INDIAN E-COMMERCE INDUSTRY AT A GLANCE IN 2022 - 2023 With the onset of the Digital Era, India is poised for a great E-commerce growth. There had been marked boom in internet speed and smartphone penetration across the country. The number of internet connections has grown tremendously.
The overall e-commerce market in India is expected to reach US$ 350 billion by 2030 and experienced 21.5% growth in 2022 and reached US$ 74.8 billion. India’s e-commerce market is expected to reach US$ 111 billion by 2024 and US$ 200 billion by 2026.
India has gained about 125 million online shoppers in the past three years, with another 80 million expected to join by 2025.
Market SizeThe Indian online grocery market is estimated to reach US$ 26.93 billion in 2027 from US$ 3.95 billion in 2022-2023, expanding at a CAGR of 33%. India's consumer digital economy is expected to become a US$ 1 trillion market by 2030.
The B2C E-commerce is expected to grow steadily over the forecast period, recording a CAGR of 8.68% during 2022-2023. India’s e-B2B market is projected to reach a GMV of US$ 100 billion by 2030.
With a turnover of US$ 50 billion in 2020, India became the eighth-largest market for e- commerce, trailing France, and a position ahead of Canada. After China and the US, India had the third-largest online shopper base of 150 million in FY21 and is expected to be 350 million by FY26.
Reasons for India’s Ecommerce Growth• Launch of 4G and 5G networks
• Rising smart phone penetration
• Increase of consumer wealth
Future of India’s Ecommerce IndustryOver the next five years, the Indian e-retail industry is projected to exceed about 300-350 million shoppers, propelling the online Gross Merchandise Value (GMV) to US$ 100-120 billion by 2025.