E-commerce retail market expected to cross $100-billion mark by 2024

MUMBAI : The e-commerce retail market, which stood at $30 billion in 2019, is expected to cross the $100-billion mark by 2024, driven by an increasing set of suppliers selling online and change in buying behaviour of consumers, among others, according to a white paper released on Thursday.

The rise of online fresh groceries sales along with growing numbers of prepared food delivery companies entering this space could propel category growth by five times in the next five years, according to the paper jointly prepared by global professional services firm Alvarez & Marsal (A&M) India and CII Institute of Logistics.

According to the white paper, titled ‘Enabling the next wave of e-commerce in India through supply chain innovation’, some of the key evolving models for e-commerce include order to store for apparel; dark store for FMCG/ grocery and meat/pharmaceuticals; store to customer deliveries for FMCG grocery and omnichannel presence for retailers.