India could rank second in global order of e-commerce market by 2034: Akshay Gulati of Shiprocket

India is set to become the second largest e-commerce market by 2034, globally, from its current ninth rank owing to an increased internet penetration as per Akshay Gulati, Co-founder, Shiprocket.

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At one of the sessions organised during the two-day Phygital Retail Convention, Gulati stated, “By 2030, 1.3 billion Indians will have access to the internet and smartphones with 500 million online shoppers.”

He also added that with over 800 brands operating in the D2C segment, the Indian market size is seen at USD 60 billion by 2027 and online adoption has only accelerated this in the past two years from a customer perspective.

“There are no borders today for information flow. Trends don’t take 6-12 months to materialise, they happen overnight,” Gulati said, adding that the e-commerce penetration in India would double to 15% in FY27 from 8% in FY22.

Speaking at the convention, Gulati also pointed out that India’s post-pandemic exports are at a record high with total merchandise exports at USD 105 billion during the third quarter of FY22.

The experts speaking at the convention stated that the changing paradigm in consumption and spending through digital mode has re-positioned the brick-and-mortar mall infrastructure into experience centres.

According to Rajneesh Mahajan, CEO, InOrbit Malls, “Private equity, which had so far invested 150 million square feet in offices, had invested 15 million square feet in retail assets and this gap should narrow.”

Adding to this, Pramod Arora, Chief Growth & Strategy Officer, PVR Cinemas, stated, “The disruption in retail is being closely watched by the modern retailers from the brick-and-mortar segment and are waiting for the right signals for the next available opportunity to catapult their business to the next level.”

Earlier, in the day, addressing the inaugural session, Arvind Singhal, Chairman, Technopak, stated that he expects India’s merchandise retail to undergo a paradigm shift in the next decade with the introduction of the 5G network and rising per capita income of the country.

 “Open Network for Digital Commerce will be the biggest transformation in Indian retail as the 5G network penetrates and facilitates product discovery much faster,” he said.

He also went on to add that if India’s per capita consumption crosses the USD 5000 hurdle over the next decade from USD 2000 as of now, then discretionary spending will rise as the country’s merchandise retail will rise to USD 1.8 trillion from the USD 800 billion now.

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