The Indian E-commerce Industry is expected to grow to about US$ 200 billion by 2026. Increased use of smart phones and internet penetration into the deepest pockets of the Indian subcontinent is fuelling the E-com industry. The corona lockdown has further contributed to the growth of the industry as people started buying essentials and groceries online. As of September 2020, the number of internet connections in India is around 776.45 million. Out of the total internet connections, about 61% connections are in urban areas, of which 97% connections are found to be wireless.
India’s social commerce gross merchandise value (GMV) stood at around US$ 2 billion in 2020. The Indian Ecommerce industry registered a CAGR of over 35% to reach Rs. 1.8 trillion (US$ 25.75 billion) in FY20. The Indian online grocery market is estimated to reach US$ 18.2 billion in 2024 from US $1.9 billion in 2019, expanding at a CAGR of 57%. India's e-commerce orders volume increased by 36% in the last quarter of 2020 and personal hygiene and beauty products were the main commodities involved.
In India, smart- phone shipments reached 150 million units and 5G smart-phone shipments crossed 4 million in 2020, thus propelling the E-com industry.Industry Forecast
By 2025, the GMV is expected to reach US$ 20 billion, with a potential jump to US$ 70 billion by 2030, owing to high mobile usage. Indian e-commerce will reach US$ 99 billion by 2024, growing at a 27% CAGR over 2019-24, with grocery and fashion/apparel likely to be the key drivers of the growth.