Deloitte India report: “India’s Online Retail Market Set for USD 325B Surge by 2030”
According to a Deloitte India report released on Tuesday, India’s online retail market is projected to reach USD 325 billion by 2030, compared to USD 70 billion in 2022. The report highlights the rapid growth of e-commerce in tier-2 and tier-3 cities as the main driver behind this surge.
Deloitte Touche Tohmatsu India LLP’s (Deloitte India’s) ‘Future of Retail’ report “foresees the online retail sector, which stood at USD 70 billion in 2022, to surge to USD 325 billion by 2030” as India ascends to become the world’s third-largest consumer market. Anand Ramanathan, Partner, and Consumer Industry Leader – Consulting, Deloitte India, said, “By harnessing the power of technology, sustainability and forward-thinking strategies, retailers can create an ecosystem that not only meets evolving consumer demands but also sets new benchmarks for value, engagement and unforgettable shopping experiences”.
The report attributes the surge in online retail to factors like the convenience of ordering and returns, bolstered by a robust logistics infrastructure covering 19,000 pin codes. It also highlights India’s digitally adept consumer base of 220 million online shoppers and significant investments from private equity and venture capital firms, totaling USD 23 billion over five years. The report suggests integrating offline and online channels through omnichannel strategies, leveraging technologies such as AR, VR, and the Metaverse, and incorporating kiranas into the retail ecosystem to tap into new markets. With rising incomes, an expanding middle class, and rapid digitalization, the future of India’s retail sector looks promising.
Read More At: The Economic Times