India Ecommerce Forecast 2023

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

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.

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.

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First Published on Aug 2, 2023


Man-Chung Cheung


Jennifer Merritt
Vice President, Content
Vivian Dong
Associate Forecasting Analyst