India sees meteoric rise in e-commerce businesses, online payments through UPI | Photo Credit: Wpadington Internet penetration continues to climb at approximately 59 per cent, and as the number grows and consumer behaviour and shopping patterns continue to shift online, India represents a trillion-dollar digital opportunity that will lead consumption in this coming decade, according to a report by Bessemer Venture Partners. The country has seen a meteoric rise in e-commerce businesses, online payments through the unified payments infrastructure (UPI), and the maturation of supply chain and logistics technologies, the report added. According to the report by 2030, the number of users will increase from 125 million to 500 million, and the average digital spend per person will increase from $750 to $2,000. At present, about 125 million Indians, or less than 10 per cent of the total population, and less than 20 per cent of the Internet population, transact online. The study states two major aspects of the region set the stage for increased traction among internet marketplaces: fragmentation and offline operations challenges. Moreover, the marketplaces have evolved from horizontal listing — connection platforms where sellers list their products and services and consumers find suppliers of different goods […]
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