The Unified Payments Interface (UPI) handled over Rs. 182 lakh crore (US$ 2,194 billion) in transactions in 2023, enabling a total of 117.6 billion. Data shows that between January and December 2023, there was a significant 49% increase in Indian e-commerce platforms that generated sales worth US$ 5.67 billion in gross merchandise value (GMV) during the first week of the 2023 holiday season.
During the first week of the 2023 holiday season, Indian e-commerce platforms generated sales worth US$ 5.67 billion in gross merchandise value (GMV). In 2022, it was projected that cross-border e-commerce in India would expand by 17.3%. In 2022, it was projected that cross-border e-commerce in India would expand by 17.3%.
By 2025, the quick commerce market in India is expected to have grown eight times from its current size of US$ 700 million (as of 2023) to US$ 5.5 billion. It is predicted that by 2025, e-commerce in India will account for 8% of the country’s retail trade in apparel, consumer electronics, and food and groceries, up from 4% in 2020. 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.
India’s consumer digital economy is predicted to grow from US$ 85–90 billion in 2020 to a US$ 1 trillion market by 2030, primarily due to the country’s strong adherence to online services like e-commerce and edtech. By 2030, it is expected that the Indian e-commerce sector will have grown significantly to reach US$ 300 billion. Because of the country’s inexpensive smartphones and data plans, India has a burgeoning e-commerce industry, which has prompted major retail and consumer goods companies to expand their online presence.
Source: Media sources, Global Internet: e-commerce’s steepening curve’ published by Goldman Sachs
A recent RedSeer report projects that by 2030, the aggregate value of India’s e-B2B market would be US$ 100 billion. The Indian e-retail market is anticipated to reach a valuation of over US$ 160 billion by 2028. In 2023, the market is anticipated to be valued between US$ 57 billion and US$ 60 billion, a significant increase over previous projections. With this rise, between US$8 and US$ 12 billion have been added yearly since 2020. According to a report, venture capital and private equity firms have invested a total of US$ 23 billion in the online retail sector over the past five years. The furniture e-commerce market is expected to generate US$ 252 billion in revenue by 2023, growing at an anticipated annual rate of 3.98% from 2023 to 2027.