The market size of India’s online retail sector is projected to reach $325 billion by 2030. This indicates substantial growth compared to the current $70 billion market size. The expansion of the online retail sector can be attributed to several factors.
Firstly, there is an increasing internet penetration in India. This means more people have access to the internet and can engage in online shopping. Secondly, the rising disposable incomes of the population contribute to the growth. With more disposable income, people have more purchasing power and are willing to spend on online shopping.
Lastly, the growing popularity of e-commerce plays a significant role. More and more people are turning to online platforms for their shopping needs due to convenience, variety, and competitive pricing.
According to the report, a few dominant players like Amazon, Flipkart, and Reliance Retail are expected to dominate the online retail sector in India. However, there will also be opportunities for smaller players to thrive, particularly in niche segments.
The report presents an optimistic outlook for the future of online retail in India. It anticipates rapid growth and a significant contribution to economic development.
Here are some other key findings from the report:
- The online retail market in India is expected to grow at a CAGR of 18% from 2022 to 2030.
- The market will be driven by the growth of e-commerce in tier-2 and tier-3 cities.
- The penetration of smartphones and other connected devices will also drive the growth of the market.
- The key categories in the online retail market will be fashion, electronics, and home & living.
- The top three players in the market will be Amazon, Flipkart, and Reliance Retail.
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