Increasing penetration of internet around the globe to fuel the growth of the E-commerce of the agricultural products market
A modern E-commerce of agricultural products has opened up new avenues of development. This new breed of E-commerce is focused on the selling of agricultural products and the movement of physical goods. These goods are being traded online, through auctions and the traditional markets. The agricultural industry has been one of the major drivers behind this boom in E-commerce. Expanding e-commerce industry due to the growing penetration of the internet is fueling the growth of the E-commerce of the agricultural products market. According to the India Brand Equity Foundation, the Indian e-commerce sector will reach US$99 billion by 2024 from US$30 billion in 2019. Much of the growth in the industry has been triggered by increasing internet and smartphone penetration. As of August 2020, the number of internet connections in India significantly increased to ~760 million, driven by the ‘Digital India’ program. Moreover, the increasing reach of e-commerce to small farmers coupled with...