The Indian e-commerce market would become worth over $100 billion by the year 2022, with a growth of around 25 per cent from the current level, a report said on Friday.
There is a need to harmonise the e-commerce policy framework in the country to enable growth in the sector, stated a joint report by PwC and Nasscom – Propelling India towards global leadership in e-commerce.
The e-commerce segment has the potential to create over one million jobs by 2023 in the country, it said.
“The Indian e-commerce market of 35 billion dollars is expected to grow at 25 per cent in the next five years and exceed 100 billion dollars by 2022,” said the report.
Online financial services would witness fastest growth in the segment in years ahead, the report said, although 90 per cent of the e-commerce market would be held by e-tail (electronic retail) and e-travel service providers.
Sandeep Ladda, Partner, Global TMT Tax and India Technology Sector Leader, PwC India, said: “The next phase of growth in the sector would come from ensuring a seamless shopping experience, building digital trust, voice-based or conversational commerce and creating an inventory of localised content.”