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Ficci says online commerce market is anticipated to boom and reach as high as USD 188 billion

With the onset of the pandemic, the online commerce industry is anticipated to reach USD 188 billion by the year 2025 from USD 64 billion last year with the growing preference of the consumers to purchase on various digital marketplaces as per a report by Ficci released on Wednesday.

“Now, consumers are no longer turning to online commerce as an alternative buying channel – its massive growth, projected to reach USD 188 billion in 2025 from USD 64 billion in 2020, is signaling to its solidification as the default, primary buying channel for many,” the report said.

It was at the session of  Building Customer Trust in a Pandemic Era at the Customer Trust Summit 2021, Consumer Affairs Secretary Leena Nandan said that trust and transparency have never been more important than now. She also asserted that how brands and various companies are taking efforts in providing experiences to customers for the sole purpose of meeting their needs even during these stressful times. Hence, she says, there is a need for a continuous dialogue with the industry players and BIS and to understand what it is that they are doing in the area of creating a quality ecosystem.

“We are trying to educate consumers about the standards and value of ISI mark and industry collaboration and participation is the key to reach out to safeguard the interest of consumers,” she was quoted as saying in a Ficci statement.

Additionally, it was mentioned by her that the government ought to protect the interest and dynamic nature of the transition in the country.

“Our goal is to continue to focus on a consumer-centric approach to developing innovative newer products and solutions,” she said.

The government, Nandan noted, will fail in its task if it is unable to make an ecosystem of competition so that the right value of goods and services can be offered to the consumers.

“Our ultimate objective is that the consumer must be able to exercise their choices and that is when the country will be able to grow, as consumption is key for the vibrant economy to be in place. We must focus on a consumer-centric approach to developing innovative newer products and solutions,” Nandan mentioned.

Sanna Sharma
Sanna Sharma is an emerging freelance content writer, specializing in content relating to e-commerce news. She is working with Ecommercenext.org currently. It is a platform that provides the latest e-commerce news, events, blogs, webinars, reviews, job postings, and analysis from around the world. She is a keen individual with competitive writing abilities and is always working on herself to become a better her.
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