Retail & E-commerce Innovation Summit
The eCommerce and retail industry in India is forecasted to grow by $150 billion in 2027.
As per the recent report by PwC India and NASSCOM, the current Indian ecommerce market of $35 Bn is expected to grow at 25% in the next five years. India is the world’s fifth-largest global destination in the retail space. India was ranked No. 2 in Global Retail Development Index (GRDI) in 2021.
The Retail Industry accounts for over 10% of the country’s gross domestic product (GDP) and around 8% of the employment.
The sector in India contributed ~800 Bn to India’s GDP in FY20 and employed 8% of its workforce (35+ Mn). Looking at these numbers , we are looking at mammoth growth story unfolding and untapped resources being discovered. Let us understand how this growth story happened.
Growth drivers for the industry are factors like Increased income levels, increased awareness and being technology savvy, growth of shopping malls and brand consciousness’ etc. There is a large growth in the Tier 2 and Tier 3 cities, in turn boosting employment, due to the widespread usage of technology and boosting Micro, Small and Medium enterprises.