New Delhi: There is a common saying about the Indian retail consumers’ can’t touch, won’t buy mentality. However, this is gradually changing with the rising trend of online shopping.

India’s e-commerce business jumped by more than 80 percent in 2013 and the momentum is likely to continue for at least the next five-six years, the founders of the country’s largest e-commerce firm, Flipkart, say.

Flipkart co-founder and chief executive officer Sachin Bansal said the e-commerce business in India is expected to reach around $50-70 billion by 2020 on the back of a fast growing internet-connected population and improvement in related infrastructure like payment and delivery systems.

The size of India’s e-commerce market in 2013 was around $13 billion, according to a joint report of KPMG and Internet and Mobile Association of India (IAMAI). The online travel segment contributed over 70 percent of the total consumer e-commerce transactions last year.

Bansal said online retail, also known as “e-tail”, will lead the industry’s growth in the coming years.

“Consumer mentality and shopping patterns are changing very fast. Online shopping is going to become mainstream in the coming five-six years,” Bansal

He said smartphones would be the biggest online shopping driver in the coming years.

“Over half a billion Indians will switch to smartphones in the next five-six years. That’s going to be a big driver of e-commerce in India,” Bansal.
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