E-commerce market will be about $70 billion by 2020: Myntra

NEW DELHI: The e-commerce market in the country will be about $ 70 billion by 2020 and players will be investing around $ 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 $ 70 billion by 2020 and e-commerce companies will invest anywhere around $ 1-2 billion, largely in tier II cities and towns," Myntra CEO Ananth Narayanan said during the Economist India Summit here.

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.