IMARC Group’s latest report, titled “India E-Commerce Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the India e-commerce market is expected to grow at a CAGR of 30.2% during 2023-2028. E-commerce, or online commerce, refers to the sale and purchase of products or services using the internet. It enables customers to buy various products, ranging from health and beauty products, food items, and skin care essentials to smartwatches, shapewear, travel accessories, and electronics. It also offers companies an easier reach for the customers, providing the necessary exposure to the business. It is easily accessible via smartphones, computers, tablets, laptops, and other smart devices. It facilitates quick delivery of goods and services and direct communication between the parties involved. It also provides flexibility to customers, cost reduction, global reach and higher profit margins to sellers, product and price comparison, instant response to buyer and market demands, and various payment modes. As a result, e-commerce is gaining immense traction among the masses in India.
India E-commerce Market Trends:
In India, the increasing penetration of the internet and smartphones represents the primary factor driving the market growth. This can be attributed to the expanding working population, affordable data prices offered by telecom companies, and elevating levels of urbanization. Moreover, the sudden coronavirus disease (COVID-19) outbreak, coupled with the consequent lockdowns and mobility restrictions, has introduced new shoppers and sellers to the hassle-free experience and convenience of online buying. Besides this, the growing usage of online platforms for buying essential items amid the pandemic and the rising acceptance of digital payments have augmented product demand. Additionally, the Government of India is introducing several favorable initiatives, including Digital India, Make in India, Start-up India, Skill India, and Innovation Fund, to promote the growth of e-commerce in the country. In line with this, the launch of the Paytm payment bank in India with no minimum balance requirement, zero charges on online transactions, and free virtual debit card is contributing to the market growth. Furthermore, technological advancements, such as hyper-local logistics, analytics-driven customer engagement, and digital advertisements, have catalyzed market growth. Other factors, including the advent of private-label, the surging influence of social media on shopping habits, rapid digitization, increasing consumer purchasing power, and impulse buying behavior, are also providing a positive impact on the market growth.
- Based on the type, the market has been classified into home appliances; apparel, footwear and accessories; books; cosmetics; groceries; and others. At present, home appliances represent the largest market segment.
- On the basis of the transaction, the market has been segmented into business-to-business (B2B), business-to-consumer (B2C), consumer-to-consumer (C2C), and others. Amongst these, B2C accounts for the largest market share.
- The market has been divided based on the payment mode into cash payment, bank transfer, card payment, digital wallet, and others. Currently, digital wallets exhibit a clear dominance in the market.
- On a geographical front, West and Central India holds the leading position in the market. Other major regions include North India, South India, and East India.
- The competitive landscape of the market has also been analyzed, along with detailed profiles of the key players operating in the industry.
|Base Year of the Analysis
||Type, Transaction, Payment Mode, Region
||North India, West and Central India, South India, East India
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