India is the fastest growing e-commerce market

India has the fastest growing online retail market among top global economies. The country’s online retail market witnessed a CAGR of 53% for the period 2013 to 2017, according to a latest report by consultancy firm Bain & Company.

The rapid growth, albeit over a small base, has been driven by aggressive discount-driven e-commerce marketplaces, advances in delivery infrastructure and increased smartphone penetration and data usage.

These conditions are giving rise to large retail ecosystems. “What we’re seeing is the emergence of scale open retail ecosystem platforms across the Apac region that offer retailers a compelling alternative to building and scaling their own capabilities,” said Melanie Sanders, partner at Bain & Company.

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