India Internet GMV hits $65bn in 2020: Report
Bengaluru, Jan 22 (IANS) The overall India Internet gross merchandise value (GMV) grew to $65 billion in 2020, and is now creating a large impact on the overall economy with almost 4.6 per cent of total private consumption coming from India Internet, suggests research from homegrown consulting firm RedSeer.
“2020 has truly been a landmark year for India’s consumer internet economy,” said Anil Kumar, Co-founder and CEO of RedSeer.
“We expect India Internet to accelerate further in 2021, driven by massive growth in consumer adoption and satisfaction in 2020 across sectors — with India Internet expected to cross triple digits GMV for the first time in 2021 and eventually become $250 billion scale and 10 per cent of private consumption in 2025.”
His comments came as RedSeer organised “Ground Zero 4.0” event on Friday where Infosys Co-founder Nandan Nilekani discussed the theme of the event “Scaling Up” and how crucial a strategy it is for startups across all sectors.
India’s consumer Internet economy showed strong resilience in 2020. The overall gross market transaction value dropped earlier last year due to the pandemic but recovered by the end of the year.
The event conducted sessions including a review of the past decade and the year 2020, how to scale retail, healthcare, edtech and how to build homegrown brands for global scale among others.
Among homegrown brands, online-first brands gained 30 per cent share of e-commerce which will grow to 45 per cent by 2025, according to RedSeer’s research.
Direct-to-consumer (D2C) and digitally native brands (DNB) are now driving much of the e-commerce growth in India, it added.