E-commerce market is projected to surge 84% to $111 bn by 2024, says FIS

India’s e-commerce market is expected to grow dramatically as a result of the pandemic. The market is forecast to increase by 84 per cent by 2024 to $111 billion, according to a new report by financial technology firm FIS.

It is driven by mobile shopping, which is projected to grow by 21 per cent annually over the next four years.

The 2021 Global Payments Report by Worldpay from FIS, which examines current and future payments trends across 41 countries, found that global trends in digital commerce accelerated under the pandemic. Countries, including India have seen a shift in consumer behaviour caused by Covid-19, and new payment trends are shown to be on the rise.