Mumbai: While Covid pandemic had hit the Indian economy hard, the e-commece sector seems to have grown leaps and bounds during since April this year.
As per a report by Payoneer, Indian e-commerce sector is now 9th globally in cross border growth.
The report said that while the world moved to full or partial lockdown, online shopping behaviour and consumption patterns cemented into a new reality. The year 2020 has seen a decade of growth within just a few months and it was observed that India has been amongst the top 10 countries in cross-border eCommerce growth, the report said.
As per the global rankings China tops the charts followed by the US, Hong Kong, South Korea, UK, Ukraine and Vietnam. Japan emerges on the tenth place after India for the growth in the e-commerce sector.
Indian e-commerce sector has seen an increase as many Indians shopped online rather than venturing outside. The e-commerce sector also saw huge investments from global players such as Facebook investing in Reliance Jio. Google also announced its first investment shortly thereafter–$4.5 billion in Mukesh Ambani-owned Jio Platforms, joining Facebook and others. The deal was followed by Reliance Retail buying out Future group to increase the Ambani group’s presence in e-commerce space.