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The Deloitte Report released on Tuesday revealed that the country’s online retail market size may touch $325 billion by 2030 against $70 billion in 2022, mainly due to rapid growth of e-commerce in tier-2 and tier-3 cities, reported by PTI.
The report attributes these projections to the rapid growth of e-commerce in tier-2 and tier-3 cities, which have surpassed tier-1 markets in terms of total orders
As India ascends to become the world’s third-largest consumer market, Deloitte Touche Tohmatsu India LLP’s (Deloitte India’s) ‘Future of Retail’ report “foresees the online retail sector, which stood at $70 billion in 2022, to surge to $325 billion by 2030.”
.Additionally, in 2022, these cities accounted for over 60% of all orders, with tier-3 cities experiencing a remarkable 65% growth in order volume and tier-2 cities witnessing a substantial 50% growth.
“The surge in online retail can be attributed to various factors. The convenience of ordering and returns, bolstered by a robust logistics infrastructure spanning over 19,000 pin codes, has played a pivotal role. Moreover, India boasts a digitally savvy consumer base of 220 million online shoppers, further driving the growth of e-commerce,” the report stated.
“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,” said Anand Ramanathan, partner and consumer industry leader – Consulting, Deloitte India.
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