India's E-commerce Boom: Growth, Challenges, and Future


18 December 2023, Mumbai

Market Surge

As per a recent Bain-Flipkart report, India's e-commerce market is expected to soar from $57–$60 billion in 2023 to over $160 billion by 2028, fueled by pandemic-driven online shopping surge.

Video Insights
Steady Climb

Online retail has added $8–$12 billion a year since 2020, with 17–20% projected growth in 2023 (down from 25–30% prior).
Inflationary Slowdown

High inflation dampens demand for non-essentials, impacting growth, according to the Bain & Flipkart report.
Global Shift

COVID-19 accelerates global e-retail adoption, with India experiencing a significant jump in penetration.
Lagging Behind

E-commerce remains at 5-6% of total retail spending in India, compared to 23-24% in the US and 35%+ in China.
Investing for the Future

Major players like Amazon, Flipkart, and Ajio pump up investments to tap India's immense potential (e.g., Amazon's $15 billion additional commitment).
Growing Consumer Base

120 million new online shoppers from 2019 to 2022, doubling e-retail spending per customer, with increased activity and frequency on digital platforms.

5 key insights


  • Market Surge: E-commerce rockets ($57B > $160B by 2028), pandemic fuels online boom.
  • Steady Climb: Annual +$8B-$12B growth, 2023 slower but still strong.
  • Inflationary Slowdown: High prices hurt non-essentials, impacting growth.
  • Global Shift: COVID-19 boosts worldwide e-commerce, India jumps in.
  • Lagging Behind: India (5-6% e-commerce share) trails US & China.

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