India Ecommerce Forecast 2023

Flipkart and Amazon in Tight Contest Over World’s Last Untapped Major Retail Market

Report by Man-Chung Cheung  | Aug 2, 2023

Ecommerce Forecasts 2023

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Our data and analyses of ecommerce across 8 markets: US, Canada, China, Latin America, India, Southeast Asia, Western Europe, and UK

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Executive Summary
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Table of Contents
Executive Summary
India is moving into the global retail spotlight.
India’s ecommerce sector is a two-horse race, for now.
Sources
Media Gallery
About This Report
Ecommerce sales in India, which is soon expected to become the most populous nation, are growing at one of the fastest rates in the world. But brick-and-mortar will still dominate the retail sector for the foreseeable future—we estimate that online sales will account for only 10.0% of total retail by 2027.
Topics
Retail Ecommerce Sales
India
Table of Contents
Executive Summary
India is moving into the global retail spotlight.
India’s ecommerce sector is a two-horse race, for now.
Sources
Media Gallery

India is the fastest-growing major ecommerce market globally. But its enormous potential has yet to be tapped—the country’s digital ecosystem resembles that of China roughly 10 years ago. Amazon and Walmart-owned Flipkart dominate online sales and are evenly matched, but new entrant Reliance Retail is making things interesting.

Key Question: How quickly will retail and ecommerce sales grow in India over the next five years?

Retail Ecommerce vs. Total Retail Sales Growth in India, 2023-2027 (% change)
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KEY STAT: YoY total retail sales growth in India will settle into single digits—hitting 9.5% next year—while online sales will remain in double-digit territory until at least 2027.

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Table of Contents

  1. Executive Summary
  2. India is moving into the global retail spotlight.
  1. India’s ecommerce sector is a two-horse race, for now.
  2. Sources
  1. Media Gallery

Charts in This Report

Retail Ecommerce vs. Total Retail Sales Growth in India, 2023-2027 (% change)Retail Ecommerce Sales in India, 2023-2027 (billions, % change, and % of total retail sales)
Top 10 Countries Worldwide, Ranked by Retail Ecommerce Sales, 2023 & 2026 (billions)Retail Mcommerce Sales in India, 2023-2027 (billions, % change, and % of retail ecommerce sales)
Amazon, Flipkart, and Reliance Retail Retail Ecommerce Sales in India, 2020-2024 (billions, % change, and % of retail ecommerce sales)Digital Buyers in India, 2023-2027 (millions, % of population, and % change)

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authors

Man-Chung Cheung

Contributors

Jennifer Merritt
Vice President, Content
Vivian Dong
Associate Forecasting Analyst