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India's e-commerce industry set to grow 84% by 2024, says report

IBEF:  October 18, 2021

Affle’s MAAS, a unified mobile advertising platform, and Sensor Tower (a US-based mobile app store marketing intelligence company) mutually analyzed the key aspects that accelerated e-commerce adoption in India and Southeast Asia recently, and how COVID-19 has moulded shopping behaviour. The findings are summarised in the report, ‘The Dawn of the New-Age Shopper in the New Normal’.

 

Daily active users for shopping apps

In India, daily active user (DAU) growth in leading shopping apps enhanced in the past three quarters, after Club Factory’s elimination from app stores reduced growth in mid-2020. The leading 10 apps averaged > 7 million DAUs each in Q2 2021, up 18% year-on-year.

Covid boost

Augmented by the pandemic, the Indian e-commerce industry is set to expand by 84% to reach US$ 111 billion by 2024. Likewise, Southeast Asia is on its track to record an annual growth rate of 22%, achieving US$ 146 billion by 2025.

Average downloads for top 5 shopping apps

Shopping app installs in India demonstrated strong y-o-y growth in July and August 2020, and stayed above 2019 levels into 2021. Shopping app installs swelled again in July 2021, exceeding 80 million that month, up > 15 million month-on-month. Meesho alone contributed > 12 million downloads, up 3.7 million month-on-month.

Day 1 and day 7 retention for the leading shopping apps in India attained their highest average since 2020 in Q2 2021. Longer-term retention for the leading shopping apps in India topped in Q3 2020. While retention declined in the following quarters, it still showed positive growth year-on-year.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.