India’s e-commerce sales have reached the milestone of 60 billion US dollars! Flipkart remains the leader!

India's e-commerce sales hit $60 billion with Flipkart leading

BusinessDialogue learned that according to a report by Redseer, India’s e-commerce sales have reached the $60 billion mark, although the growth rate of e-commerce sales during the post-epidemic era is not as high as in previous years. Despite the weakening momentum of online purchases, the growth rate still shows an upward trend. Redseer stated in a report released on May 18th, “The highly relevant and affordable supply of online retailers, as well as the standardized experience on the platform, make e-commerce attractive to shoppers. The growth of D2C brands has also stimulated traditional participants to go digital. Although the annual growth rate of 23 fiscal years has slowed to 22%, today’s e-commerce is 2.5 times the level before Covid.”

The report stated that in the past three years, the number of new users willing to try e-commerce has increased, and non-metro users account for a large proportion of the total user population in FY23. The monthly user group of e-commerce shoppers is also larger than ever before. “In the 23 fiscal year, the number of shoppers per month was 6.5 million, which now accounts for 31% of the annual online retail shoppers- this indicator was only 23% before the pandemic. This indicates that the online retail user group is maturing, and customers are now shopping online more frequently across a range of categories.”

In terms of categories, fashion has surpassed electronics to become the top category. “Compared to the level before Covid, more users choose to buy online. Although mobile phones dominated the category division in the 2019 fiscal year, fashion is now the largest single category in the Indian e-commerce market, accounting for 27% of the share, while beauty and personal care, groceries, and home categories are growing the fastest.”

Redseer found that in India’s e-commerce platform, Flipkart has consistently maintained its leading position in market share, and was able to protect its territory with a market share of 48% in the 23 fiscal year. This means that the remaining 52% of market share belongs to other companies such as Amazon, Meesho, Snapdeal, and Nykaa.

Flipkart’s growth rate in Q1 was faster than the average, thanks to a large selection, different affordability structures, and an understanding of the needs of India’s large e-commerce shopper base (including consumers from cities beyond tier 1).

Editor: Estella/AMZ123

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