Indian e-commerce market is set to hit $230 billion and outpace offline retail growth
- The Indian
e-commercemarketsize is likely to reach $230 billion in a decade.
- According to the report, another 40-50 crore shoppers are expected to come online in 10 years.
- Presently, there are roughly 10 crore online shoppers in India.
"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," the report by the E-Commerce Council of India (TECI) and ChannelPlay said.
According to the report, 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.
According to the report, 89 per cent respondents said 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.
Further, 90 per cent respondents felt private labels by the marketplaces create a conflict of interest and the marketplaces should not be allowed to sell their private labels on the platform, the report said.
"Sellers recounted that platforms use pricing and demand insights from their platform to introduce private labels, which puts competing third-party sellers at a dis-advantage," it said.