E-commerce market likely to jump five times to reach nearly Rs 3.39 lakh crore by 2020: Study

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E-commerce market size for goods is expected to jump about five times to $40-50 billion (Rs ​2.71- 3.39 lakh crore) by 2020 from about $8-12 billion presently, says a report.

While travel is expected to account for 60% of e-commerce sales by 2020, electronics would account for about 30%, said the joint report by Boston Consulting Group and Retailers Association of India.

The growth of digital retail is dependent on the shift in the profile of Internet users and the total users likely to jump to 650 million by 2020 from 260 million. “Urban users would nearly double from about 80 million to about 120 million,” the report said.

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The share of women users is also expected to grow from 29% to 40% by 2020. The report also said that more than 400 million customers could potentially be digitally influenced by 2020, accounting for about 25% of the retail spend. Digitally influenced spenders research products and pricing online while purchasing either offline or online, it said.

“About $250 billion of retail spends would be digitally influenced, accounting for about 25% of the overall spend,” the report noted.