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E-COMMERCE INDUSTRY IN INDIA


INDIAN E-COMMERCE IS EXPECTED TO GROW AT A COMPOUND ANNUAL GROWTH RATE (CAGR) OF
27% TO REACH US$ 163 BILLION BY 2026.

Explore Other Industries Agriculture and Allied Industries Auto Components
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Technology Services Steel Telecommunications Textiles Tourism and Hospitality


ADVANTAGE INDIA


GROWING
DEMAND

*The Indian e-commerce industry is projected to reach US$ 325 billion by 2030,
experiencing significant growth.

*Third-party logistics providers are anticipated to manage approximately 17
billion shipments within the next seven years.

* India has around 936.16 million internet subscribers, including about 350
million mature online users actively engaging in transactions.




ATTRACTIVE
OPPORTUNITIES

*India's e-commerce platforms achieved a significant milestone, hitting a GMV of
US$ 60 billion in fiscal year 2023, marking a 22% increase from the previous
year.

* In 2023, social commerce significantly transformed traditional retail and
e-commerce in India, with projections indicating a growth rate of 31% CAGR,
reaching US$ 37 billion by 2025.




POLICY 
SUPPORT

*100% FDI is allowed in B2B e-commerce.

* 100% FDI under the automatic route is permitted in the marketplace model of
E-commerce.




INCREASING
INVESTMENTS

* The indigenous e-commerce giant Flipkart is poised to raise US$ 1 billion in a
new funding round, with its parent company Walmart anticipated to contribute US$
600 million.

* Google LLC is investing US$ 350 million in Flipkart as part of a nearly US$ 1
billion funding round led by Walmart Inc., Flipkart's majority stakeholder, with
the investment aimed at expanding Flipkart's business and modernizing its
digital infrastructure to serve customers across India, and the two companies
also plan to increase Flipkart's use of Google's cloud platform.



Snapshot Showcase Infographics Reports Related News
Last updated: Oct, 2024

E-COMMERCE INDUSTRY REPORT

Aug, 2024


INTRODUCTION

In recent years India has experienced a boom in internet and smartphone
penetration. As of June 2023, the number of internet connections in India
significantly increased to 895 million, driven by the ‘Digital India’ program.
Out of the total internet connections, ~55% of connections were in urban areas,
of which 97% of connections were wireless. The smartphone base has also
increased significantly and is expected to reach 1.1 billion by 2025. This has
helped India’s digital sector, and it is expected to reach US$ 1 trillion by
2030. This rapid rise in internet users and smartphone penetration coupled with
rising incomes has assisted the growth of India’s e-commerce sector. India’s
e-commerce sector has transformed the way business is done in India and has
opened various segments of commerce ranging from business-to-business (B2B),
direct-to-consumer (D2C), consumer-to-consumer (C2C) and consumer-to-business
(C2B). Major segments such as D2C and B2B have experienced immense growth in
recent years. India’s D2C market is expected to reach US$ 60 billion by FY27.
The Indian e-commerce industry is projected to reach US$ 325 billion by 2030,
experiencing significant growth.




MARKET SIZE

The Indian online grocery market is estimated to reach US$ 26.93 billion in 2027
from US$ 3.95 billion in FY21, expanding at a CAGR of 33%. India's consumer
digital economy is expected to become a US$ 1 trillion market by 2030, growing
from US$ 537.5 billion in 2020, driven by the strong adoption of online services
such as e-commerce and edtech in the country.

The Indian e-commerce industry is projected to reach US$ 325 billion by 2030,
experiencing significant growth. Third-party logistics providers are anticipated
to manage approximately 17 billion shipments within the next seven years.

India's e-retail market is projected to exceed US$ 160 billion by 2028, driven
by strong post-pandemic growth and significant potential for expansion, as
online spending currently represents only 5-6% of total retail spending compared
to much higher rates in the US and China.

The India Quick E-Commerce (Quick Commerce) market is poised for exponential
growth, projected to reach US$ 19,932.5 million driven by rising internet and
smartphone penetration, convenience of quick delivery, and accelerated adoption
during COVID-19, with diverse product categories and order value segments
catering to evolving consumer preferences, and the domination of metropolitan
cities presenting significant opportunities for retailers and key players to
capitalize on the rapidly expanding market.



In FY23, the Gross Merchandise Value (GMV) of e-commerce reached US$ 60 billion,
increasing 22% over the previous year. In FY22, the GMV of e-commerce stood at
US$ 49 billion.

India's Business-to-Business (B2B) online marketplace would be a US$ 200 billion
opportunity by 2030.

From April-June 2024, the Unified Payments Interface (UPI) facilitated a total
of 2,762 crore transactions, with the platform processing over Rs. 44 lakh crore
(US$ 525.5 billion) in value.

In 2023, social commerce significantly transformed traditional retail and
e-commerce in India, with projections indicating a growth rate of 31% CAGR,
reaching US$ 37 billion by 2025.

According to a Deloitte India Report, as India is moving towards becoming the
third-largest consumer market, the country's online retail market size is
expected to reach US$ 325 billion by 2030, up from US$ 70 billion in 2022,
largely due to the rapid expansion of e-commerce in tier-2 and tier-3 cities.

The e-commerce industry in India demonstrated remarkable resilience and
diversification in fiscal year 2023 (FY23), recording a robust 26.2% jump in
order volumes. This growth was primarily driven by a 31.1% surge in demand from
tier-1 cities, as work-from-office arrangements resumed following the
pandemic-induced disruptions. 

The e-commerce market’s share of Tier-3 cities grew from 34.2% in 2021 to 41.5%
in 2022, shows data. 

The B2C E-commerce is expected to grow steadily over the forecast period,
recording a CAGR of 8.68% during 2023-27. According to a recent report by
RedSeer, India’s e-B2B market is projected to reach a GMV of US$ 100 billion by
2030.

According to Grant Thornton, e-commerce in India is expected to be worth US$ 188
billion by 2025. Propelled by rising smartphone penetration, the launch of the
4G network and increasing consumer wealth, the Indian E-commerce market is
expected to grow to US$ 200 billion by 2026 from US$ 38.5 billion in 2017.

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.

Indian consumers are increasingly adopting 5G smartphones even before the
rollout of the next-gen mobile broadband technology in the country. Smartphone
shipments reached 169 million in 2021 with 5G shipments registering a growth of
555% year-on-year over 2020. Indian consumers are increasingly adopting 5G
smartphones even before the rollout of the next-gen mobile broadband technology
in the country. Smartphone shipments reached 150 million units and 5G smartphone
shipments crossed four million in 2020, driven by high consumer demand
post-lockdown. According to a report published by IAMAI and Kantar Research,
India’s internet users are expected to reach 900 million by 2025 from ~622
million internet users in 2020, increasing at a CAGR of 45% until 2025.

For the first week of 2023 festive season, Indian e-commerce platforms generated
sales worth US$ 5.67 billion Gross Merchandise Value (GMV).


INVESTMENTS/DEVELOPMENTS

Some of the major developments in the Indian e-commerce sector are as follows:

 * On May 17, 2024, IKEA announced a partnership with Rhenus to enhance its
   e-commerce expansion in the Delhi NCR region by establishing a 150,000 sq ft
   warehouse in Gurgaon, designed to store and fulfill over 7,000 products.
 * Google LLC is investing US$ 350 million in Flipkart as part of a nearly US$ 1
   billion funding round led by Walmart Inc., Flipkart's majority stakeholder,
   with the investment aimed at expanding Flipkart's business and modernizing
   its digital infrastructure to serve customers across India, and the two
   companies also plan to increase Flipkart's use of Google's cloud platform.
 * The indigenous e-commerce giant Flipkart is poised to raise US$ 1 billion in
   a new funding round, with its parent company Walmart anticipated to
   contribute US$ 600 million.
 * On August 25, 2023, Zepto, a two-year-old company, achieved unicorn status by
   securing US$ 200 million in funding, resulting in a valuation of US$ 1.4
   billion, marking India's inaugural unicorn of 2023.
 * In October 2023, Tata Group announced a US$ 1 billion investment in its super
   app, Tata Neu, in addition to the US$ 2 billion previously invested in its
   digital division earlier that year.
 * In 2023, Amazon India achieved significant milestones, including surpassing a
   seller base of 14 lakh with three lakh new additions, digitizing 6.2 million
   small businesses, facilitating US$ 8 billion in exports, and generating 1.3
   million jobs. Additionally, they committed to further digitizing 10 million
   businesses, enabling US$ 20 billion in exports, and create two million jobs
   by 2025, while also signing an MoU with DGFT for MSME capacity-building
   initiatives.
 * On January 17, 2024, Shiprocket and Truecaller collaborated to empower
   sellers with seamless e-commerce transactions. This strategic partnership
   aims to streamline mobile onboarding to shopping journeys for three lakh
   Shiprocket merchants, enhancing the consumer experience.
 * On December 4, 2023, ODN partnered with Middle East-based Channel Engine for
   the GCC e-commerce market, aiming to redefine the landscape by connecting
   brands and retailers to global sales channels for cross-border success.
 * On February 6, 2024, Flipkart inaugurated its fourth grocery fulfilment
   centre in Malda, West Bengal, fostering over 700 local jobs and facilitating
   nationwide market access for local sellers, MSMEs, and farmers. The 1.13 lakh
   square feet center processes over 7,000 orders daily, affirming Flipkart's
   commitment to prompt delivery and enhancing regional economic prospects.
 * In October 2023, a tech-driven logistics platform iThink Logistics announced
   a strategic collaboration with India Post to boost e-commerce deliveries
   across remote parts of the country.
 * Amazon CEO Mr. Andy Jassy announced that the company is committed to
   investing US$ 26 billion in India by 2030, out of which US$ 11 billion has
   already been invested.
 * In July 2023, the post office departments of Canada and India recently
   entered into an agreement, which is aimed at facilitating e-commerce exports
   and establishing an International Tracked Packet Service (ITPS) between the
   two countries.
 * As of May 2023, the Indian government's open e-commerce network ONDC has
   expanded its operations into 236 cities in the country while adding more than
   36,000 merchants.
 * In June 2023, Amazon India launched its new and affordable Amazon Prime Lite
   membership plan for shoppers in the country. 
 * Walmart is preparing to spend over US$ 2.5 billion in India as the retailer
   doubles down on the opportunities it sees in India’s e-commerce and payments
   markets.
 * Hyperlocal e-commerce startup, Magicpin announced that its daily order volume
   has zoomed 100-fold to 10,000 per day from over 100 within a month of joining
   the government-promoted Open Network for Digital Commerce (ONDC) network.
 * In June 2022, Amazon India signed an MoU with Manipur Handloom & Handicrafts
   Development Corporation Limited (MHHDCL), a Government of Manipur Enterprise
   to support the growth of artisans and weavers across the state.
 * India’s eCommerce sector received US$ 15 billion of PE/VC investments in 2021
   which is 5.4 times increase year on year. This is the highest investment
   value received by any sector ever in India.

 * In February 2022 Xpressbees a logistics ecommerce platform became a unicorn
   valued at US$ 1.2 billion in 2022. The firm raised US$ 300 million in its
   Series F funding.
 * In February 2022, Amazon India launched the One District One product (ODOP)
   bazaar on its platform to support MSMEs.
 * In February 2022, Flipkart launched the “sell back program” to enable trade
   in smartphones.
 * In January 2022, Walmart invited Indian sellers to join its US marketplace
   with the aim of exporting US$ 10 billion from India each year by 2027.
 * In January 2022, Flipkart has announced expansion in its grocery services and
   will offer services to 1,800 Indian cities.
 * In November 2021, XPDEL US-based ecommerce announced expansion in India.
 * In September 2021, CARS24, India's leading used car e-commerce platform,
   raised US$ 450 million in funding, comprising a US$ 340 million Series F
   equity round and US$ 110 million in debt from various financial institutions.
 * In September 2021, Amazon launched Prime Video Channels in India. Prime Video
   Channels will give Prime members a seamless experience and access to a
   variety of popular video streaming services.
 * In September 2021, Bikayi, a mobile commerce enabler, raised US$ 10.8 million
   in a Series A funding round, led by Sequoia Capital India.
 * Flipkart, India's e-commerce powerhouse, announced in July 2021 that it has
   raised US$ 3.6 billion in new funding from various sources including
   sovereign funds, private equities, and Walmart (parent company).


GOVERNMENT INITIATIVES

Since 2014, the Government of India has announced various initiatives, namely
Digital India, Make in India, Start-up India, Skill India, and Innovation Fund.
The timely and effective implementation of such programs will likely support the
growth of E-commerce in the country. Some of the major initiatives taken by the
Government to promote E-commerce in India are as follows:

 * The Government e-Marketplace (GeM) platform's Gross Merchandise Value (GMV)
   doubled in FY24 to cross the Rs. 4 Lakh Crore(US$ 47.96 billion) mark, driven
   by a 205% surge in the procurement of services, which accounted for nearly
   50% of the total GMV.
 * As of March 2024, the GeM portal served 5.8 million orders worth Rs. 3,87,006
   crore (US$ 46.67 billion) with 148,245 primary buyers and 215,743 secondary
   buyers.
 * On February 4, 2024, CSC and ONDC partnered to expand e-commerce reach to
   rural areas in India. This collaboration integrates CSC's e-Grameen app with
   the ONDC network, providing citizens across rural India access to a vast
   e-commerce network, fostering entrepreneurship opportunities and driving the
   vision of Gram Swaraj.
 * On February 14, 2024, the Ministry of Defence (MoD) announced that
   procurement through the Government e-Market (GeM) portal has exceeded Rs. 1
   lakh crore (US$ 12.06 billion), with nearly half of the transactions
   occurring in the current fiscal year. GeM, launched in 2016, facilitates
   online purchases for central government ministries. MoD has executed over
   5.47 lakh orders, with approximately Rs. 45,800 crore (US$ 5.52 billion)
   awarded this fiscal year. Notably, 50.7% of orders, totalling Rs. 60,593
   crore (US$ 7.31 billion) have been awarded to Micro and Small Enterprises
   (MSEs). GeM has emerged as a pivotal platform for optimizing public spending
   in the Defence sector, with the Ministry showcasing a resolute commitment
   towards efficient procurement practices.
 * Government e-Marketplace (GeM) is an online platform for public procurement
   in India that was launched on August 9, 2016, by the Ministry of Commerce and
   Industry with the objective of creating an inclusive, efficient, and
   transparent platform for the buyers and sellers to carry out procurement
   activities in a fair and competitive manner.
 * In FY23, the procurement of goods and services from the government portal
   crossed the Rs. 2 lakh crore (US$ 24 billion) mark.
 * As of November 2022, the GeM portal has served 12.28 million orders worth Rs.
   3,34,933 crore (US$ 40.97 billion) from 5.44 million registered sellers and
   service providers for 62,247 buyer organizations.
 * In a bid to systematise the onboarding process of retailers on e-commerce
   platforms, the Department for Promotion of Industry, and Internal Trade
   (DPIIT) is reportedly planning to use the Open Network for Digital Commerce
   (ONDC) to set protocols for cataloguing, vendor discovery and price
   discovery. The department aims to provide equal opportunities to all
   marketplace players to make optimum use of the e-commerce ecosystem in the
   larger interest of the country and its citizens.
 * National Retail Policy: The government had identified five areas in its
   proposed national retail policy—ease of doing business, rationalisation of
   the licence process, digitisation of retail, focus on reforms and an open
   network for digital commerce—stating that offline retail and e-commerce need
   to be administered in an integral manner.
 * The Consumer Protection (e-commerce) Rules 2020 notified by the Consumer
   Affairs Ministry in July directed e-commerce companies to display the country
   of origin alongside the product listings. In addition, the companies will
   also have to reveal parameters that go behind determining product listings on
   their platforms.
 * Government e-Marketplace (GeM) signed a Memorandum of Understanding (MoU)
   with Union Bank of India to facilitate a cashless, paperless, and transparent
   payment system for an array of services in October 2019.
 * Under the Digital India movement, the Government launched various initiatives
   like Umang, Start-up India Portal, Bharat Interface for Money (BHIM) etc. to
   boost digitisation.
 * In October 2020, Minister of Commerce, and Industry, Mr. Piyush Goyal invited
   start-ups to register at the public procurement portal, GeM, and offer goods
   and services to government organisations and PSUs.
 * In October 2020, amending the equalisation levy rules of 2016, the government
   mandated foreign companies operating e-commerce platforms in India to have
   permanent account numbers (PAN). It imposed a 2% tax in the FY21 budget on
   the sale of goods or delivery of services through a non-resident e-commerce
   operator.
 * In order to increase the participation of foreign players in E-commerce, the
   Indian Government hiked the limit of FDI in the E-commerce marketplace model
   to up to 100% (in B2B models).
 * Heavy investment made by the Government in rolling out a fibre network for 5G
   will help boost E-commerce in India.


ROAD AHEAD

The E-commerce industry has been directly impacting micro, small & medium
enterprises (MSME) in India by providing means of financing, technology and
training and has a favourable cascading effect on other industries as well. The
Indian E-commerce industry has been on an upward growth trajectory and is
expected to surpass the US to become the second-largest E-commerce market in the
world by 2034. Technology-enabled innovations like digital payments, hyper-local
logistics, analytics-driven customer engagement and digital advertisements will
likely support the growth in the sector. India is also planning to introduce an
Open Network for Digital Commerce (ONDC).

ONDC will enable e-commerce platforms to synchronize search results on all the
e-commerce platforms and display products and services from every platform. This
will further boost business for MSMEs and help fuel India’s e-commerce growth.
The growth in the sector will further encourage employment, increase revenues
from exports, increase tax collection by exchequers, and provide better products
and services to customers in the long term.



India has gained 125 million online shoppers in the past three years, with
another 80 million expected to join by 2025, according to a report by Kantar.

The Indian e-commerce sector is likely to expand in different markets. India’s
e-retail market is expected to continue its strong growth - it registered a CAGR
of over 35% to reach Rs. 1.8 lakh crore (US$ 25.75 billion) in FY20. Over the
next five years, the Indian e-retail industry is projected to exceed ~300-350
million shoppers, propelling the online Gross Merchandise Value (GMV) to US$
100-120 billion by 2025.

According to Bain & Company report, India’s social commerce gross merchandise
value (GMV) stood at ~US$ 2 billion in 2020. By 2025, it is expected to reach
US$ 20 billion, with a potentially monumental jump to US$ 70 billion by 2030,
owing to high mobile usage.

References: Media Reports, Press releases, Business Standard, Economic Times,
LiveMint, Times Now, Times of India

E-COMMERCE INDUSTRY REPORT

Aug, 2024


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FY24, contributing 1.25% to India’s GDP by FY30 and creating 90 million jobs.



27 Nov 24
"The Next Tech Disruption for Air Cargo will come from India" says Group
Chairperson of Sky One, Mr. Jaideep Mirchandani...



The Air Expo Abu Dhabi 2024 highlighted sustainable aviation solutions. Group
Chairperson of Sky One, Mr. Jaideep Mirchandani, highlighted India’s role in
sustainable aviation fuel and discussed the future of air travel and air cargo
digitisation.



25 Nov 24
Asia Pacific (APAC) investor optimism set to boost institutional investments in
Indian real estate in FY25...



Colliers’ Global Investor Outlook highlights strong APAC investor interest in
real estate, with rising allocations to industrial, logistics, and ESG-compliant
office assets, particularly in India, driven by economic growth and narrowing
pricing gaps. 



20 Nov 24
85% of credit card users in India shop online during festive season: Survey...



A Paisabazaar survey found that 85% of credit card users in India preferred
e-commerce platforms for festive shopping in 2023, driven by discounts and
credit card promotions.




MAJOR HUBS FOR E-COMMERCE

 * Karanataka
 * Delhi
 * Maharashtra
 * Tamil Nadu
 * Andhra Pradesh




INDUSTRY CONTACTS

 * The E-Business council of India (TECI)
 * Retailers Association of India (RAI)


POSTERS

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CLICKING THE CART

India's E-commerce industry is expected to reach US$ 99 billion in size by 2024


IBEF CAMPAIGNS

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DISCOVER INDIA 2024

APEDA is organizing participation in SIAL Paris 2024 scheduled to be held f...

AATMANIRBHAR BHARAT UTSAV 2024

Union Minister of External Affairs, Dr. S. Jaishankar and Union Commerce an...


CASE STUDIES

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HYDROGEN ENERGY IN INDIA: ROADMAP AND IMPLEMENTATION OF THE NATIONAL HYDROGEN
MISSION

Hydrogen energy is emerging as a pivotal piece in the global shift towards
sustainable energy solutions, particularly as the world grapples with an ur...

DRIVING PROGRESS INNOVATION AND EXPANSION IN THE INDIAN RAILWAYS SYSTEM

Indian Railways, the fourth-largest national railway system in the world, plays
a pivotal role in India's transportation, infrastructure, and econ...

CRITICAL MINERAL IMPORTS AND INDIA'S GREEN ENERGY TRANSITION

India, world's third-largest consumer of energy, is moving towards a greener,
sustainable energy landscape. Global climate obligations, lower depe...


IBEF BLOG

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29 Nov 2024


INDIA’S TEXTILE INDUSTRY: EMBRACING SUSTAINABILITY AND INNOVATION

The Indian textile industry has been an important part of the economy and c...

28 Nov 2024


GREEN ARCHITECTURE: INDIA'S PUSH TOWARDS ECO-FRIENDLY BUILDINGS AND SUSTAINABLE
URBAN DEVELOPMENT

In India, a modern approach to architecture is gaining momentum, one that a...

22 Nov 2024


DECODING THE SUCCESS OF THE INTERIOR DESIGN INDUSTRY IN INDIA

Interior design encompasses understanding, organising and enhancing the int...

PARTNERS

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