Consumer Digital Economy in the country to touch $800 billion

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#ConsumerDigitalEconomy #NarayanaMurthy #JeffBezos

Consumer Digital Economy to touch $800Bn

India's digital economy is expected to touch $800 billion by 2030 making it the third-largest digital economy, said a report by consulting firm Redseer on June 30. It was pegged at $85-90 billion in 2020. Online retail is set to become the third-largest online retail market by scale by CY30 with an annual gross merchandise value (GMV) of $55 billion in CY21 and $350 billion in CY30, said RedSeer at its flagship event Ground Zero 5.0. India is going to become the 3rd largest online retail market by CY30. E-Logistics in India has become the fastest growing market globally with over 3 billion shipments in 2020. India traditionally had an inefficient supply chain with a slow and undemocratic access. With the rise of e-commerce, the need for specialised delivery services emerged, which has led to the overall growth of the logistics segment. With multiple startups enabling kiranas with cashless payments and digital bookkeeping, the segment is expected to achieve $1.5 trillion sales by 2030.



COVID-19 has caused an inflection in e-commerce penetration across smaller cities. The emergence of this sector has created 5lakh employment for gig workers in 2021 across captive and 3PL. The new-age 3PL logistics players have delivered 850 million shipments in 2020. There is a sharp rise in digital content and advertisements see higher demand. On the other hand, online content is seeing phenomenal growth leading to the overall growth of the digital ad industry as well. Digital content is emerging as the bellwether of demand creation for time spent. India, one of the largest economies, is surging ahead on content and smartphone usage. Monthly active users have become democratised with increasing adoption of varied digital services and platforms.


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  • Watch Consumer Digital Economy in the country to touch $800 billion Video
    Consumer Digital Economy in the country to touch $800 billion

    #ConsumerDigitalEconomy #NarayanaMurthy #JeffBezos

    Consumer Digital Economy to touch $800Bn

    India's digital economy is expected to touch $800 billion by 2030 making it the third-largest digital economy, said a report by consulting firm Redseer on June 30. It was pegged at $85-90 billion in 2020. Online retail is set to become the third-largest online retail market by scale by CY30 with an annual gross merchandise value (GMV) of $55 billion in CY21 and $350 billion in CY30, said RedSeer at its flagship event Ground Zero 5.0. India is going to become the 3rd largest online retail market by CY30. E-Logistics in India has become the fastest growing market globally with over 3 billion shipments in 2020. India traditionally had an inefficient supply chain with a slow and undemocratic access. With the rise of e-commerce, the need for specialised delivery services emerged, which has led to the overall growth of the logistics segment. With multiple startups enabling kiranas with cashless payments and digital bookkeeping, the segment is expected to achieve $1.5 trillion sales by 2030.



    COVID-19 has caused an inflection in e-commerce penetration across smaller cities. The emergence of this sector has created 5lakh employment for gig workers in 2021 across captive and 3PL. The new-age 3PL logistics players have delivered 850 million shipments in 2020. There is a sharp rise in digital content and advertisements see higher demand. On the other hand, online content is seeing phenomenal growth leading to the overall growth of the digital ad industry as well. Digital content is emerging as the bellwether of demand creation for time spent. India, one of the largest economies, is surging ahead on content and smartphone usage. Monthly active users have become democratised with increasing adoption of varied digital services and platforms.


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  • Watch Digital Economy of India to touch $800 billion by 2030 Video
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    Digital Economy to touch $800 billion



    India’s consumer digital economy which was pegged at $85-90 billion in CY 20, is expected to become a $800 billion market by 2030. The digital economy includes 60% of travel, 40% of non-grocery retail, 30% of education, 25% of food and beverages services and 6% of Pharma/Grocery going through digital channels by CY30, as per the data of RedSeer. With this growth we could forecast the next wave of entrepreneurs will create innovations which will make the Indian model successful globally. During these difficult times, most of the enterprises faced the challenge that their current levels of cybersecurity are not enough to protect their endpoints and servers.



    The year 2020 has started with COVID-19 and a pell-mell shift to remote work, and finished with the gut-punch of a major breach that put hundreds of organizations into frantic access-and-remediate mode. The consequences of the pandemic’s rapid shift to work-from-home — and the exponential adoption to cloud technology that it helped drive — include lesser visibility into the security ecosystem, lesser control of access points, and a larger, more varied attack surface for adversaries to target. Over the course of the pandemic, there has been an escalating number of cyberattacks designed to exploit vulnerable remote workers and people who are desperate for information about the virus and vaccine. About 52% of Indian organizations fell victim to a successful cybersecurity attack in the last 12 months. Of these successful breaches, 71% of organizations admitted it was a serious or very serious attack, and 65 per cent said it took longer than a week to remediate.

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    A report titled ‘Online Payment Fraud: Emerging Threats, Segment Analysis & Market Forecasts 2021-2025‘, conducted by Juniper Research, suggests that it’s time merchants step up their game. They must implement better fraud prevention strategies across all eCommerce channels if they do not wish to be subjected to significant chunk of losses. North America is estimated to be the worst hit as nearly 50% of the $20 billion estimated loss will occur in the region alone in 2021. Far East & China will be the second most worst hit with eCommerce fraud, followed by West Europe. Furthermore, the research identified that the use of artificial intelligence can help enable behavioural biometrics in this area, leading to increased security across all potential fraud channels.



    The report highlighted that China would be the largest hub of the eCommerce fraud market in the entire world by accounting for a whopping 40% of eCom-related fraud losses in 2025, amounting to $12 billion. The research suggests that the massive e-commerce market combined with the relative lack of fraud detection measures will be the key drivers behind the situation. Juniper Research recommends that China-based eCommerce merchants start investing in fraud detection and prevention technologies from now. It will help them escape future fraud-related losses, which can further impact their already slim operating margin. All in all, it is well understood that consumers should be wary of upcoming fraud-related risks and, to prepare for the same, start becoming more vigilant when it comes to transacting online, especially on lesser-known e-commerce sites.


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