Indian ecommerce is accelerating to touch $230B by 2028
As per the reports, the Indian e-commerce market size is expected to reach $230 billion in a decade. This estimation is made based on the manner in which it is outpacing the offline retail segment’s growth.
The E-commerce Council of India (TECI) and ChannelPlay stated in a report,"The Indian e-commerce market is outpacing the offline retail growth and is expected to touch $230 billion by 2028. India is at the cusp of a massive online boom, fueled by low data tariffs, affordable smartphones and growing Internet usage.”
It is assumed that, another 40-50 crore shoppers are expected to come online in 10 years, joining the nearly 10 crore online shoppers in India.
"E-commerce in India has grown beyond the first wave of metro consumers in tier-I cities. It is now rapidly adding millions of buyers from tier-II, III cities and beyond," it said.
It is promulgated that about 89 per cent respondents believe that neutrality of the marketplace was important as a core principle and it should not have any of its own or related party sellers on the platform.
"Around 94 per cent respondents felt sellers controlled by the marketplace (through various arrangements) hurt the business of independent sellers on the platform," it said.
Moreover, majority of the respondents felt that private labels by the marketplaces can create a conflict of interest and selling their private labels on the platforms should be prohibited.
"Sellers recounted that platforms use pricing and demand insights from their platform to introduce private labels, which puts competing third-party sellers at a disadvantage," it said.