E-commerce market to touch $230 bn by 2028

New Delhi: The Indian e-commerce marketsize is likely to reach $230 billion in a decade as it's outpacing the offline retail segment's growth, according to a report released on Tuesday.

"The Indian e-commerce market is outpacing the offline retail growth and is expected to touch $230 billion by 2028.

India is at the cusp of a massive online boom, fueled by low data tariffs, affordable smartphones and growing Internet usage," the report by the E-Commerce Council of India (TECI) and ChannelPlay said.

According to the report, another 40-50 crore shoppers are expected to come online in 10 years, joining the nearly 10 crore online shoppers in India.

"E-commerce in India has grown beyond the first wave of metro consumers in tier-I cities. It is now rapidly adding millions of buyers from tier-II, III cities and beyond," it said.

According to the report, 89 per cent respondents said neutrality of the marketplace was important as a core principle and it should not have any of its own or related party sellers on the platform.