India’s ecommerce industry has generated nearly $2 trillion ($1.5 trillion) in revenues in 2015, according to a new report from the Association of Indian Retailers (AIRS).
The AIRS said that the online retail sector accounted for about 37% of the Indian economy and is one of the fastest growing segments in the country.
This was largely due to the expansion of ecommerce and e-commerce apps and the creation of more than 500 million online consumers, said the report.
The report noted that ecommerce is a highly regulated sector and there are many challenges ahead, such as ensuring a safe environment for customers, making it easier to store and sell goods, as well as ensuring the quality of goods delivered to customers.
According to the report, India’s total online retail market was $6.8 trillion in 2015.
Of this, $2.3 trillion was in the online wholesale segment, $1.9 trillion in the e-retail segment, and $1 trillion in e-services segment.AIRS also reported that India’s largest e-tailer e-Commerce Services Group has a turnover of $3.8 billion and employs more than 7,000 people.