India E-Commerce Market: Set to Explode and Reach US$ 358 Billion by 2028

According to the latest report by IMARC Group, titled, "India E-Commerce Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". The India e-commerce market size reached US$ 71.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 358 Billion by 2028, exhibiting a growth rate (CAGR) of 30.2% during 2023-2028.

Market Overview:

E-commerce, also known as online commerce, refers to the buying and selling of goods and services through the internet. It offers a wide range of products to customers, including health and beauty items, food products, skincare essentials, smartwatches, shapewear, travel accessories, and electronics. It has become a popular tool for businesses to increase their visibility and reach by providing easy access to potential customers. It can be accessed through various devices such as smartphones, laptops, tablets, and computers, making it convenient for users to shop anytime and anywhere. It also offers numerous benefits, such as speedy delivery, direct communication between parties, flexibility for customers, cost reduction, wider reach, higher profit margins for sellers, instant response to market demands, and multiple payment options. As a result, e-commerce is gaining immense traction across India.

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India E-Commerce Market Trends and Drivers:

The India e-commerce market is primarily driven by the increasing penetration of high-speed internet and smartphones. Moreover, the introduction of new shoppers and sellers to the convenience of online shopping due to the implementation of lockdowns and mobility restrictions amid the COVID-19 pandemic is positively influencing the market growth. Additionally, the rising demand for essential items and the surging acceptance of digital payments across the country have catalyzed market growth. Furthermore, several favorable initiatives taken by the government of India, including the launch of various programs like Digital India, Make in India, Start-up India, Skill India, and Innovation Fund, to promote the growth of e-commerce in the country, are contributing to the market growth. Other factors, including the increasing influence of social media on consumer shopping habits, rapid digitization, and inflating disposable incomes, are also anticipated to drive the market further.

India E-Commerce Market 2023-2028 Competitive Analysis and Segmentation:

The report has segmented the market based on type, transaction and payment mode.

Breakup by Type:

Home Appliances
Apparel, Footwear and Accessories
Books
Cosmetics
Groceries
Others

Breakup by Transaction:

Business to Business (B2B)
Business to Consumer (B2C)
Consumer to Consumer (C2C)
Others

Breakup by Payment Mode:

Cash Payment
Bank Transfer
Card Payment
Digital Wallet
Others

Breakup by Region:

North India
West and Central India
South India
East India

Key highlights of the report:

Market Performance (2017-2022)
Market Outlook (2023-2028)
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

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