E-Commerce Sector Comprises Almost 1mn Retailers, Says IAMAI
News: The number of online retailers in the rapidly growing Indian e-commerce industry has reached an estimated 1mn, according to the Internet & Mobile Association of India (IAMAI). These retailers offer a wide variety of products such as electronics, books, apparel, accessories, footwear and jewellery to attract customers in the intensely competitive online market, according to IAMAI president Subho Ray. The online retail trade has grown at a compound annual growth rate of 34% since 2009, and has reached INR629.67bn (US$10.457bn) according to IAMAI's estimations, reports the Financial Express. The association predicts the growth rate to rise further thanks to the revision in policy on foreign direct investment and delivery logistics.