As per a report by Payoneer, the e-commece sector seems to have grown leaps and bounds during since April this year. It adds that Indian e-commerce sector is now 9th globally in cross border growth, while China tops the charts followed by the US, Hong Kong, South Korea, UK, Ukraine and Vietnam. Japan bags the tenth rank as per the report.
COVID-19 drove the growth of this sector as many Indians shopped online rather than venturing outside. It also saw huge investments from global players such as Facebook investing in Reliance Jio. Google too decided to invest US$ 4.5 billion in Mukesh Ambani-owned Jio Platforms. This was followed by Reliance Retail buying out Future group to increase the Ambani group’s presence in e-commerce space.
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