India B2C E-Commerce Insights, Payment Trends, & Emerging Digital Technologies 2024
India B2C E-Commerce Insights, Payment Trends, & Emerging Digital Technologies 2024: Reveals India's Real-Time Payment Transactions to Reach 235 Billion by 2027- A Deep Dive by yStats.com
Projections for India's E-Commerce Market
The B2C E-Commerce market in India, valued at tens of billions of euros in FY 2023, is expected to more than double by 2027. GMV is forecasted to exceed EUR 300 billion by 2030, with over 200 million online shoppers recorded in FY 2023.
Omnichannel and Payment Innovations
In 2022, less than 25% of shoppers utilized omnichannel methods. The mobile wallet sector in India is predicted to grow at an annual rate of just below a quarter from 2023 to 2027.
Digital Transactions and Future Technologies
Real-time payment transactions are set to approach 250 billion by 2027, driven by the adoption of the UPI system. The 'Buy Now, Pay Later' market is expected to grow by above +30% annually, surpassing 100 million users by 2027.
Emerging Digital Technologies
Digital health applications and telemedicine are gaining popularity, while digital gaming revenue is projected to surpass EUR 1 billion by 2026.
1. Key Takeaways
2. Management Summary
3. India B2C E-Commerce
3.1. B2C E-Commerce Market Overview
Market Size of B2C E-Commerce Landscape, in USD Billion, 2024 & 2030f
B2C E-Commerce Market Size, in USD billion, in % of Total Retail Market*, FY 2020-FY 2023
Annual Number of Online Shoppers, in millions, in % of Year-on-Year Change, FY 2021-FY 2023
Average Monthly Number of Online Shoppers, in millions, in % of Annual Online Shoppers, FY 2021-FY 2023
Card Payment Value, in USD billion, 2023e & 2027f
Number of Digital Payment Transactions, in billions, FY 2022-23 & FY 2026-27f
Value of Digital Payment Transactions, in INR trillion, FY 2022-23 & FY 2026-27f
B2C E-Commerce Market Size, in USD billion, 2022e & 2027f
B2C E-Commerce Marketplace GMV, in USD billion, 2022e & 2027f
Number of Online Shoppers, in millions, 2022e & 2027f
Number of B2C E-Commerce MSMEs*, in million, 2022e & 2027f
Overview of E-Commerce and Online Payment Landscape, April 2024
Overview of Players Landscape, May 2024
Top B2C E-Commerce & Shopping Websites Ranking, % of Total Traffic Share, April 2024
Top B2C E-Commerce Marketplace Websites Ranking, % of Total Traffic Share, April 2024
Top Retail Websites, by Visits in millions, Bounce Rate in %, And Pages Per Visit, April 2024 (1 of 2)
Top Retail Websites, by Visits in millions, Bounce Rate in %, And Pages Per Visit, April 2024 (2 of 2)
Online Shopping Share Of Total Retail Market, in %, 2024
B2C E-Commerce Market Share, by Company, in %, April 2024
Amazon's Challenges and Opportunities in the Payments Market, 2024, April 2024
3.2. Omnichannel Commerce Trends
Share of B2C E-Commerce Shoppers Who Picked Up Their Most Recent Online Purchase In-Store or Curbside, in %, October 2022
Offline Retail Market Size, by Channels, in USD trillion, 2022 & 2030f
Online Retail Market Size, by Channels, in USD billion, 2022 & 2030f
4. India Payment Systems and Financial Technologies
4.1. Online Payment Trends
Market Size of Payments Industry, in USD billion, 2024 & 2029f
Payments Market Overview, 2024
Market Share of Retail Payment Apps, in %, 2024
B2C E-Commerce Market Share, by Company, in %, 2024
B2C E-Commerce Payment Value, in USD billion, 2023e & 2027f
Mobile Wallet Payments Value, in USD billion, 2023e & 2027f
Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
Breakdown of Digital Wallet Use Frequency Among Adults, in %, May 2022
4.2. Real-Time Payments
Total Number of Real-Time Transactions, in billions, 2022 & 2027f
Volume of UPI-Based Real-Time Payment Transactions, in billions, January – June 2022
Total Value of Transactions via UPI, in INR billion, January – June 2022
4.3. Buy Now, Pay Later
BNPL Transaction Value, in USD billion, 2022e & 2026f
Number of BNPL Users, in millions, 2022e & 2027f
4.4. POS Payment Methods
Total Volume of Select Payment Method at POS, in millions & Value of Payment Method at POS, in INR trillion, Q3 2022
Share of Preferred Payment Methods, by Value and Volume, in %, Q3 2022
4.5. Open Banking Market
Share of Businesses of Banks That Would be Carried Out Through Embedded Finance Model Operated by Open Banking, in %, 2027f
Share of Consumers Who Are Open to Sharing Data on Account Aggregator Platforms, in %, 2021
5. Emerging Technologies and Digital Trends in India
5.1. Digital Health Market
Number of Active Digital Health App Users, by Country, in thousands, November 2022
Top Usage of Healthcare Apps, in % of E-Commerce Users, 2022e
Breakdown of Revenue From Telemedicine, in % of Healthcare Leaders and Professionals, 2022
Share of Healthcare Leaders and Professionals Who Have Implemented Electronic Medical Records (EMR), in %, 2022
Share of Healthcare Professionals Who Want to Partner With Diagnostic Imaging and Screening Centers to Improve Patient Outcome and Care Delivery, in %, February 2023
5.2. Digital Gaming Market
PC and Mobile Gaming Revenue, in USD billion, 2022 & 2026f
Number of PC and Mobile Gamers, in millions, 2022 & 2026f
Breakdown of Gamers Playing Real-Money Games vs Those Playing Non-Real-Money Games, by Gender, in %, 2022e
5.3. Blockchain and Cryptocurrency
Share of Population That Has Either Traded in Cryptocurrency or Held Crypto in the Last 6 Months, in %, June 2022
Top Cryptocurrency Investment Strategies That Crypto Investors Plan to Undertake in the Next 6 Months, in % of Crypto Investors, Q1 2022 vs Q2 2022
Top Reasons Why Crypto Investors Invested in Cryptocurrency, in %, June 2022
Breakdown of Crypto Investors Holding Cryptocurrency, by Age, in %, Q1 2022 vs Q2 2022
Breakdown of Top Cryptocurrencies Held By Investors, in % of Respondents, 2022