India Online Retail market is experiencing a surge due to the increasing convenience of shopping and availability of diverse range of products on a single platform.
According to TechSci Research report, “India Online Retail Market– By Region, Competition, Forecast & Opportunities, 2019-2029F,” the India online retail market is expected to grow during the forecast period due to the increasing penetration of rural areas and rising investment of e-commerce sector.
In India, the online retail market has seen a significant growth over the past few years due to reasons such as changing consumer buying habits, growing internet users, and technological changes in the country. Individuals have access to a wider range of items at reasonable prices due to the expansion of e-commerce across the nation. This trend is most likely driving the significant transformation in the online retail industry and is expected to continue in the coming years. With the rising growth of online retail in India, many of the luxury brands are expanding their presence in the Indian market through the use of online luxury retailers and collaborations with Indian conglomerate companies.
Moreover, private labels are becoming increasingly popular as they provide retailers with a higher margin of return than traditional brands. As consumers become increasingly aware of the importance of well-being and the need for healthier alternatives, private label brands that provide quality, cost-effective, and distinct products are in a significant position to succeed.
The rapid growth of the online retail sector can be largely attributed to the return policy, discount offer, and bundling pricing. However, many e-commerce companies have adopted new technologies called augmented reality to enhance the shopping experience for customers. This is further contributing to the growth of online retail market in India over the forecast period. For example, the virtual try-on feature allows customers to try out various accessories in augmented reality to help their purchase decision by displaying real-time shopping experiences. Similarly, one-click checkout eliminates the need to enter basic information repeatedly and saves customer’s valuable time. Investing in these technologies will enable online retail companies to continually enhance their customer shopping experience, further boosting market growth in the coming years.
The COVID-19 pandemic has resulted in several unprecedented events such as closure of physical stores in the country, led to consumer preference towards online retail. Thus, these factors have contributed to the growth and development of online retail and e-commerce platforms to new level, from being an alternative to a preferred option of purchasing goods and services.
Customers are often attracted to clothing on online channels, purchasing from both established brands and private labels sourced from the market. Private labels have provided a platform to make fashion accessible to the public, and these price fluctuations are driving more customers to platforms such as Myntra, Ajio, and Limeroad. Other factors that drive customers to these channels include convenience and variety. In addition to that, event marketing initiatives of online retailers are also a major attraction for customers, as they provide attractive offers around festivals and other major occasions.
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The India online retail market is segmented based on product category, region, and competitional landscape.
Based on product category the market is further fragmented into food & beverages, personal care, apparel & footwear, electronics & appliances, home & furniture, and others. Among these, the apparel & footwear segment dominate the market, due to the availability of the latest fashion at discounted prices, which is expected to expand the market throughout the projected period.
However, the purchasing power of consumers has risen due to the development of the middle class, which is characterized by a higher proportion of disposable income, more accessible financial resources, etc. The current generation of consumers is more educated and well-informed, making them to experiment more and willing to try new products and purchasing methods.
Key market players in the India online retail market include:
- Flipkart Internet Private Limited
- Myntra Designs Private Ltd
- Amazon Retail India Private Limited
- Reliance Retail Limited
- Snapdeal Private Limited
- Tata UniStore Limited
- Nykaa E-Retail Pvt Ltd
- Brainbees Solutions Pvt Ltd (Firstcry.com)
- Clues Network Private Limited (ShopClues)
- Fashnear Technologies Private Limited (Meesho)
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“Technology-enabled innovations such as online transaction payments, digital advertising, and inventory management systems, are helping in the market growth over the forecasted period. Moreover, shift in consumer buying habits and the preferences of the general public to conduct their transactions online through the utilization of smartphone applications is further contributing to the expansion of the online retail industry in India, resulting in saving time, effort and cost.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
India Online Retail Market, By Product Category (Food & Beverages, Personal Care, Apparel & Footwear, Electronics & Appliances, Home & Furniture, Others), By Region, Competition, Forecast & Opportunities, 2019-2029F, has evaluated the future growth potential of India online retail market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the online retail market in India.
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