The “India B2C E-Commerce Market Insights, Payment Trends, and Emerging Digital Technologies 2024” report from leading Hamburg-based secondary research company yStats.com offers a comprehensive analysis of the growth trends within the Indian B2C E-Commerce market, emphasizing the evolving landscape of digital payment methods. It highlights key regional and consumer-specific insights into behavior, technological adoption, and market dynamics across India.
Future Growth Trajectories of India’s B2C E-Commerce
India’s B2C E-Commerce sector achieved notable growth, with the market size reaching tens of billions of euros in FY 2023. It is projected to more than double by 2027, showcasing a robust growth rate annually. The momentum is expected to continue, with the Gross Merchandise Value (GMV) projected to exceed EUR 300 billion by 2030. The number of online shoppers in India also saw a substantial increase, reaching over 200 million in FY 2023, marking a significant rise from the previous year.
Omnichannel and Payment Innovations
Adopting omnichannel strategies, nearly a quarter of shoppers in 2022 preferred picking up their online purchases in-store or curbside, blending digital convenience with physical retail benefits. The mobile wallet sector in India is set for substantial growth, anticipated to achieve a compound annual growth rate of just under a quarter from 2023 to 2027.
Digital Transactions and Future Technologies
Real-time payment transactions are expected to approach 250 billion by 2027, fueled by the widespread adoption of the UPI system—a platform inspired by global best practices but adapted for local needs. The ‘Buy Now, Pay Later’ sector is set to expand dramatically, with anticipated users expected to exceed 100 million by 2027, growing at an annual rate of over +30%.
Emerging Digital Technologies
Digital health applications and telemedicine are increasingly popular, indicating a shift towards digital wellness solutions. In parallel, the digital gaming sector is experiencing robust growth, with revenue expected to exceed EUR 1 billion by 2026.
