Indian E-tail Sector to Reach USD 60 Billion, Growth Continues

Indian E-tail Sector to Reach USD 60 Billion, Growth Continues/KFI Report

VoM News Desk | May 12, 2024 | 01:58 PM IST | India | Follow on Google News

Indian E-tail Sector to Reach USD 60 Billion, Growth Continues

Indian E-tail Sector to Reach USD 60 Billion, Growth Continues

Key Highlights:

1. Indian e-tail sector projected to reach nearly USD 60 billion by FY 2023-24.
2. Revenue potential of shopping centers in Tier 1 and Tier 2 cities expected to grow at a CAGR of 23%.
3. Retail industry experiencing exponential growth with development in both metros and Tier 2 cities.

According to a report by Knight Frank India, the Indian e-tail sector is set to reach nearly USD 60 billion by the financial year 2023-24, with a projected compound annual growth rate (CAGR) of 18% by 2028-29. The report, titled ‘Think India Think Retail 2024’, highlights the rapid growth of electronic retailing (e-tailing) as a significant contributor to the country’s retail industry.

With the development of shopping centers and retail destinations, the revenue potential of all shopping centers across Tier 1 and Tier 2 cities is expected to grow at a CAGR of 23% during the same period. The retail sector, accounting for 10% of India’s GDP and 8% of the workforce, is witnessing exponential growth not only in major metros but also in Tier 2 cities.

The report emphasizes the opportunities for shopping center developers in both Tier 1 and Tier 2 cities. While Tier 1 cities continue to dominate, there is a first mover advantage for credible branded players in Tier 2 cities. Additionally, high streets are expected to thrive due to their legacy value, with certain retailer categories experiencing high trading densities and contributing to higher revenue generation.

Source: Reuters

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