E-Commerce Statistics for India in 2024: A Detailed Overview
India’s e-commerce market will continue to scale unprecedented highs throughout 2024, driven by ever-increasing internet penetration, a rapidly expanding middle class, and an increasingly confident consumer interested in online transactions. Greater adoption of the digital world in Tier II and III cities is fast changing the very fabric of Indian e-commerce as global and local participants vie for pole position. In this blog, you’ll be talking about market details, major players participating in it, and how social media plays a role in this booming industry.
1. Market Growth in 2024
Indian e-commerce is estimated to reach $200 billion by the end of 2024, growing at a compound annual growth rate of about 27% since 2020. Growing penetration of affordable smartphones and access to cheap mobile data, coupled with supporting regulation, are favorable to digital enterprise.
- Internet Users in India: Internet users in India will rise to 900 million by 2024. This has opened unprecedented access and formed a robust driver for e-commerce adoption across various verticals.
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Mobile Commerce: More than 70% of all transactions involving e-commerce in India are taking place on mobiles, as cheaper data plans and mobile-first strategies engage and acquire a younger and technology-aware audience.
Source for further insights:
– [Statista – Indian E-Commerce Growth Projections]
2. Major Players in Indian E-Commerce
The Indian e-commerce market has several large players, each strong in certain areas.
Amazon India
- Market Share: In the Indian market, Amazon India has a share of 31%.
- Annual Gross Merchandise Value (GMV): Its GMV in 2024 will be approximately $38 billion.
- User Base: More than 150 million active users.
Why is it that Amazon is crossing all its competitors? Reason behind this is the company has devoted itself to fast delivery, exceptional customer service, and its loyal rewards program. Firm is also entering into more lines, such as groceries to health products.
Source for Amazon statistics :
– [Business Insider – Amazon India Market Share ]
Flipkart
- Market Share: With 34%, Flipkart represents the largest market share.
- Annual GMV: $40 billion.
- User Base: More than 180 million users are active on the platform.
Flipkart, owned by Walmart, is strong in fashion, electronics, and grocery. In 2024, it netted more than $5 billion in sales during its Big Billion Days Sale.
Source for Flipkart statistics:
– [Economic Times – Flipkart Market Growth]
Myntra
- Market Share in Fashion: Myntra has a 50% market share in online fashion retail.
- Annual GMV: About $5 billion.
- User Base: The active users are about 40 million.
Myntra works with top brands and influencers, with its range of fashion-forward products, to help it lead this e-commerce fashion segment.
Source for Myntra statistics:
– [Livemint – Myntra Fashion Market]
JioMart
- Market Share: JioMart has been able to carve out a market share of 17% in grocery e-commerce.
- Annual GMV: JioMart’s GMV in 2024 is estimated at $15 billion.
- User Base: More than 100 million users.
Due to its hyperlocal delivery model and integration into neighborhood stores, JioMart has emerged as one of the largest e-grocery platforms in the country.
Source for JioMart statistics:
– [Financial Express – JioMart Performance]
Tata Neu
- Market Share: Tata Neu commands 9% market share.
- Annual GMV: The super app is expected to generate $10 billion in GMV.
- User Base: More than 40 million active users.
With Tata Neu, services from groceries and electronics to fashion are integrated to provide the consumer with an integrated shopping experience.
Source for Tata Neu statistics:
– [Business Today – Tata Neu Growth]
3. Social Media E-Commerce Statistics in 2024
Social media platforms are the new e-commerce drivers in India. From product discovery all the way down to straight purchases, social commerce is increasingly turning out to be a crucial element of the Indian shopping experience.
Social Media User Base
With over 600 million active social media users in 2024, India will turn fertile ground for social commerce. The charge will be led by none other than the likes of Instagram, Facebook, and WhatsApp.
Social Commerce Revenue
Social commerce is estimated to drive $8 billion in revenue in 2024. Social media is no longer used just to discover brands but will be a key sales channel.
Source for social media user statistics:
– [Hootsuite – Indian Social Media Statistics]
Top Channels for Social Commerce
- Instagram: Provides 60% of social commerce transactions. Instagram shopping features, reels, and partnerships with influencers drive this high percentage of sales.
- Facebook: Contributes to 25% of social commerce in India. Community-driven purchases are popular on Facebook.
- WhatsApp: Accounts for 10% of social commerce. Mainly through WhatsApp Business.
Source for statistics on a platform-by-platform basis:
– [Hootsuite – Social Commerce Data]
Video and Live Commerce
In 2024, 50% of all social commerce sales are considered to be driven by video content on platforms such as YouTube and Instagram. Live shopping events allow users to buy the products their favorite influencers are showcasing in real time. Live shopping grows ever more popular, making up 10% in overall social commerce revenue.
Source for video and live commerce statistics:
– [Statista – Live Commerce Trends]
Influencer Marketing and Social Commerce
With the influence marketing industry expected to become one of the biggest forces in social commerce, an industry worth half a billion dollars, and where already 75% of brands use influencers for the promotion and sale of things on social media, this year will come out as the most significant in terms of the growth of the influencer marketing space.
Influencer marketing data source:
– [Influencer Marketing Hub – Indian Influencer Stats]
4. Sector-Specific Performance in E-Commerce
- Fashion & Apparel: Fashion e-commerce sales are likely to reach $15 billion by 2024.
- Electronics: E-commerce of electronic items is estimated to be more than $20 billion, wherein players such as Amazon and Flipkart remain its leading players.
- Grocery: E-commerce grocery is expected to cross $24 billion by the end of 2024, wherein players such as JioMart and BigBasket continue pushing this category.
Source for sector-specific data:
India Brand Equity Foundation IBEF
Conclusion
The e-commerce market in India, projected for 2024, is dynamic and shows fast growth momentum, dominated by market-leading players like Amazon, Flipkart, and JioMart. Social media platforms also tend to be a pivotal influence in the future of e-commerce. As consumers increasingly use mobile commerce, video content, and influencer marketing, the sector of e-commerce looks all set for continued success.
If you’d like to dig in more on the data and trends referenced in this blog, simply click on some of the embedded links throughout.
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