Indian women are set to fuel an enormous amount of growth for their country’s flourishing ecommerce market, as their contribution to overall sales reaches 35 per cent.
New research from venture capital firm Accel Partners shows women spending $500 million (£301 million) on products bought over the web in 2013, but this figure is set to rise significantly over the next three years.
Accel tips their annual contribution to the online marketplace to grow five-fold by 2017, meaning that women will spend $3 billion (£1.8 billion) on securing products and services online over the course of the year.
Indiatimes.com says this will bring the market up to a worth of $8.5 billion (£5.1 billion), with one in every three purchases coming from a female.
One of the Indian retailers that could well benefit from this trend is online marketplace Myntra, which has seen clear evidence of women gradually upping their spend online.
“Women are emerging as a strong customer base for us, having grown from contributing 20 per cent to our overall sales two years back to now clocking 40 per cent of sales,” comments the company’s co-founder, Mukesh Bansal.
Techcrunch.com believes the Indian ecommerce market will also receive a boost from improvements to the country’s internet infrastructure, which will make it easier for the country’s 200 million internet users to get online.
With this in mind, Accel has predicted the market to be worth $22 billion (£13 billion) in five years’ time.