Chennai: India is poised to surpass the US as the second largest e-commerce market by 2034, says a study by Shiprocket.
The global retail e-commerce stood at $3.35 trillion in 2019 and is expected to grow to $7.38 trillion by 2025. China’ e-commerce market was valued at $2779 billion in 2021. The US e-commerce market was the second largest market with $843 billion, followed by the UK, Japan, South Korea, Germany and France. India stood eighth with $67.53 billion.
According to the study, India may surpass the US by 2034 and be the second largest e-commerce market. India has the highest growth in e-commerce followed by China. Countries like the US and the UK have been growing much slower.
India is also ranked 9th in cross-border e-commerce. Cross-border accounts for 20 per cent of global e-commerce. Indian products like fashion jewellery, textiles, ethnic wear and women’s clothing have the potential to grow cross-border e-commerce.
