The India SME Forum’s (ISF) report highlights the sustained dominance of established platforms like Amazon and Flipkart among MSMEs for sales. In a recent study conducted by the Forum for Internet Retailers, Sellers, and Traders (FIRST) India, a division of ISF, year-end insights were shared regarding the impact of e-commerce during the 2023 festive season.
Drawing data from over 32,000 respondents nationwide, the study underscored a substantial surge in online retail activity.
Remarkably, 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 Rs 90,000 crore this year, we anticipate festive sales to surge beyond Rs 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 emphasizes the Forum’s commitment to steering businesses toward growth by merging traditional offline avenues with the digital landscape.
The report’s revelations pointed to a robust trajectory for the online retail sector, projecting a significant leap to $350 billion within the next five years. This growth is attributed to increased smartphone usage, escalating digital adoption rates, and governmental initiatives like Digital India and One District-One Product, collectively propelling the expansion of e-commerce.
