Online fashion retail in India may touch $35 bn by 2020
20 March 2015 11:45 PM GMT
The fashion business in India through e-commerce portals is expected to see a turnover of $35 billion by 2020, said Google Director for E-commerce and Online Nitin Bawankule.
“By 2020, India is expected to generate $100 billion online retail revenue out of which $35 billion will be through fashion e-commerce. Online apparel sales are set to grow four times in coming years,” he said at the India Fashion Forum. According to Google research, every third shopping search on Google is fashion-related and the queries on fashion are growing at 66 per cent year-on-year.
Bawankule further pointed out that the online population in India would grow to 100 million by 2016 and 250 million by 2020 from its present 40 million. By 2018, India is set to witness 500 million internet users whereas 280 million smart-phone users could be the key drivers for e-commerce portals. Citing Forester Consumer Research 2014, Bawankule said that new users will fuel the growth in online sales by purchasing online in the next one year.
“By 2020, India is expected to generate $100 billion online retail revenue out of which $35 billion will be through fashion e-commerce. Online apparel sales are set to grow four times in coming years,” he said at the India Fashion Forum. According to Google research, every third shopping search on Google is fashion-related and the queries on fashion are growing at 66 per cent year-on-year.
Bawankule further pointed out that the online population in India would grow to 100 million by 2016 and 250 million by 2020 from its present 40 million. By 2018, India is set to witness 500 million internet users whereas 280 million smart-phone users could be the key drivers for e-commerce portals. Citing Forester Consumer Research 2014, Bawankule said that new users will fuel the growth in online sales by purchasing online in the next one year.
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