Shiprocket Launches E-commerce Trends Report with ONDC; Forecasts Consumer Spending in India to Exceed $4 trillion by 2030
57% consumers preferred Unified Payments Interface (UPI) as the most preferred ‘prepay’ option
48% consumers rated fashion & accessories as their most shopped category online followed by electronics and grocery
Almost 2/3rd (68%) of Indian consumers rely on WhatsApp for tracking their online order status
Shiprocket, India’s leading eCommerce enablement platform, launched a detailed trends report titled “eCommerce in the New Bharat and it’s Future” with ONDC.
The report launched by Shiprocket’s CEO & Co-Founder, Saahil Goel, along with Mr. T Koshy, MD, & CEO of ONDC, and Bhaveh Pitroda, CEO, Images Group, is in line with Shiprocket’s mission of creating easy access to e-commerce solutions for MSMEs in India. Conceptualised by The Images Group, the report aims at decoding the evolving consumer behaviour to empower MSMEs with in-depth insights to usher in the era of a rapidly changing e-commerce industry.
The Macro Industry Trends
The e-commerce trends report forecasts that consumer spending in India is expected to be >$4 trillion by 2030, growing at a CAGR of ~10% owing to the massive domestic consumer expenditure and consumption market. Moreover, consumer spending on categories of food, housing, apparel, personal care, transport, and communication is expected to increase ~2x by 2030. Evolving consumer habits, high internet penetration, strong local consumer ecosystem, and technological innovation in consumer products are the main catalysts driving the growth of these categories.
Evolving Consumer Preferences
In terms of consumer preferences, UPI emerged as the most preferred prepay option (57%), followed by credit cards (31%), and other payment options like wallets, net banking, and debit cards. (12%). The extensive consumer survey also inferred that nearly 80% consumers prefer shopping at online marketplaces. Fashion & Accessories (48%) stood as the highest shopped category according to the consumers, followed by Electronics (32%) and Groceries (30%).
According to the data, more than 52% Indian consumers cited ‘quality’ as their most basic expectation from any online shopping site; trust and price stood second and third, respectively. The data also revealed an interesting preference for order tracking. Almost 2/3rd of Indian consumers (68%), and 55% of international consumers, prefer WhatsApp updates for tracking their online order status.
Business Preferences and Challenges
On the brand front, the report revealed that 40% of brands believe all channels combined together drive maximum sales for them rather than only 1 channel (marketplace, website, social media). In terms of the challenges, 38% of brands believe efficient logistics (both domestic and international) is currently the most significant challenge they face, as timely delivery plays a crucial role in determining efficiency. With its seamless end-to-end E-Commerce solutions, Shiprocket continues to empower MSMEs to focus on their core businesses while leaving the complexities of shipping and delivery to the experts.
“At Shiprocket, we commend the spirit of entrepreneurs and small business owners who drive innovation, provide job opportunities, and promote economic progress. We believe in the power of MSMEs and are committed to empowering them with our tech-driven solutions and being their Partners in Growth. India’s digital economy is set to soar to new heights with MSMEs playing a very important role in the growth of the Atmanirbhar Bharat vision. The Report will assist MSMEs in their business growth by helping them in decoding their consumers and leveraging the insights to improve their business, said Saahil Goel, CEO & Co-Founder, Shiprocket.
T Koshy, MD, and CEO, ONDC said, “At ONDC our aim is to transform the Indian e-commerce landscape and we strongly believe that MSMEs will play a key role in developing the future of Indian economy. It is critical for any business to understand the consumer psyche, and this Report will assist MSMEs in understanding their consumers’ thought processes, allowing them to make better business decisions in the future.”
About Shiprocket
Shiprocket is India’s largest eCommerce enablement platform on a mission to empower the businesses of Bharat to scale their ventures by unleashing the true power of eCommerce. The platform helps the sellers at every step of their eCommerce journey, creating an operating system for direct commerce. Their stack of tech integrations enables shipping, fulfilment, customer communication and marketing tools as well as providers for SMEs, D2C retailers, and social commerce retailers in India.
