"Driven by the uptick in online grocery adoption due to COVID-19, online retail sales will grow at a CAGR of 30 per cent from 2019 to 2024 and reach $359 billion," Meena added.
India is witnessing a surge in demand for online grocery.
The latest Reliance takeover of Future Group's retail business is a major consolidation of organised grocery retail.
In terms of grocery retail, the revenue of Reliance Retail in FY20 was Rs 346 billion and that of Future Retail's annualised revenue of FY20 was Rs 100 billion.
Earlier reports said that Reliance's partnership with Facebook could result in the company becoming a market leader in the online grocery space.
According to Meena, grocery will also be the category where most marketplaces' investment will be made in the next five years.
Online retail sales in Asia Pacific will get a boost from new buyers due to Covid-19, but at the same time, consumer spending will take a hit due to the slowdown of economies.
China will remain the largest market, reaching $2 trillion by 2024 and accounting for 50 per cent of global online retail sales in 2020.
In contrast to Europe and the US, the smartphone is the preferred device for online buyers in Asia Pacific countries.
"In 2020, 75.8 per cent of online retail sales will occur on smartphones, and we expect online retail sales by smartphone to grow at a CAGR of 13.6 per cent to reach $2 trillion by 2024," Meena said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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