India's e-retail mkt may cross $160 bn by 2028

The market is set to grow 17-20% in 2023, according to a Bain & Co. report

- Suneera Tandon

India’s e-commerce market is expected to vault past $160 billion by 2028, from an estimated $57–$60 billion in 2023, as online shopping has accelerated after the covid-19 pandemic, a report said. Since 2020, the country’s online retail market has consistently expanded by $8–12 billion each year, according to The How India Shops Online 2023 report by Bain and Co., which tracked consumer spending on e-commerce.

The market is projected to grow 17–20% in 2023 from a year ago, albeit at a slower pace than the 25-30% in 2019-2022, with high inflation hurting demand for discretionary goods, Bain said in a joint report with e-commerce major Flipkart.

"The covid-19 pandemic has been an inflection point for e-retail adoption globally. The pandemic-induced rise in online shopping has primarily persisted across markets, but to varying degrees. In mature markets like the US and China, the annual uptick in e-retail penetration is slightly lower or comparable to pre-pandemic levels. However, India has witnessed an acceleration in e-retail penetration following the pandemic," the report said.