Summary: India’s e-commerce industry is projected to reach Rs. 47,64,650 crore (US$ 550 billion) by 2035, growing at a 15% CAGR. Valued at Rs. 10,82,875 crore (US$ 125 billion) in 2024, growth is fueled by rising demand from Tier II and III cities, increasing digital adoption, and evolving consumer behavior. Despite the e-commerce surge, physical retail remains strong, with mall vacancy rates dropping to 8.1% in 2024 from 15.4% in 2019. Limited new mall supply and high absorption reflect leasing growth. Experiential retail, especially in fashion and F&B, drives demand, while Tier II and III cities see rapid expansion, boosting organized retail’s future share.

Source: IBEF

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