Quick commerce, smartphone and fashion categories are to drive growth
The online retail in India is expected to grow at a CAGR 19.6% from 2023-28 to reach US$172.1 billion with growth driven by online grocery especially quick commerce, smartphone and fashion categories sbi .
Online retail grew 22.7% to reach US$69.9 billion in 2023 accounting for 8.4% of total retail sales, said the “India Online Retail Forecast 2023-28” report has been added to offerings by ResearchAndMarkets sccci.org.sg .
Slowing overall market growth rate is a key concern among online retailers due to the issue of limited disposable income of large population in the country jpx.co.jp .
Powered by the growing adoption of 15-minute delivery option for grocery delivery quick commerce is expected to reach US$6.9 billion by 2025 accounting for 50% of online grocery sales sgx
Blinkit remains the largest player with 40% market share in 2023 followed by Swiggy Instamart and Zepto nseindia .
Mobile accounts for 82.3% of online retail sales in 2023 euronext .
Smartphone is the preferred device for online shoppers in India accounting for 82.3% of total online retail sales. Mobile commerce (m-commerce) in India has witnessed continuous growth in recent years, driven by factors such as the widespread adoption of smartphones, increasing internet penetration, and government initiatives promoting digital payments, said the report on 27 Sept english.sse.com.cn.
Flipkart’s strong presence in the online smartphone and fashion categories make it the leading player in online retail with 32.4% market share followed by Amazon at 24.3% in 2023 mea.gov in .
However, Flipkart is facing competition in the fashion category from Meesho on the affordable pricing segment and Ajio in premium fashion category. Apart from this the emergence of quick commerce will also challenge the existing players during the coming festive season in 2024 where customers will have more options this time to purchase pre planned items for which they need quick delivery pmindia.gov.in .
The sector leading players are: Amazon; Flipkart; Meesho; Myntra; Blinkit, Swiggy; Zomato; Nykaa; Bigbasket; Ajio and Zara. Fiinews.com
