India’s e-commerce market to surge 84 pc to $111 billion by 2024: FIS report

India’s e-commerce market is poised to grow by 84 per cent to USD 111 billion by 2024 on the back of accelerated adoption of digital technologies amid the COVID-19 pandemic, a report by fintech firm FIS said on Wednesday. The report noted that 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. FIS, in its 2021 Global Payments Report, examined current and future payment trends across 41 countries.

India’s e-commerce market is projected to grow by 84 per cent between now and 2024 to about USD 111 billion (from about USD 60 billion in 2020) driven by mobile shopping, which is projected to grow 21 per cent annually over the next four years, the report said.