Home KartBlog News Cross-border e-commerce to grow more than 75%
Cross-border e-commerce to grow more than 75%
Indian online shoppers will spend Rs 54,700 crore buying products from other countries, and that is expected to rise by more than 75 per cent in 2016, a report by payment firm PayPal said."The Indian ecommerce space is experiencing an exciting time where innovation is the key. Our research reveals that the advent of technology is slowly diminishing borders for online shopping. With the number of online shoppers set to grow exponentially, it will lead to increase in the number of shoppers who shop from global retailers with online presence," Vikram Narayan, country manager and managing director at PayPal India, said in a statement. The report showed that out of about a total 10 million online shoppers in India, roughly 3.8 million shop across borders.
The average cross-border spend is also higher than domestic online shopping spends. Average spend on crossborder transactions by the estimated 3.8-million cross border shoppers was estimated to be about Rs 1.42 lakh per cross-border shopper in 2015. A Goldman Sachs report in May this year, pegged the average transaction size of about Rs 1,800 for the Indian ecommerce industry.
"Cross-border shopping is typically more premium-end brands, so the ticket size would be higher," Naranyan said. US, China and the UK were the top countries from which Indian shoppers purchased online, the report showed.
In the survey, 62 per cent of those surveyed only shopped domestically, 36 per cent shopped domestically and cross-border while 2 per cent shop only cross-border. That number would be higher, but for concerns about shipping and custom duties that would be levied on the products. Trouble returning products that proved defective or not as described also contributed to fewer people buying from foreign countries. And 53 per cent of those who bought products in other countries, used the address of a family or a friend in another country.
Now all this is set to change with kattlove.com. We stock bring products from China and stock them at various locations in India so customers need not worry on quality, customs and delivery.
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