India’s E-commerce Market Reached US$60 Billion In 2023
Jayson 06 Feb 2024 08:56
Recently, Bain & Company conducted research on Indian e-commerce and released a report on the Indian e-commerce market in 2023. The report shows that despite economic headwinds sweeping the world, compared with mature e-commerce markets such as Europe and the United States, the Indian e-commerce market still maintains positive growth in all aspects.
Specifically, although Indian e-commerce started late, its huge population base and constantly improving socio-economic environment have provided it with a stable foundation for strong growth.
The report shows that the number of e-commerce consumers in India will reach 230 million-250 million in 2023, and in the past three years, this number has increased by about 120 million. In addition, as the main force of online consumption, the number of middle- and high-income groups in India is also rising. It is expected that by 2028, India will have 70 million middle- and high-income families, contributing at least 85% to overall e-commerce sales.
Of course, the continued release of consumer spending has also promoted the growth of online retail in India. Bain & Company predicts that although the economic downturn has slowed market growth to a certain extent, the Indian e-commerce market will maintain a growth rate of 17%-20% in 2023, reaching US$60 billion.
Moreover, in the next five years, as the penetration rate of e-commerce further increases, the market is expected to grow by 23%-25%. In other words, by 2028, the Indian e-commerce market sales are expected to exceed US$160 billion.
Specifically, although Indian e-commerce started late, its huge population base and constantly improving socio-economic environment have provided it with a stable foundation for strong growth.
The report shows that the number of e-commerce consumers in India will reach 230 million-250 million in 2023, and in the past three years, this number has increased by about 120 million. In addition, as the main force of online consumption, the number of middle- and high-income groups in India is also rising. It is expected that by 2028, India will have 70 million middle- and high-income families, contributing at least 85% to overall e-commerce sales.
Of course, the continued release of consumer spending has also promoted the growth of online retail in India. Bain & Company predicts that although the economic downturn has slowed market growth to a certain extent, the Indian e-commerce market will maintain a growth rate of 17%-20% in 2023, reaching US$60 billion.
Moreover, in the next five years, as the penetration rate of e-commerce further increases, the market is expected to grow by 23%-25%. In other words, by 2028, the Indian e-commerce market sales are expected to exceed US$160 billion.
