Flipkart Maintains Lead in India’s Online Retail Market

India’s e-commerce giant Flipkart maintained its lead in the country’s growing online retail market in 2023, capturing a 32.4% market share, according to a new report by market research firm Datum.

Amazon followed closely with a 24.3% share, while fashion retailer Myntra held 5.5% of the market. Meesho secured a 7% market share, indicating the rising popularity of social commerce platforms.

India’s online retail sales are projected to grow at a compound annual growth rate (CAGR) of 19.6% to reach $171 billion by 2028, up from $69.9 billion in 2023, Datum’s forecast showed.

Mobile phones remained the largest category in online retail, followed by grocery and clothing (fashion).

Quick commerce is expected to account for 50% of online grocery sales by 2025, up from just 3.5% in 2020.

The study revealed that 58% of online buyers plan to increase their spending during the festive season, with 51% expecting to spend more than 15,000 rupees ($180).