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SPENDING IN INDIA:
A $100 Bn Opportunity
February
2018
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05 15 43
SIZING DEMAND: DECODING DEMAND: ACCELERATING
INDIA’S DIGITAL A CROSS-CATEGORY DEMAND:
ADOPTION CURVE PERSPECTIVE IMPLICATIONS FOR
PLAYERS
3 Digital in Transaction
EXECUTIVE SUMMARY
Digital India has catapulted in the last for greater guidance (b) Occasional Among occasional shoppers, there
few years, with internet users growing shoppers’ biggest driver for online is significant value unlock potential
nearly 2x in 4 years to reach 430 Mn shopping is discounts; selectively through increasing share of online
users today. 3 forces have propelled care about assortment (c) Frequent spends – potentially from 15-20% to
this growth – cheaper smartphones, shoppers’ key drivers are convenience 60-65%. Key initiatives include pushing
cheaper data and more mobile-specific and assortment; discounts become for faster/easier delivery through
/ local language content. However, less important. These differences innovative delivery models, delivering
digital transactions still lag far behind. exist across all product, services and a real value proposition (over & above
India is at nearly 1/3rd of China levels content & media categories. deals/discounts), ensuring post-
& 1/4th of US levels across most sale service excellence and driving
There are three key stages of driving
categories. Only 1 in 5 internet users usage through loyalty programs.
growth in digital transactions: (a)
in India shop for products online, 1 It is critical to retain and push for
Driving adoption among non buyers,
in 6 do travel bookings online and a more extraction among the frequent
(b) increasing frequency of online
negligible percentage pay for digital shoppers, the highest value segment,
transactions among occasional
media. Even among those who through communicating in personal
shoppers and (c) retaining/ expanding
transact online, only 20% spend a and contextually relevant manner,
online share in the total wallet among
significant 60-65% of their total spends creating unique proposition e.g.
frequent shoppers. The relevance of
online. bespoke services / customization and
specific implications varies a bit across
developing alternate models to drive
Potential exists for digital transactions categories.
stickiness.
to triple from ~$40bn to ~$100bn
To drive adoption among non buyers,
by 2020. Online users will also In this report, we have laid out many
discounts is just one of the triggers.
accordingly grow 2-3x across sectors; examples of global players who
Other key prerequisites include
significant part of new users will have innovated on each of these
building comfort with digital, bringing
come from non tier-1 cities, women implications to drive online growth.
‘touch & feel’ experience to consumers,
and older consumers. Large variation We hope that our publication has
offering latest updated & relevant
in triggers and barriers depending thrown light on the potential for digital
content to new users, ensuring
on how evolved the consumer is in transactions in India, provided the
ease of use through simplification
online shopping: (a) Non-buyers’ needs and concerns of users along the
of platforms and guiding customers
barriers include touch and feel, lack evolution curve are addressed.
along the purchase pathway.
of comfort with digital and need
SIZING DEMAND:
INDIA’S DIGITAL
ADOPTION
CURVE
320
Million 4.7x
68
Smartphone Million
Users
Note: 2013 figures are for December 2013, 2017 figures are as of September 2017
Source: IDC Quarterly Mobile Phone Tracker 2017Q3, TRAI: Indian Telecom Services Performance Indicators report Dec 2013,
Sep 2017, Ericsson Mobility report Nov 2017, BCG analysis based on Project Experience and Research
% of Youtube
80% watchtime spent
on mobile devices
120–130 –73%
Increase in
10x local language
2.6 searches
0.5–0.9
Increase in
2x non english
2015 2017 watch time
2011 2017
Source: IDC Quarterly Mobile Phone Tracker 2017Q3, BCG analysis based on Project Experience and Research, Google internal Youtube data 2017, Google search query data 2017
0.7% 6% 39%
Digital Media
Note: E-commerce includes Apparel, Consumer electronics, FMCG, Luxury, Appliances, Home, Health, Food & grocery; Travel and
other bookings includes Air, Train, Bus, Hotel and Holiday bookings; Financial services user base includes those users that perform
online banking (undertake transactions or transfer funds using online banking, mobile banking & USSD services); Digital media
includes subscription and transaction video on demand services but excludes ad revenue. Digital health and education have been
excluded from this analysis given contribution from government spending vs. end consumer spending.
Source: TRAI: Indian Telecom Services Performance Indicators report Sep 2017, BCG CCI Digital Influence 2017 Study (N=18,000),
9 Digital
Digital in Transaction
consumer spending in India BCG FIBAC 2017 report, BCG analysis based on Project Experience and Research
Only 20% of online shoppers spend a significant
60–65% of their total spends online
Note: Data representative of e-commerce, travel and other bookings. Does not include spends on media (online or offline)
Source: CCI digital deep dive daily survey 2017 Q1 (N=11,094 daily transactions), BCG analysis based on Project Experience and Research
11 Digital
Digital in Transaction
consumer spending in India
Users Market Size
(In Million) (In USD Billion)
40–45
17–20
11–13 International air travel
60–70 140–160 accounts for >50% of
the growth
30–35
12–15
85–95 160–180 Retail loans account for
~55% of the growth
200–250Mn 520–570Mn
2–4 15–18 Subscriptions account
for ~95% of this growth
Note: E-commerce includes Apparel, Consumer electronics, FMCG, Luxury, Appliances, Home, Health, Food & grocery; Travel and other bookings includes Air, Train, Bus, Hotel and Holiday bookings;
Financial services market size includes loans disbursed online, insurance premiums paid and mutual funds invested online (AUM); Digital media includes subscription and transaction video on demand
services but excludes ad revenue. Digital health and education have been excluded from this analysis given contribution from
government spending vs. end consumer spending
Source: TRAI: Indian Telecom Services Performance Indicators report Sep 2017, BCG CCI Digital Influence 2017 Study (N=18,000), BCG FIBAC 2017 report, Forrester Online Retail Forecast Report
Mar 2017, Ovum Informa Media Report Nov 2017, BCG analysis based on Project Experience and Research
Sizing demand:
DigitalIndia’s
India story
digital
setadoption
to comecurve
alive 12
Women, 35+ year olds and smaller tiers will
drive growth
City Tier
As the number of online transactors
increases over the next few
years, their profile is also likely to
undergo a dramatic change. They 2017 2020E
will no longer be the typical male,
millennial, metro-residing users of
today. A larger number of women, Metro +
60% 51%
older age groups & smaller town Tier 1
users will start buying online.
There will be 2.5x women shoppers
and ~3x older shoppers (35+ years) The Tier 1: non-tier 1 share
compared to today. Online shopping of queries (lead indicator of
will also take off in India’s non tier-1 shopping) has grown from
cities as consumers there mature 60:40 to 50:501
while infrastructure improves. These
cities will comprise more than 50%
of the online shopper base by 2020.
Tier 2/3/4 40% 49%
This shift in the online shopper
profile will require e-tailers to
rethink their offering across
assortment, pricing, delivery options
and return policies. Tier 2 and beyond to drive
growth in users; focus in
M/ Tier 1 to be on
deepening shares
1. In the period from Jan-Sep 2016 to 2017; Tier 1 cities include Bengaluru, Chennai, Delhi, Faridabad, Ghaziabad, Greater Noida, Gurgaon,
Hyderabad, Kolkata, Meerut, Mumbai, Navi Mumbai, Noida, Pimpri-Chinchwad, Thane 2. Google consumer barometer survey, 2016
Source: BCG CCI Digital Influence 2017 Study (N=18,000), BCG analysis based on Project Experience and Research , Google search query
13 Digital
Digital in Transaction
consumer spending in India data 2017
Age Gender
18–24
years 33% 24% Male
63% 55%
25–34
years
41% 43%
35+
years ‘Apparel’ (77%), ‘Beauty’
(62%), and ‘Electronics’ (59%)
26% 33% are the top categories being
purchased by women online2
Triggers
and further down to become more
frequent buyers. Each stage has
its own triggers, barriers & hence
implications to e-tailers. Time spent per
transaction for less
frequent transactors is Occasional
Frequent Shoppers – As consumers Shopper
2.2X more than the time
become more evolved, price is spent per transaction by
not the only driver, exclusivity and frequent transactors, who
convenience become more relevant. are more confident of the
process & property they
Occasional Shoppers – Discount/ are transacting on
deals remain the key trigger for this
segment of users.
Barriers
Non
Non-buyers – Biggest barriers are Buyer
need for touch & feel, guidance and
overall trust.
19 Digital
Digital in Transaction
consumer spending in India
Fashion: Lack of touch and feel, a barrier for non user
while assortment is important for online shopper
% of internet using buyers
Lack of touch and feel 40% Better prices 34% Better prices 24%
“I like going to my local marketplace to “I was able to buy a set of 5 imported t-shirts “Shift dresses are very trendy right now..
shop for clothes – it’s always better to on heavy discount online. I didn’t want to and the variety online is much better. I
touch the material before buying.” spend too much time selecting and waiting was also able to match a pair of casual
in line… so it was a good deal for me.” shoes with it.”
<35 yrs, male, non-metro 35+ yrs, female, non-metro <35 yrs, female, metro
1. Urban only Q40. Could you please tell me top 3 reasons why did you choose to buy this category online? Only top rank considered for analysis
Demographic Skews
Q41. Could you please tell me top 3 reasons why didn’t you buy this [category] online? Only top rank considered for analysis
Note: Frequent online shoppers: >3 online apparel purchases in the last 6 months, Occasional shoppers: 1-3 online apparel purchases in the last 6 months
Source: CCI Digital deep dive 2016 – Among digitally influenced apparel shoppers (N=501), BCG CCI Digital Influence 2017 Study (N=18,000), Nielsen 2017 survey (N=1845)
Steps
Discovery Research Purchase purchase
32% 20%
Immediate need for product 26% Easier service/ repair offline 26%
“My phone suddenly stopped working and I had to “I usually buy from a nearby shop… they have good
replace it immediately. Online delivery takes at least variety and also do repairs. I also got a free screen
3-4 days to my city.” guard last time.”
35+ yrs, female, non-metro 35+ yrs, female, metro
1. Urban only Q28. Could you please tell me top reason why did you choose to buy mobile phone online?
Demographic Skews
Q28. Could you please tell me topmost reasons why did you choose to buy mobile phone offline?
1. “Convenience” here refers to both the ability to buy from anytime and anywhere as well as saving time and effort
Source: CCI Digital deep dive 2016 (N = 450), BCG CCI Digital Influence 2017 Study (N=18,000), Google search query data 2017, Nielsen 2017 survey (N=1845)
23 Digital consumer spending in India
% of internet using buyers
24% 23%
Better prices/ deals online 39% Better prices/ deals online 68%
“I bought a new model of brand X on xyz.com even before “I had been wanting to buy a phone of brand X for a long
it was launched in my city. Price was good and it was time. I got $90+ discount on xyz.com which no shop was
delivered home.” willing to give”
<35 yrs, male, non-metro 35+ yrs, male, metro
Demographic Skews
1. Urban only
Easier service/
34% Difficulty in returns 30% Better prices 46%
repair offline
Easier service/
Difficulty in returns 27% 22% More options 19%
repair offline
The top questions regarding “We cant buy expensive items without “We changed our TV set last year during
durables are “how to clean / how to use” seeing them in person…like in an LED TV. the festive season. There was a new
How will you tell how the HD quality is…” model available on discount… so there
was no need to visit the store”
35+ yrs, male, non-metro <35 yrs, female, non-metro <35 yrs, male, metro
1. Urban only Q30a: Could you please tell me top 3 reasons why did you choose to buy large appliances online? Only Top 1 ranks considered for analysis
Q31a: Could you please tell me top 3 reasons why did you choose to buy large appliances offline? Only Top 1 ranks considered for analysis, Offline includes ‘other’ channels of purchase except online
1. “Convenience” here refers to both the ability to buy from anytime and anywhere as well as saving time and effort 2.”Others” here refers to ‘reviews available online’, ‘free home delivery’ and ‘others
Source: CCI Digital deep dive 2016 – Among digitally influenced large appliance buyers (N=560), BCG CCI Digital Influence 2017 Study (N=18,000), Nielsen 2017 survey (N=1845)
25 Digital
Digital in Transaction
consumer spending in India Demographic Skews
Durables: Online researcher
Durables Purchase aborts
Journey: 38 yearspurchase journey
Male Seeks New
due to need for
Refrigerators at offline guidance from salesperson
Best Prices
Post-
Steps
Research Selection Purchase purchase
with 85% brand-specific Digital companion to Network of advocates Online tool to help User-friendly process for
searches, large appliances assist with purchase to promote products better visualize logging complaints, with
with 43% brand-specific decision and answer queries product, gauge size, single touchpoint for
searches are driven shape and capacity records, booking service
more by features and request & issue resolution
specifications
Decoding demand: A cross-category perspective 26
Food & grocery: Convenience is a key trigger for frequent
shoppers, quality is a key concern for offline shoppers
% of internet using buyers
86% 9% 6%
“If you order vegetables online, they “Now and then, I buy groceries online as I “I return very late from work due to
always send few grams less. I might buy get good prices, with bundled options & heavy traffic and all the shops close by
if the delivery boy brought a weighing cash backs” then. I order for early morning delivery
scale and I can check for myself before which works very well for me.”
paying”
<35 yrs, male, non-metro <35 yrs, male, metro 35+ yrs, female, metro
1. Urban only Q22a. Could you please tell me top 3 reasons why do you prefer to buy these categories online more? – Top reason considered for analysis Demographic Skews
Q22b. Could you please tell me top 3 reasons why do you prefer to buy these categories offline more? Please rank top-3 – Top reason considered for analysis
Note: ‘Ocassional’ shopper here refers to those whose share of online transactions on grocery shopping in the last 6 months is between 10-50%,
‘Frequent’ shopper here refers to those whose share of online transactions on grocery shopping in the last 6 months is over 50%
Source: BCG digital deep dive Study 2016 BCG analysis (N=502), BCG CCI Digital Influence 2017 Study (N=18,000), Nielsen 2017 survey (N=1845)
27 Digital
Digital in Transaction
consumer spending in India
Food & grocery: One of the key non-price triggers for
certain sub-categories is availability
All F&G search query growth Significant differences exist across F&G sub-categories
is on mobile - 99% YoY, with mobile
accounting for 74% volume share
Best price
Best price 48% 16% 68% 65%
Availability of product
Availability of product 24% 26% 7% 9%
Q22a. Could you please tell me top 3 reasons why do you prefer to buy these categories online more?
Source: BCG digital deep dive Study 2016 BCG analysis (N=502), Google search query data 2017
Decoding demand: A cross-category perspective 28
SERVICES
29 Digital
Digital in Transaction
consumer spending in India
Travel and Hotel: Trust and onsite payment stated to
be key reasons for buying offline
% of internet using Hotel Airplane
buyers
Agents help to
Offline buyers 31% High transaction cancel or change
37% value flight. It’s more difficult
on websites.
22% Unclear/
27% inadequate Info
71% 36% There is a price
difference for the
Hotel Airplane 36% Better deal same hotel across sites – I
27% offline find it cheaper to book a
Barriers to purchase
package tour.
Steps
HI I’M Planning Booking
Profile Dreaming (Travel) (Travel)
RITU
21 years, Ritu wanted to Books IRCTC tickets.
Pune take a short trip Comfortable to pay
with friends on a upfront as tickets
long weekend cancellable at a
Digital behavior small fee
Consumer Journey
With budget
College student in mind, she
Shared it
Digital Age: 3 years decides on
with friends on
taking trains
her IM app. They
Spends 4-5 hours a day – runs it by
discuss places (Lonavala,
online, mostly on social Matheran, Ooty..) and
friends who
media and IM agree
decide on Matheran
Native content on
Opportunities
31 Digital
Digital in Transaction
consumer spending in India
Planning Booking
(Hotel) (Hotel) Sharing
Finds it easier to budget After trip, posts
among friends as review of her
Not convinced by the
they all pay respective meal at a local
options - Most places’
amounts on site restaurant on a
photos look good, but user
reviews say otherwise food blog
Integrate reviews from common More ‘pay when Harness user reviews/ role of
sites with social media you stay’ options influencers to create native content
Clearer information on hotels with
detailed pictures, 360° views
Price match/guarantee
on aggregator sites
Decoding demand: A cross-category perspective 32
Insurance/ Investments: Older offline investors prefer
working with agents who give simplified information
% of internet using
buyers Uncomfortable putting I haven’t invested
51%
financial info online a lot yet - only
Young Offline bought bank-recommended
Online info difficult
Investor 51% 25% policies. There are lot of
to understand
(<35) fake sites online.
Unclear understanding
16%
Barriers to purchase of product
Steps
HI I’M Discovery
Profile
RAVI
42 years, Ravi wants to meet his retirement
Indore goals by investing in something
with better returns than FDs
Digital behavior
Consumer Journey
Digital Age: 1-2 years
Spends ~10 hours weekly online for
After reading about
on news, entertainment, search etc. options online, decides
Doesn’t use online banking often, on mutual funds (MF) for
performs most transactions at branch. higher returns
He discusses
with friends,
who recommend
bonds, gold,
mutual funds etc.
35 Digital
Digital in Transaction
consumer spending in India
Post
Research Purchase purchase
User-friendly guides and comparison e-KYC and digital locker for Personalized relationship manager
tools to support decision making. secure account opening/ on call vs. generic helpline support
Gamification to help understand linkage, prefilled with details for
risk/reward easier processing
37 Digital
Digital in Transaction
consumer spending in India
Paid video subscription: Access to exclusive content,
ad free content are key drivers
% of internet using buyers
Free viewer OTT subscriber
98-99% 1-2%
Demographic Skews
1. Urban only Q5 4a. You indicated that you have purchased a monthly subscription to watch exclusive content on Hotstar, Amazon Prime, Netflix, rank the top 3 reasons that made you do this?
Q5 4b. You indicated you have never purchased a monthly subscr. to watch exclusive content on top OTT channels please rank top 3 reasons why you haven’t transacted in this category?
Note: Only Top 1 Rank considered for analysis
Source: Nielsen 2017 survey (N=1845), BCG analysis, BCG Case Experience; Google search query data 2017
Decoding demand: A cross-category perspective 38
Paid video subscription: Specific viewing occasions
drive willingness to pay
High willingness to pay Low willingness to pay
39 Digital
Digital in Transaction
consumer spending in India
Real Estate: Convenience is a key trigger while trust on
known broker is a major barrier
% of internet using consumers
Users who have contacted brokers offline Users who have accessed a Real Estate Listings portal
63% 37%
Cost attached to
22% Convenience 26%
online services
“When we purchased our recent property in Pune, we went “I was shifting to Noida from Bangalore with my family and
through a known broker. Since this is a big investment, didn’t have much time to search. By using aggregator X, we
need someone who you can trust.” were able to shortlist 3BHK apartments from there itself,
and then make a visit to see and finalize a deal on the spot”
<35 yrs, male, non-metro 35+ yrs, male, metro
1. Urban only Q5 6a. You indicated that you have contacted a broker/ seller after browsing on real estate portals, rank the top 3 reasons that made you transact
online ? Top reason considered for analysis Q5 6b. You indicated you have never contacted a broker/ seller after browsing on a real estate portal, please rank
top 3 reasons whyyou have not transacted in this category? Top reason considered for analysis Demographic Skews
Source: Nielsen 2017 survey (N=1845), BCG analysis
Decoding demand: A cross-category perspective 40
Job Search: Access to range of jobs key trigger,
bad quality postings key barrier
% of internet using users
Users who did not use online job portals Users who used online job portals
while seeking job
29% 71%
Notifications for
Irrelevant notification 32% 17%
relevant postings
Offline alternatives
more user friendly 12%
“On signing up, I indicated I wanted a software developer job. “I got my current job as a graphic designer with an ad agency
They ignored my preference & just sent me bulk emails for call through xyz.com. They provide a detailed job description
centre jobs. I eventually deleted my account because of too along with years of experience – and it helped me understand
much spam everyday.” if I was a good match.”
<35 yrs, male, non-metro 35+ yrs, female, metro
1. Urban only Q5 7a. You indicated that you have searched for jobs on top job portals , rank the top 3 reasons that made you transact online ? Top reason considered for analysis
Q5 7b. You indicated that you have never searched fo r jobs on top job portals , why you have not transacted in this category? Top reason considered for analysis
Source: Nielsen 2017 survey (N=1845), BCG analysis
41 Digital
Digital in Transaction
consumer spending in India Demographic Skews
C2C selling: Good deals key trigger, hesitation in
posting personal details key barrier
% of internet using users
34% 66%
Not comfortable
12%
buying from strangers
“I wanted to sell my old mobile phone. My local phone “I bought an almost new TV set with warranty card. I ended
shop helped me find a buyer and also guided me on up getting a good price as the owner was moving abroad
the right price.” and was looking to sell everything.”
<35 yrs, male, non-metro 35+ yrs, female, metro
1. Urban only Demographic Skews
Source: Nielsen 2017 survey (N=1845), BCG analysis
Decoding demand: A cross-category perspective 42
ACCELERATING
DEMAND:
IMPLICATIONS
FOR PLAYERS
43 Digital
Digital in Transaction
consumer spending in India
Accelerating demand: Implications for players 44
Three key stages of driving growth in digital
transactions Touch & Fe
Occasional Frequent
Non-buyers
shoppers shoppers
1 Digital comfort
3 ‘Right’ content
4 Quick delivery
5 Guidance
6 Simplification
Attractive
7 proposition
8 Post-sale service
9 Loyalty
10 Personalization
11 Differentiation
12 Subscription model
Accelerating demand: Implications for players 46
Digital comfort: Large ecommerce player in China
Building comfort with digital for new users
The need to try products Augmented reality to help consumers Expanding physical experience
before purchasing is a visualize furniture in their homes centers for actual ‘touch & feel’
strong motivation that keeps
customers from shopping
Traditional big-box physical
online in categories such as
stores
furniture, beauty and apparel.
Consumers can 3D image of Stores with good touch, feel &
New technologies allow
preview how the newly
companies to overcome such furniture integrated with online for smooth
decorated
barriers. will look in life-size omni-channel experience
room
proportions in their
This company’s augmented homes
reality app allows customers to Smaller outlets
view items from its catalogue Close to city centers to enable
in their own homes. Customers consumers collect items post
can thus try-out the fit and style online order
of products in the space they
are intended for.
Pop-up shops
The free app is easily accessible To encourage visitors to come in
and offers customers the and experience real ‘touch & feel’
possibility to order the product
directly.
Order
directly from Experience centers
They also enable the digital app
consumer to experience real Display products where visitors
‘touch & feel’ through its can touch, feel and experience
physical stores, pop-up shops Improves furniture-buying experience their offerings and build brand
and ‘experience centers’. and relieves stress of ‘fit’ in a tight space awareness
This firm dominates B2C Maintains much wider product range than competitors
eCommerce in China. It has a • Featuring >100,000 brands from > 50,000 merchants
market share of nearly 53% of the Partnerships to expand offering
B2C market in the country, that is • Domestic and international partnerships e.g. With farmers
larger than any other marketplace. for fresh food & grocery
It has over 500 million registered • Collaboration with governments of origin
users, indicating 97% online
shoppers use the platform.
Source: External reports, BCG analysis
Accelerating demand: Implications for players 52
Post-sale service: US home goods ecommerce firm
Building brand through its post-sale service excellence
The Boston Consulting Group Decoding Digital Impact: A $45 Bn Ventures and B Capital Group,
publishes other reports and articles on Opportunity in FMCG January 2016
related topics that may be of interest A report by The Boston Consulting
to senior executives. Recent examples Group in association with Google, A Renaissance for Revenue
include: September 2017 Management in Travel and Tourism?
An article by The Boston Consulting
The New Indian: The Many Facets of a Decoding Digital Consumers in India Group, October 2015
Changing Consumer
A focus by The Boston Consulting
A focus by The Boston Consulting Group, July 2017 The Changing Connected Consumer
Group, March 2017 in India
Demystifying the Indian Online An article by The Boston Consulting
Profiting from Personalization Traveler — Hotels: A Four Billion Group, April 2015
An article by The Boston Consulting Dollar Opportunity
Group, May 2017 A report by The Boston Consulting
Group in association with Google, June
A Disconnect and a Divide in Digital- 2017
Marketing Talent
A focus by The Boston Consulting The Rising Connected Consumer in
Group commissioned by Google, Rural India
March 2017 A focus by The Boston Consulting
Group, August 2016
Five Surprises About How Indians
Shop Online (and Offline) Travel Innovated: Who Will Own the
An article by The Boston Consulting consumer?
Group, December 2017 A focus by The Boston Consulting
Group in association with BCG Digital
ACKNOWLEDGMENTS
This report has been prepared by The Boston Consulting Group in collaboration with Google India. The authors would like to thank
and acknowledge the contributions of Samar Bajaj, Nivedita Balaji and Abhishek Kapoor. A special thanks to Maneck Katrak and
Jasmin Pithawala for managing the marketing process and Jamshed Daruwalla, Saroj Singh and Vijay Kathiresan for their contribution
toward design and production of the report.
KANIKA SANGHI
Principal
BCG, Mumbai
+91 22 6749 7134
sanghi.kanika@bcg.com
57 Digital in Transaction
© The Boston Consulting Group, Inc. 2018. All rights reserved.
Apart from any use as permitted under the Copyright Act 1957, no part may be reproduced in any form without written permission from BCG
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The subject matter in this report may have been revisited or may have been wholly or partially superseded in subsequent work funded by
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To find the latest BCG content and register to receive e-alerts on this topic or others, please visit bcgperspectives.com.
02/18
Digital India story set to come alive 58