By 2020, E-commerce market will be about $70 billion

The e-commerce market in the country will be about USD 70 billion by 2020 and players will be investing around USD 1-2 billion over the next few years, largely in tier II cities and towns, a top official of Myntra confirmed at the recently held Economist India Summit, as reported by PTI.

He said the e-commerce market will be high on growth, which will help Myntra become profitable in segments, including fashion and grow at about 65-70 per cent.

"Overall e-commerce market will be about USD 70 billion by 2020 and e-commerce companies will invest anywhere around USD 1-2 billion, largely in tier II cities and towns," said Ananth Narayanan, CEO, Myntra.  He predicted that shopping will be redefined on the e-commerce platform in the next few years and people will continue to shop despite hurdles. The Myntra’s CEO felt access to credit is a potential catalyst for online retail industry.