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?

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.