Friday, December 16, 2022

According to a report, India will have 70 crore transacting users across digital platforms by 2030

India to have 70 crore transacting users across digital platforms by 2030: Report

 Delhi, India: According to a report released on Thursday by Redseer Strategy Consultants, there are approximately 35 million people in India who use a variety of digital platforms to conduct business. These platforms include e-commerce, shopping, travel, and hospitality. By 2030, this number is expected to reach 70 million.

The report says that India's internet users have skyrocketed as a result of cheaper data plans and cheaper smartphones.

"In the areas of e-commerce, shopping, travel and hospitality, and OTT, India has approximately 350 million online transactors. We gauge there are 40-45 million mature clients. By 2030, we anticipate a twofold increase in the number of online transactors, with mature users growing at a faster rate. Redseer Strategy Consultants Engagement Manager Mukesh Kumar stated in the report, "We also estimate that these mature users would account for $400 billion online spending by 2030."

The majority of digital customers are from Tier 2 cities and beyond, according to the report, and gaming is emerging as one of the fastest-growing markets.

"One of the highest daily smartphone usage rates in the world is 7.3 hours for the average Indian. Online messaging, social media, YouTube streaming, OTT content, and short form video all consume time. The primary factors that have contributed to an increase in online time are lower data costs and smartphones that can be purchased for under $60. The report stated, "This sets the stage for high digital opportunities for consumer internet players."

Redseer claims that internet users are becoming more accustomed to making online payments on digital platforms as a result of the growing push for digital India and the explosive growth of UPI transactions.

"We expect this to drive growth in transacting users, where users will shift their offline wallet spending to online as customers evolve in their journey and become more comfortable paying online. According to the report, the growth of UPI payments and the convenience of online payment have resulted in approximately 110 million paid online gamers in India, second only to e-commerce.

According to the report, gaming is adding approximately 2 million paid users each month.

"By 2026, there will be 33% more paid gamers in the gaming market, and there will be almost 450 million users in 2022. Redseer stated, "These users come from all over India and either pay for games like Rummy and Poker for real money or make in-app purchases for casual and core games."

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