State Of The Indian Ecommerce Report Q4 2023 by Inc42 Media

STATE OF THE INDIAN ECOMMERCE Q4-2023 InFocus

Online Festival Sales

TABLE OF CONTENTS 01

INDIA’S DIGITAL ECONOMY

ECOMMERCE MARKET IN INDIA: A SNAPSHOT

INDIA’S ECOMMERCE LANDSCAPE

ECOMMERCE MARKET IN INDIA

HOW INDIAN ECOMMERCE ECOSYSTEMS STACK UP AGAINST THE US & CHINA

INDIAN ECOMMERCE STARTUP ECOSYSTEM IN Q3 2023

ECOMMERCE IN INDIA: STARTUP FUNDING TRENDS

CONSUMER TRUST — THE BIGGEST FRONTIER OF GROWTH FOR D2C BRANDS

INFOCUS: ONLINE FESTIVE SALES 2023

YEAR-ON-YEAR GMV OF ONLINE FESTIVE SALES

CUSTOMER EXPERIENCE ANALYSIS: NOTABLE MARKETPLACES DURING FESTIVE SALES 2023

KEY GROWTH DRIVERS OF ONLINE FESTIVE SHOPPING IN INDIA

India To Have 900 Mn+ Active Internet Users By 2025 By 2025, 56% of all new internet users will be from rural areas, and 65% of new internet users will be female 2022 Smartphone users

Internet users

Urban internet users

Rural internet users

931 Mn+

759 Mn+

360 Mn+

399 Mn+

SOURCE: IAMAI, INC42 ANALYSIS

2025 (E)

1.1 Bn+

900 Mn+

396 Mn+

504 Mn+

% Growth (Absolute)

22%

19%

Internet Penetration (Active Users)

5G Enabled Indian Cities/towns

52%

7K+

Urban Internet Penetration (Active Users)

Number Of Male Internet Users

71%

395 Mn

Cost Of 1GB Internet

Number Of Female Internet Users

$0.16

349 Mn

10%

26%

Ecommerce Market In India: A Snapshot VENTURE CAPITAL

MARKET OPPORTUNITY

$400 Bn+

Market Opportunity (2030)

19%

CAGR (2022 to 2030)

Fashion & Apparel

The Most Lucrative Segment (2030)

$11 Bn+

Total GMV Of Online Festival Sales (2023)

Source: Inc42

$33 Bn+

Total Funding (2014 to Q3 2023)

15%

Funding CAGR (2019 to 2022)

5.1K+

Active Ecommerce Startups

850+

Funded Ecommerce Startups

UNICORNS & SOONICORNS

Unicorns In India

Soonicorns In India

$89 Bn+

Combined Valuation Of Unicorns

$13 Bn+

Combined Valuation Of Soonicorns

India’s Ecommerce Landscape B2C ECOMMERCE

Source: Inc42 Note: This is not an exhaustive list

B2B ECOMMERCE

D2C

RECOMMERCE

ROLL UPS

AFFILIATES

Ecommerce Market In India: Decoding The $400 Bn Market Opportunity Market Size (2022)

Market Size (2030)

CAGR (2022-2030)

Overall Ecommerce Market

$100 Bn+

$400 Bn+

19%

Fashion & Apparel

$20 Bn+

$112 Bn+

24%

Smartphones

$33 Bn+

$72 Bn+

10%

Electronics & Appliances

$20 Bn+

$68 Bn+

16%

Food & FMCG

$11 Bn+

$68 Bn+

25%

Beauty & Personal Care

$4 Bn+

$28 Bn+

27%

Furniture & Home Décor

$6 Bn+

$24 Bn+

19%

Others

$5 Bn+

$28 Bn+

19%

Source: Inc42, BCG, Other secondary sources Note: The market size depicted here is the estimated total addressable market for D2C players in India.

India To Have 500 Mn+ Online Shoppers By 2030 Paid users expected to grow at 12% CAGR from 2022-2030 500

400

12% 300

200

100

2022

Source: Inc42, Bain and Flipkart Report 2020

2023

2024

2025

2026

2027

2028

2029

2030

How Indian Ecommerce Startup Economy Stack Up Against The US & China India

USA

China

Total Funding (2014 to Q3 2023)

$33 Bn+

$130 Bn+

$70 Bn+

3-Year-Funding CAGR (2019-2022)

15%

70%

12%

Number Of Unicorns

36+

28+

Number Of Online Shoppers (2030)

500 Mn+

300 Mn+

980 Mn+

Market Opportunity (2030)

$400 Bn+

$1.5 Tn+

$6 Tn+

Source:Inc42, CB Insights, Failory

Indian Ecommerce Startup Ecosystem In Q3 2023

$224 Mn+

-47%

Total Funding Raised

Year-on-Year Decrease In Total Funding Amount

$1.3 Mn+

-32%

Median Ticket Size Of Investments

Year-on-Year Decrease In Median Ticket Size

$29 Mn+

11%

Total Funding Raised At Seed Stage

Year-on-year Increase In Total Seed Funding Amount

$113 Mn+

-47%

Total Funding Raised At Growth Stage Source: Inc42

Year-On-year Decrease In Growth Funding

Top 10 Biggest Ecommerce Funding Rounds In Q3 2023 Startup Name

Sector

Funding Stage

Round Size

D2C

Late Stage

$37 Mn

D2C

Growth Stage

$35 Mn

D2C

Growth Stage

$33 Mn

B2C Ecommerce

Late Stage

$23 Mn

D2C

Growth Stage

$20 Mn

B2B Ecommerce

Bridge Stage

$10 Mn

D2C

Growth Stage

$9 Mn

Affiliate

Bridge Stage

$6.7 Mn

D2C

Growth Stage

$5 Mn

D2C

Seed Stage

$4 Mn

Source: Inc42 Note: This table is based on the deals recorded in Inc42's internal database

Investors

Sujeet Kumar

N/A

Revant Bhate,Utkrishta Kumar,Asish Mohapatra

40.0

2000

30.0

1500

20.0

1000

10.0

500

0.0

2014

2015

2016

2017

2018

2019

Funding Amount ($ Bn) Source: Inc42

2020 Deal Count

2021

2022

2023

Deal Count

Cumulative Funding Amount ($ Bn)

$33 Bn+ Raised By Indian Ecommerce Startups Since 2014

$224 Mn+ Raised By Indian Ecommerce Startups In Q3 2023 Compared to the previous year (Q3, 2022) both the funding amount and deal count plunged 47% and 26% respectively 125

6,000

4,000 75

50 2,000 25

Funding Amount ($ Mn) Source: Inc42

Deal Count

02 3 32 Q

02 3 22 Q

02 3 12 Q

02 2 42 Q

02 2 32 Q

02 2 22 Q

02 2 12 Q

02 1 42 Q

02 1 32 Q

02 1 22 Q

02 1 12 Q

02 0 42 Q

02 0 32 Q

02 0 22 Q

02 0

Deal Count

Funding Amount ($ Mn)

100

Eyes Off Marketplaces: Investor Enthusiasm Moves Towards D2C And B2B Ecommerce The dominance of two major players (Flipkart and Amazon) has played a significant role in diverting investor interest from the saturated horizontal marketplace model 60%

3-Year-CAGR (2019-2022)

40%

20%

-20%

-40%

D2C

B2B Ecommerce Funding Amount

Source: Inc42

Deal Count

B2C Ecommerce (Marketplace)

D2C & B2B Ecommerce Emerged As The Most Funded Sub-Sectors Within Ecommerce

25 (11.1%)

7 (13.5%)

$224 Mn+ Funding Amount

11 (21.2%)

52+ Deal Count

33 (63.5%)

190 (84.9%)

D2C Affiliates Source: Inc42

B2B Ecommerce B2C Ecommerce

D2C

B2B Ecommerce

B2C Ecommerce

Affiliates

2023's Mega Deals: Investors Favor Fintech Over Ecommerce For Big Cheques Investments In contrast to 2021 & 2022, mega deals in ecommerce startups were 73% lower compared to fintech in 2023

Mega Deal Count ($100 Mn or above)

2015

2016

2017

2018 Ecommerce

Source: Inc42

2019 Fintech

2020

2021

2022

2023 (Q1-Q3)

Median Ticket Size Of Indian Ecommerce Investments Drop By 32% YoY In Q3 2023 From 2020 onward, ecommerce investments look better valued, contrasting with fintech's larger median ticket size

Median Funding Amount ($ Mn)

10.0

8.0

6.0

4.0

2.0

0.0

Q1-2020 Q2-2020 Q3-2020 Q4-2020 Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 Ecommerce

Source: Inc42

Fintech

Overall Ecosystem

Red Flags For Ecommerce Investments In Q3 2023, Yet Seed Stage Bucks The Trend D2C startups accounted for 54% of all investment deals in the ecommerce sector, signaling the sustained long-term growth potential in the Indian D2C market Investment Stage

Funding Amount

YoY Change %

Deal Count

YoY Change %

Seed Stage

$29 Mn+

+11%

-13%

Bridge Funding

$22 Mn+

-40%

-50%

Growth Stage

$78 Mn+

-63%

-20%

Late Stage

$95 Mn+

-37%

-50%

Source: Inc42

Delhi NCR & Bengaluru Were The Top Ecommerce Startup Hubs In Q3 2023

Delhi NCR

Bengaluru

Mumbai

Mumbai Top 5 Startup Hubs

Top 5 Startup Hubs

D2C brands were the most popular choice among investors in both Delhi NCR & Bengaluru

Bengaluru

Ahmedabad

Pune

Ahmedabad 0

10 Deal Count

Source: Inc42

Delhi NCR

Funding Amount ($ Mn)

100

125

136+ M&As Recorded By India Ecommerce Startups Between 2014 & Q3 2023

Cumulative M&A Deal Count

150

100

Source: Inc42

2015

2016

2017

2018

2019

2020

2021

2022

2023 (Q1-Q3)

Comparative Growth: Q3 2023 Reveals An Uptick In M&As Among Indian Ecommerce Startups Compared to Q2 2023, ecommerce startups recorded 2.2x higher deals in Q3 2023 25

M&A Deal Count

0 Source: Inc42

Q1-2021

Q2-2021

Q3-2021

Q4-2021

Q1-2022

Q2-2022

Q3-2022

Q4-2022

Q1-2023

Q2-2023

Q3-2023

Investors Backing Indian Ecommerce Startups In Q3 2023 Startup Name

Source: Inc42 Note: This list isn't a ranking of any kind.

Investor Type

Deal Count

VC Firm

Accelerator/Incubator

VC Firm

Accelerator/Incubator

VC Firm

Angel Fund

VC Firm

Notable Startups Funded

Consumer Trust — The Biggest Frontier Of Growth For D2C Brands Trust is the foundation of commerce. Commerce only happens when trust is established between buyer, seller and the product. In conventional brick-and-mortar commerce, trust is built through physical interactions and relationships. Ecommerce is obviously different, disruptive to the traditional “first trust, then buy” format of commerce. It is structurally built on “buy first and then trust” principle. If your brand website were a physical retail store, your customers have to pay before they can go to the trial room. Fixing this is at the heart of unlocking ecommerce’s full potential.

KHANAZ K.A CXO - Simpl

In ecommerce, where virtual touchpoints replace face-to-face interactions, the foundation of trust has to be built through deliberate interventions, both tactical and strategic. Every aspect matters – from the content on the website to the seamless experience offered by the checkout process, from the quality of the customer service to the endorsements from influencers. Each touchpoint becomes an opportunity to build and reinforce trust with your consumers. As of April 2023, Amazon led as the top global online marketplace with 4.8 Bn monthly visits and over 250 Mn loyal Prime members who account for the lion’s share of their GMV. They did this by investing billions of dollars over decades in establishing a predictable, standardised consumer-backwards platform - from UX, pricing, delivery, payments, and buyer protection. With Amazon, you always know where to go and what to expect if you have an order issue, payment failure or defective product. Predictability is how you win trust. However, for D2C brands, marketplaces are a double-edged sword. At the same time, it gives you immediate scale; building brand and customer loyalty is almost impossible. D2C brands need to offer a similar, if not better, ‘trust first’ experience as marketplaces to improve conversions on your website. Crucial considerations for D2C brands seeking to establish trust include:

Website User Interface Your website's user interface acts as the main entry point for customers to understand your offerings and why they should choose you directly. Think of your website as your physical store, the shopping experience in a store directly impacts the conversions. Designing for trust means building a user journey prioritising customer experience from discovery, checkout and post-purchase. Over-indexing key trust markers like return and refund policies, integrating your influencer content on the website, verified honest customer reviews etc. Thoughtful, high-resolution website design and product images are synonymous with “authenticity” and hence “trust” in the consumer’s mind.

A Seamless, Trusted Checkout Process Every new customer on a D2C website/app has to create an account, fill in addresses and pay before they have a conviction on the brand. They don't know if their payments are secure and what to do if something were to go wrong with their order. On marketplaces, these are standardised and predictable. The average cart abandonment rate on a D2C website is 70%, of which almost half are abandoned due to high friction (account creation, address etc). 0°

That is where full-stack checkout and post-checkout solutions like Simpl help. Simpl is a decentralized marketplace that enables a standardized 1-tap checkout across its network of 24,000 merchants. Powered by Simpl’s proprietary khata products consumers are able to shop across its network in 1-tap without having to login every single time on a new brand and enter address, payment details and OTP. Once the order is placed customers can track their orders and seek issue resolution through Simpl’s AI enabled customer support ecosystem. Brands that use Simpl have seen up to 87% increase in conversions and 66% reduction in returns ad up to 34% increase AoVs across 55 different categories. Simpl now powers nearly 1,000 D2C brands across 55 categories such as fashion, footwear, personal care, wellness, travel, home decor, electronics and more.

Effective Customer Relationship Management (CRM) Acquiring a new customer costs five times more than retaining an existing one. To maximise this, gather data from various sources (email, social media, websites) and centralise it. Leverage each stage of the customer lifecycle as a unique marketing opportunity, crafting tailored campaigns like welcome, abandoned cart, dormant customer, and feedback journeys. A CRM with a journey builder streamlines this process. The right CRM links front and back-office applications, granting a comprehensive customer view. Leverage this capability within your D2C brand to demonstrate genuine care for your customer's needs, fostering trust and loyalty.

Using AI For Conversational Commerce AI helps suggest additional items for purchase based on what customers have browsed or bought before. This digital shift has made it quicker for customers to decide what to buy, leading D2C brands to focus on creating smooth shopping experiences across different websites and apps. In D2C marketing, new technologies like automated chatbots have cut down waiting times, making it easier to get and keep customers. For instance, when shopping for clothing, AI can assist customers in selecting the accurate size by utilising measurements, streamlining the decision-making process, and clarifying return policies. Another case in point is Lenskart, which revolutionised the eyewear industry through tech-driven innovations.

Data Reporting And Visualisation Selling products directly to consumers means you get important information about customers and products. However, 0° understanding this data is crucial. It uncovers hidden insights which helps build innovative strategies that meet customer needs.

Having explored the technological aspects, let's delve into effective marketing and strategies that foster stronger communication and trust with consumers.

Performance Marketing Or Inﬂuencer? With around 70% of D2C brands actively engaged on social media platforms, it's essential to consider our audience's limited screen time. Every brand vies for a share of this time, whether through performance marketing or influencer collaborations. An important aspect of marketing is the creatives used in the process, just talking about the product might not be enough, it gets important to educate your customer on why your product is best suited to deliver what it promises to do. Using Influencers to market your product has proven to be a great way to build trust. Influencers often share their honest opinions and experiences with their followers, which can help potential customers feel more confident about their purchasing decisions. This type of content is often more relatable and authentic than traditional advertising, which can help build trust with potential customers.

For instance, Mamaearth, which specialises in natural baby and mother care products, effectively amplified its reach and credibility through strategic influencer partnerships. While influencer collaborations helped boost credibility, leading brands also attract consumers through performance marketing tactics. Hence, this area demands experimentation for brands to align their objectives and strategies accordingly.

Storytelling, Content Marketing & User-Generated Content Crafting an impactful narrative and embracing thought leadership is pivotal for your brand's identity. Engage your audience through compelling storytelling, content marketing, and user-generated content. Utilise various mediums like blogs, videos, infographics, and social media to educate, entertain, and forge connections. Establish yourself as an authority in your industry by delivering engaging and informative content that resonates with your audience. This approach will not only strengthen your brand's identity but also build 0° lasting connections with your audience.

Building A Community For Yourself Creating a community is important for gaining brand supporters. Nykaa did this well. They built a lively community of beauty lovers online. With 17 Mn users each month and over $247 Mn in revenue in FY21, Nykaa became a trusted place for beauty advice and products. Using platforms like Instagram, Facebook, and YouTube, Nykaa shared useful content, earning the trust of loyal customers who relied on their suggestions. This approach made Nykaa a leading beauty and wellness platform in India. In conclusion, there's no one-size-fits-all strategy for success in the D2C market. Yet, by implementing effective strategies and utilising the right tools for marketing, analytics, AI, and continuous innovation, brands can pave the way for trust, profitability, and sustained growth.

25 Ecommerce Unicorns

15 Ecommerce Soonicorns

$89 Bn+ Combined Valuation

$5.6 Bn+ Combined Valuation

$28 Bn+ Combined Total Funding

$2.2 Bn+ Combined Total Funding

Top Subsectors

State Of Ecommerce Unicorns & Soonicorns In India

09 B2C Ecommerce 05 B2B Ecommerce 04 D2C

07 Mumbai

Source: Inc42

06 Bengaluru 03 Mumbai

TopHubs

Top Hubs

14 Delhi NCR

04 Bengaluru 03 Delhi NCR

07 D2C 04 B2B Ecommerce 03 B2C Ecommerce

Stock Performance Of Listed Indian Ecommerce Companies DAILY STOCK PRICE CHANGE %

CarTrade is the best performing Indian ecommerce stock this calendar year 80% 60% 40% 20% 0% -20% -40%

FEB 2023

MAY 2023

JUN 2023

AUG 2023

OCT 2023

Last Traded Price (LTP)

(YTD) Price diff.

NYKAA

₹171.50

+₹16.35

10.54%

INDIAMART

₹2,809.35

+₹645.67

29.84%

MAMAEARTH

₹420.70

+₹83.60

29.80%

CARTRADE

₹767.75

+₹292.65

61.60%

Source: NSE, Inc42 calculations Note: YTD data is up to 19 December 2023

(YTD) % change

InFocus Online Festive Sales

India’s Online Festive Sales 2023: Key Highlights $11 Bn+ Total Gross Merchandise Value 20% Three Year CAGR Of GMV Electronics Most Sought After Category Value For Money Decisive Factor For Purchase Decision Making Delivery Experience Key Concern For Shoppers 55% Online Shoppers Were Satisﬁed With Deals Offered by Flipkart 43% Online Shoppers Were Satisﬁed With Deals Offered by Amazon Source: Inc42 Analysis, Clootrack, Redseer

$11 Bn+ GMV Of Indian Online Festival Sales In 2023 The GMV of online festival sales is growing at a three year compounded annual growth rate of 20% 12

CAGR: 20% 10

Total GMV ($ Bn)

2020

2021

Source: Redseer Note: Festive sales months are from October first week to Diwali for all years | INR to USD exchange rate is 80 for all years

2022

2023

Most Popular Categories During Online Festive Sales Electronics emerged as the most popular category, fueled by the demand for smartphones and television, which accounted nearly half of the total sales during the festive season Top Product Category

Total GMV (2023)

% Share

Electronics

Smartphone

$4.7 Bn

42%

Fashion

Women's apparel

$2.8 Bn

25%

Home Furnishings

Furniture

$1.1 Bn

10%

Beauty & Personal Care

Skincare

$904 Mn

Appliances

Large appliances

$791 Mn

Toys & Games

Toys

$565 Mn

Others

$339 Mn

Source: Inc42 Analysis, Redseer, Other Secondary Sources Note: Festive sales months are from October first week to Diwali for all years | INR to USD exchange rate is 80 for all years

Online Festive Sales 2023: What Drives Customer Attention? Indian online shoppers prioritise value for money over massive discount offers

Price & Value

Customer Satisfaction

Discount Offer

Delighters: Customer Sentiment Score (0 to 10) Source: Clootrack, Inc42 Analysis Note: This analysis is based on reviews of 18K+ Indian online shoppers between October 1 and November 29, 2023 | Zero represents a negative sentiment, while ten signifies a positive sentiment

Online Festive Sales 2023: What Drives Customers Away? 71% customer reviews showed dissatisfaction with this year's online festival sale delivery

Delivery Experience

Customer Care

Return & Refund

Web/App Experience

Order Cancellation

Concerns: Customer Sentiment Score (0 to 10)

Source: Clootrack, Inc42 Analysis Note: This analysis is based on reviews of 18K+ Indian online shoppers between October 1 and November 29, 2023 | Zero represents a negative sentiment, while ten signifies a positive sentiment Zero represents a negative sentiment, while ten signifies a positive sentiment

Festive Sales 2023: Meesho Emerges As The Go-To Place For Value Deals Indian online shoppers preferred Flipkart over Amazon for better value-for-money deals this festival season Marketplace

Overall Market

Positive Sentiment

Negative Sentiment

Neutral Sentiment

43%

50%

55%

38%

77%

19%

64%

31%

Source: Clootrack, Inc42 Analysis Note: This analysis is based on reviews of 18K+ Indian online shoppers between October 1 and November 29, 2023

Most Ecommerce Giants Fail To Provide Delightful Delivery Experience Poor customer feedback on delivery from market leaders hampers overall online festival sales experience Marketplace

Overall Market

Positive Sentiment

Negative Sentiment

Neutral Sentiment

76%

17%

75%

16%

21%

63%

16%

42%

45%

13%

28%

61%

11%

71%

18%

Source: Clootrack, Inc42 Analysis Note: This analysis is based on reviews of 18K+ Indian online shoppers between October 1 and November 29, 2023

Festival Sale 2023: More Than Two-Third Indian Shoppers Left Disappointed With Return & Refunds None of the major ecommerce giants analysed provided satisfactory product return/refund experience during online festival sales

Marketplace

Overall Market

Positive Sentiment

Negative Sentiment

Neutral Sentiment

70%

27%

73%

24%

68%

23%

71%

24%

Source: Clootrack, Inc42 Analysis Note: This analysis is based on reviews of 18K+ Indian online shoppers between October 1 and November 29, 2023

Most Ecommerce Giants Fail To Provide Delightful Delivery Experience Poor customer feedback on delivery from market leaders hampers overall online festival sales experience Marketplace

Overall Market

Positive Sentiment

Negative Sentiment

Neutral Sentiment

27%

68%

33%

63%

34%

56%

41%

35%

61%

41%

54%

Source: Clootrack, Inc42 Analysis Note: This analysis is based on reviews of 18K+ Indian online shoppers between October 1 and November 29, 2023

Key Growth Drivers Of Online Festival Shopping In India Internet & Smartphone Adoption

India has the world's second-largest internet and smartphone user base, just behind China. The current active internet user market is over 759 Mn and is expected to reach 900 Mn by 2025.

Growing Online Shoppers

India has 225 Mn+ online shoppers (30% of active internet users), projected to reach 500 Mn+ by 2030 at a 12% annual rate. Notably, 60% of new online shoppers are from Tier-3 and smaller cities.

Growing Household Income

In 2019, 33% of Indian households had an annual income exceeding INR 5 lakhs. By 2030, this is projected to rise to 49%, equivalent to 173 Mn households.

Young Workforce

India, with 349 Mn individuals under 25, presents a lucrative market for ecommerce and consumer internet segments due to rising household income and internet usage.

Festival Season Offers

The fact that the sale offered by leading ecommerce marketplaces during this time has been marketed as a celebration over a recurring event. The Indian shoppers have developed a degree of stickiness toward this, 39% of Indian shoppers surveyed in 2023 expressed their intention to shop during big online sales during the diwali season.

Availability Of 3PL

The supply chain of Indian ecommerce businesses has been improved and broadened by modern startups like Shiprocket and Delhivery among others, which provide integrated logistics solutions for online businesses of varying sizes

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DESIGN SABITH

ADDRESS Inc42 Media, 59/16, 4th Floor, Jujhar Tower, RD Marg, Kalkaji, New Delhi, Delhi 110019

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