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India’s e-commerce market is $62 billion (as of CY 2023). It grew especially fast post-pandemic, with a CAGR of 28 per cent between 2020 and 2023. However, in terms of e-commerce penetration, India lags behind global peers. There is massive headroom for growth. By CY 2027, India’s e-commerce market is likely to reach $140 billion at a CAGR of 23 per cent, with penetration estimated to touch 9-11 per cent of retail. This growth is expected to be driven by increased smartphone usage and declining e-commerce lead times.
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