E-Commerce
The State of Cross-Border Trade, a survey report by Shiprocket X, a cross-border shipping product of Shiprocket, India’s top e-commerce enablement platform, was just published. The study provided some fascinating global insights and showed that India placed 9th globally in terms of cross-border growth. For the second consecutive quarter, India’s total merchandise exports surpassed $100 billion, reaching $105.8 billion in Q3 (October–December) of 2021–22.
One of the main drivers of this growth was a strong post-pandemic push that forced shops to embrace e-commerce both locally and internationally and abandon brick-and-mortar stores. The active involvement of customers in shopping with international shops was another catalyst.
The Indian government has made it a high priority to facilitate cross-border trade, as it accounts for 20% of global e-commerce and is a major factor in determining the EoDB (ease of doing business) of the nation. The Indian government has actively given the Indian export sector the incentive it needs to expand, and as a result, the business generated $417 billion in export revenue in FY 22.
In fifteen more clusters across India, exports of goods increased, with Gujarat, Rajasthan, and Delhi making up the majority of India’s total exports. According to these statistics, there is a significant indicator of demand for Indian goods being traded internationally.
Akshay Ghulati, Co-Founder, Strategy & Global Expansion, Shiprocket said in a statement, “Indian MSMEs are the powerhouse of the country with a significant contribution to our GDP. With the unstoppable growth of e-commerce in India, we are on track to become the second-largest e-commerce industry in the world, making it easier than ever for our small businesses to access global markets. We have witnessed firsthand, the tremendous potential of Indian MSMEs in driving cross-border trade, and hence, at the core of Shiprocket lies the passion to empower the merchants of BHARAT. This survey is a step forward in that direction and helps us decode the challenges and the expansion opportunities for Indian e-commerce brands”
With the increasing acceptability of Indian products in the international retail market, MSME exports are playing a crucial role in powering 40% of India’s overall exports, contributing to approx. 6.22% of the country’s GDP. The transformational changes in consumer buying behaviours have also played a key role in the growing opportunity in the global e-commerce trade. With around 63.4% million units spread across the geographical expanse of India, MSME exports are going to play the role of a catalyst in restoring the strength of the Indian economy. As per the industry body FISME in a study paper has said that e-commerce export potential is in the range of $200 to $300 billion by 2030.
(This story has not been edited by Bharat Express staff and is auto-generated from a syndicated feed.)
