The report from the India SME Forum (ISF) highlights the sustained dominance of well-established platforms such as Amazon and Flipkart among MSMEs for sales. A recent study conducted by the Forum for Internet Retailers, Sellers, and Traders (FIRST) India, a division of ISF, has shared year-end insights regarding the impact of e-commerce during the 2023 festive season.
Gathering data from more than 32,000 respondents across the nation, the study emphasized a significant increase in online retail activity.
Riding the Amazon Wave:
Around 80% of sellers disclosed that their revenues stemmed from online and e-commerce sales. Among these, 60% noted a doubling in their sales, while a striking 90% reported a minimum 30% year-on-year increase in online sales.
Vinod Kumar, President of India SME Forum and Trustee and President of FIRST India commented, “From an estimated INR 90,000 crore this year, we anticipate festive sales to surge beyond INR 1,00,000 crore in 2024, as we continue guiding these enterprises towards a trajectory of prosperity by integrating offline and online retail.”
Kumar’s statement highlights the Forum’s dedication to guiding businesses towards growth by integrating traditional offline avenues with the digital landscape.
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The findings of the report indicated a strong trajectory for the online retail sector, foreseeing a substantial leap to $350 billion in the next five years. This growth is credited to the rising use of smartphones, increasing rates of digital adoption, and governmental initiatives such as Digital India and One District-One Product, collectively driving the expansion of e-commerce.