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 said today.
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," Myntra CEO Ananth Narayanan said during the Economist India Summit here.
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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 boss felt access to credit is a potential catalyst for online retail industry.
Speaking at a separate session, Rohini Nilekani, Founder and Chairperson, Arghyam, a foundation for sustainable water and sanitation, appreciated the initiative taken by Prime Minister Narendra Modi to clean the Ganga.
