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India Ecommerce Forecast 2023

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

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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.
Table of Contents

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.

authors

Man-Chung Cheung

Contributors

Jennifer Merritt
Vice President, Content
Vivian Dong
Associate Forecasting Analyst
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