India e-tailing market reached $60 billion in GMV in FY23

NEW DELHI: The e-tailing market in India reached $60 billion in gross merchandise value (GMV) in FY23, a 22 per cent steady growth, a report showed on Friday.

With 210 million annual shoppers, ads monetisation contributed $1.2 billion in revenue for Indian e-tailers in FY23, growing at 37 per cent year-on-year, according to Redseer Strategy Consultants. “Despite losing momentum, e-tailing today is 2.5 times of pre-COVID levels and is performing much better than overall retail consumption, which has been tepid in the recent quarters due to inflation concerns,” said Mrigank Gutgutia, a partner at Redseer.

E-tailing in India is gaining popularity with the increased proliferation of smartphones and the internet. Direct-2-consumer brand growth has also spurred traditional players to take the digital route offering a competitive shopping experience and encouraging consumers to shop online. Monthly shopper base from 65 mn in FY23 is now 31 per cent of the annual e-tailing shopper base - the same metric which was just 23 pc in pre-pandemic era.