India’s online retail market to become an $85 Billion market by 2023.
Reliance industries entry into the online marketplace will disrupt the Indian e-commerce marketplace.
RIL to launch products with sizeable discounts.
Forrester Research Inc. a Massachusetts based market research Company projected in a report that India’s online retail market is targeting to become an $85 Billion market by 2023.
The report also describes the activities of the online retail market in past years and what brands and marketplaces can see in an upcoming future. It also stated that the Indian online marketplace observes a disruption in the first quarter of 2019 due to reformations in Foreign Direct investment (FDI) rules. The report also revealed that the Reliance industries astounding entry into the online marketplace will disrupt the Indian e-commerce marketplace.
Mukesh Ambani owned Reliance industries’ subsidiary Reliance Industries Limited is going to use its enormous customer database to put a revolutionary entry into the industry. RIL is launching products with sizeable discounts.
The report also stated that Flipkart has defeated Amazon, in spite of Amazon being the most popular online retailer in metropolitan cities. The report also stated that other E-commerce industry players including Paytm, Snapdeal and ShopClues will feel difficult to raise funds to offer intense discounts and also said that Paytm Mall’s model is non-sustainable therefore it will be extremely difficult to compete with market giants in this domain in spite of getting huge funds. The report estimates that the online marketplace is going to be a $3.9 Billion market by 2023 which is only 5% of the market; therefore, this sector needs huge investment.
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