"The digital commerce market in India, which has grown steadily to USD 13.6 billion in 2014 from USD 4.4 billion in 2010, has gathered momentum due to increasing in mobile and internet usage, multiple payment options, attractive discounts and advanced shipping," said 'Future of e-Commerce: Uncovering Innovation', a joint study by Association of Chamber of Commerce and Industry of India (Assocham) and global audit-cum-consulting firm Deloitte.

Japanese multinational telecom firm SoftBank invested USD 627 million in Snapdeal in October 2014 and Flipkart bought Myntra fashion site for USD 370 million in May 2014 while Ola Cabs acquired TaxiForSure for 200 million in March this year.

As shopping online through smart phones becomes a game changer, industry leaders believe m-commerce could generate 70 percent of their total revenue in the coming years.Online travel, a key driver of e-commerce market, accounts for about 70 percent of e-commerce business in the country.

Online shoppers are projected to double to 40 million in 2016 from 20 million in 2013, while an additional 200 million people will access the internet over the next three years, with majority of them through smart phones.