On July 14, according to analysis data from GlobalData, a global data analysis and consulting company, India's e-commerce sales will grow at a compound annual growth rate (CAGR) of more than 18% to US$120.1 billion between 2017 and 2025.
According to GlobalData, orders on e-commerce platforms such as Flipkart, Amazon and BigBasket have increased every month since the outbreak. At the same time, these platforms have also expanded digital payment options to attract more new users.
It is reported that Flipkart, a subsidiary of Walmart, launched a QR code-based cash on delivery method in June. Ranjith Boyanapalli, head of the company's fintech and payments division, said that with cash on delivery technology, customers can shop safely at home.
Previously, Amazon also launched Amazon Pay Later in April last year, which enables consumers to shop securely and pay in monthly installments. It currently has 2 million users. Ravi Sharma, the firm's lead analyst for banking and payments, said the pandemic has accelerated India's shift to digital payments and opened up the service to new users and merchants who had not previously used the channel.
At the same time, e-commerce is changing the way consumers shop, leading to large acquisitions such as eBay Korea and Farfetch's increased partnerships in China. It is understood that eBay has recently chosen the retail enterprise group Shinsegae as the new owner of eBay Korea. The acquisition was jointly completed by E-Mart and Naver under Shinsegae.
In addition, Alibaba announced in November last year that it would jointly invest in Farfetch with Richemont Group, and the three parties reached a global strategic cooperation. Alibaba and Farfetch have also jointly launched the "Luxury New Retail" advocacy program, aiming to accelerate the digitalization of the global luxury industry. Richemont Group and Kering Group have also joined the program.
