New Delhi, Aug 18 (TIWN) As the e-commerce sector grows in India, the value e-commerce market in the country has the potential to reach $40 billion by 2030, according to a report by global consulting firm Kearney.

He added that while only 4 per cent of this demand is today served by online channels, this will rise to 19 per cent by 2030 creating a $40 billion market for value e-commerce in India. “We expect the number of internet users in India to surpass 1,100 million people by 2026 – and a third of these will be active online buyers. We believe that the needs of value lifestyle consumers will increasingly be met by differentiated business models and online channels,” it added. 

Currently, about 70 per cent of lifestyle retail demand comes from the value lifestyle segment. This segment is dominated by unorganised general trade (nearly 80 per cent share) and modern trade is at 16 per cent, while e-commerce has a low penetration at 4 per cent. By 2030, unorganised general trade is forecast to account for about 57 per cent share, modern trade 24 per cent, and e-commerce at 19 per cent. 

The report pointed out that almost all value lifestyle consumers spend a lot of time finding and evaluating products before they buy them because of their strict budgets. Also, value lifestyle consumers scout for the best deals, often purchasing products with the biggest discount or markdown, which can be a big factor when they do decide to make a purchase, it said.  The report said value lifestyle consumers tend to have less brand loyalty and are focused on getting the best quality in their preferred price range. They can be highly influenced by friends, family, and social media. The report provided an overview of the efforts being made by various e-commerce companies in India like Snapdeal and Lenskart to align themselves to the needs of the value-conscious segment.