Sumit Jha (Photo Credit: social media)
New Delhi:
Sumit Jha, the founder of the Shoprlive app, talks about the growth statistics for the e-commerce markets in 2024.
No matter how outstanding a business plan is for a brand, it doesn’t work if it isn’t built with a powerful purpose, says Sumit Jha, who founded Shoprlive, a one-of-a-kind e-commerce platform and app. Launching and growing the platform in the ever-so-evolving e-commerce markets has never been a walk in the park for any entrepreneur, but Jha was committed to making it big by optimizing the power of the latest tech trends, innovative features, and strategies, and, of course, a powerful purpose - to add more value into the businesses of sellers and the lives of buyers.
He emphasizes that innovation will always remain critical in e-commerce, a vital factor that can revolutionize the e-commerce landscape in the world. Sumit Jha began his journey as an entrepreneur with his e-commerce business six years ago. And for the past two years, he has also been helping e-commerce entrepreneurs scale their businesses on varied marketplaces through Shoprlive.
Shoprlive emerges as a dynamic e-commerce platform and app in India, where it is all about excellence in the world of live commerce through unique features that have already created new standards for other e-commerce platforms. With features like live commerce, affiliate marketing, real-time bidding, and more, Shoprlive offers interactive and immersive e-commerce experiences to both buyers and sellers.
Talking about the statistics of the markets, he highlights that in 2024, the e-commerce industry will share 20.8% of all retail markets, and by 2026, e-commerce sales are expected to surpass $8.1 trillion. Besides this, e-commerce websites will take up 22.3% of total retail sales. It is interesting to note here that the Indian e-commerce market size reached USD 92.7 billion in 2023, and looking at these massive numbers, a market research and analysis group expects the market to reach USD 259.0 billion by 2032.
This exhibits a growth rate (CAGR) of 29% during 2024-2032. Though China remains the biggest marketplace for e-commerce, followed by the US, India is already rising as a prominent e-commerce player across the world. A recent study also pointed out how India stands third globally for startups, with over 88,000 and 16 e-commerce unicorns out of 109 worldwide.
His e-commerce platform for buyers and sellers, Shoprlive, has been revolutionizing the e-commerce industry in recent times, for it focuses on being a top live commerce platform in the Indian e-commerce industry.
Shoprlive (@shoprlive) has risen as a one-stop-online e-commerce destination and app for buyers and sellers, offering buyers a wide range of product categories and sellers an opportunity to sell their products at the right price. This has allowed the founder, Sumit Jha, to pave the way for greater success for sellers and e-commerce entrepreneurs in scaling their businesses.
