E-commerce witnesses 31% growth in Q3 2020: Report
By Retail4Growth Team | October 15, 2020
According to a report by Unicommerce, the results showed that personal care and health and pharma emerged as the fastest-growing segments, but the electronics and fashion continue to be the biggest category with the maximum share of order volume, although they have lower growth.
India’s e-commerce industry has grown by leaps and bounds, especially in the last five years. The e-commerce industry witnessed an order volume growth of 31 per cent for the third quarter of this year, as compared to the same period last year, according to a report.
According to a report by Unicommerce, leading e-commerce focused SaaS (software-as-a-service) platform, while the order volume has increased significantly, the corresponding gross merchandise value (GMV) has increased only by 24 percent due to five percent decline in the average order value,
The results showed that personal care and health and pharma emerged as the fastest-growing segments, but the electronics and fashion continue to be the biggest category with the maximum share of order volume, although they have lower growth.
Interestingly, the results showed that in Q3, the brand’s own websites reported a growth of over 78 percent as compared to 35 percent from the market places during the same duration.
“With the increasing focus of companies on investing in online channels and rising interest in adopting technology solutions to improve business operations, we firmly believe this growth momentum will continue for the next few quarters,” Kapil Makhija, CEO, Unicommerce, said in a statement.
The huge growth of e-commerce is driven by consumers living in tier-2 and tier-3 cities of India.
The increasing focus on regional markets and the rising adoption of smartphones is driving growth from tier-2 and beyond cities.
The tier-3 and beyond cities have showcased a growth of over 90 percent, said the report.
