Mumbai: An industry report has projected that domestic e-commerce market will grow manifold in a decade, from Rs 50,000 crore last year.
The report, `E-commerce: A boon for the current economic downturn' by First Data Corporation and ICICI Merchant Services, says urban Indian consumers are now confident enough to make online purchases upto Rs 25,000, up from Rs 2,000-5,000 range in the recent past.
"With different levels of adoption, the e-commerce market has the potential to grow anywhere between USD 70 billion and USD 150 billion under one scenario, and at a more robust growth scenario it can grow between USD 125 billion and USD 260 billion by 2024-25," it says.
On the global level, the report says Brazil, US, Europe and China are showing tremendous growth. China is expected to add the equivalent of the entire population of Canada as e-shoppers in each of the next four years.
It also says that even though there are only under-10 million internet users who actually buy online in India, there are about 150 million internet users or around 75 million households that are `ready' for e-commerce.
According to the report, almost 57 percent of e-commerce sales come from small towns, while the eight metros account for the remainder.
According to IAMAI, the sectoral umbrella body, current e-commerce market in India is around USD 10 billion, while US e-commerce market is set to touch USD 200 billion in 2013, growing at 17 percent.