India E-commerce Market Size Booming at Double Digit CAGR of 11.38%

India E-commerce Market

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India E-commerce Market size at USD 225.32 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the India E-commerce Market size to expand at a CAGR of 11.38% reaching a value of USD 303.11 billion by 2030. The rising use of smartphones and the Internet, together with the rise of e-commerce platforms in the nation, are key drivers of growth for the India E-commerce Market. The expansion of e-commerce market is facilitated by the large array of goods and services it provides, together with steep discounts, to capture market share in a price-sensitive country like India.

Opportunity – Increasing launch of mobile e-commerce platforms

The India E-commerce Market is segmented into mobile and desktop, based on device. The mobile segment dominates the India e-commerce market owing to the India e-commerce market owing to the high smartphone ownership in India. The country currently has over 600 million smartphone users, according to data from the Ministry of Information and Broadcasting. It has also been estimated that India will have 1 billion smartphone users by 2026. The increasing availability of affordable smartphones and low-cost data is boosting the demand for smartphones, particularly in rural India. As a result, e-commerce companies based in India are targeting the mobile segment, which is driving its market growth.

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Impact of Escalating Geopolitical Tensions on India E-commerce Market

The escalating geopolitical tensions negatively impact the India E-commerce Market. For example, China is India’s biggest trading partner, with an estimated USD 103 billion in bilateral commerce between April 2019 and February 2020; the primary imports are consumer products, including toys, furniture, textiles, and shoes. However, violent clashes between the two countries in 2020 resulted in trade retaliation from India, under which several Chinese apps were banned. India banned several Chinese e-commerce platforms as well, including Alibaba and Zhejiang-based Chinese e-commerce portal Club Factory, Shein, which affected the growth of the India E-commerce Market.

India E-commerce Market

Segmental Coverage

India E-commerce Market – By Sales Channel

Based on the sales channel, the India E-commerce Market is segmented into online and offline. The online segment accounts for a larger market share. The growth of the market is attributed to various factors, including flexibility for customers, customized user experience, and the ability to allow users to review before making a purchase. Online platforms are available around the clock and will enable customers to browse through a wide range of products. In addition, companies are also providing customized user experience through the integration of advanced technologies, such as big data, which is propelling the online segment’s market growth.

Competitive Landscape

Major players operating in the India E-commerce Market include Amazon India, Flipkart, Nykaa, IndiaMART, Meesho, FirstCry, BookMyShow, OLX, MakeMyTrip, and AJIO.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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