A report by e-commerce enablement platform Shiprocket expects consumer spending to touch $4 trillion by 2030. On the other hand, spending by consumers in the economy will rise at a CAGR of 10 per cent due to the domestic consumer expenditure and consumption market. 

Shiprocket launched 'E-commerce In The New Bharat And Its Future' report at its flagship event, Shiprocket SHIVIR 2023, in New Delhi. Images Group conceptualised the report keeping consumer behaviour in mind to help MSMEs with in-depth insights to usher in the rapidly changing e-commerce industry era. 

According to it, consumer spending on food, housing, apparel, personal care, transport, and communication will double by 2030. Emerging new consumer habits, availability of high internet, robust local consumer ecosystem, and technological innovation in consumer products would be the prominent catalysts to drive the growth. 

According to it, 57 per cent of consumers would choose UPI as the preferred mode of payment, followed by credit cards at 31 per cent. Other payment options like wallets, net banking, and debit cards take up the remaining 12 per cent.

80 per cent of consumers prefer online marketplaces. Fashion and accessories stood was the highest-shopped category at 48 per cent, followed by electronics at 32 per cent and groceries at 30 per cent. Consumers have registered their concerns as well.

52 per cent of Indian consumers say that quality is their primary concern while online shopping. The data also revealed an exciting preference for order tracking. Almost 2/3rd of Indian consumers (68 per cent), and 55 per cent of international consumers prefer WhatsApp updates for tracking their online order status. 

On the brand front, the survey reveals that 40 per cent of brands think that combining all the channels will drive more growth rather than confining to only one channel (marketplace, website, social media). Inefficient logistics (both domestic and international) is still a significant challenge for businesses. 

“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 Goel.