Indian Festive e-Commerce to Hit $12 Billion in 2024: Report Shiprocket reports India's e-Commerce export market, which is currently valued at around $3-4 billion, to expand exponentially, with projections reaching $200-300 billion by 2030
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The Indian e-Commerce market is set for a massive surge during the 2024 festive season, with projected sales expected to hit $12 billion between October and December, marking a 23 per cent increase from last year's $9.7 billion. This growth, fueled by strong demand in categories such as fashion, electronics, beauty and personal care, signals a significant shift in consumer behaviour and the expanding reach of digital commerce in India. Notably, quick commerce is poised to play a crucial role, contributing $1 billion in gross merchandise value (GMV) alone, as per new data insights from Shiprocket.
The report data points to key trends driving this growth. One of the standout insights is the continued rise of digital penetration in Tier-II and Tier-III cities. Approximately 60 per cent of all online festive orders are expected to come from non-metro areas, driven by increased internet access, growing disposable incomes and enhanced digital literacy. This shift highlights the importance of non-metropolitan regions in shaping the future of Indian e-Commerce.
AI-driven recommendations and social media influencers are increasingly influencing consumer choices, particularly in fashion and beauty. As per Shiprocket, 84 per cent of consumers are making purchase decisions based on personalized AI recommendations or promotions via influencers. Moreover, first-time shoppers are making a significant impact, accounting for 55 per cent of festive orders, while weekend shopping continues to dominate, with Sundays and Saturdays contributing to a combined 27 per cent of total sales.
Indian MSMEs Eye Global Markets
While the domestic market continues to thrive, Indian MSMEs are also capitalizing on global opportunities. India's e-Commerce export market, currently valued at around $3-4 billion, is set to expand exponentially, with projections reaching $200-300 billion by 2030, with platforms like Amazon Global and Flipkart's Global Stores playing a pivotal role in helping Indian merchants tap into international markets.
Cross-border e-Commerce sales grew by 15-20 per cent in 2023, with popular export categories such as handicrafts, home décor, and fashion seeing significant demand. Shiprocket currently facilitates approximately $100 million in global e-Commerce GMV, with over 3,000 Indian merchants actively participating in exports.
"As we enter the 2024 festive season, the momentum for e-Commerce continues to build across Bharat, particularly in Tier-II and Tier-III cities. With the rise of quick commerce and the increasing global appetite for Indian products, we are excited to support MSMEs in tapping into this tremendous $12 billion opportunity. Our goal is to continue innovating and providing the tools necessary for businesses to scale and succeed both locally and internationally," stated Saahil Goel, MD & CEO, Shiprocket.
Looking ahead, India's e-Commerce exports are expected to reach $200 billion by 2030, a goal supported by both government initiatives and private players.
