for things using your phone. You can link it to your bank account and use it to buy things online or in stores.
Make in India -: Make in India is a government program that encourages companies to make their products in India. This helps create jobs and boosts the economy.
Startup India -: Startup India is a government program that helps new businesses get started. It provides support and resources to help them grow.