The recent rise of quick commerce has introduced a new dimension to the online retail ecosystem, further revolutionising the way consumers access goods
Driven by a decade of digital transformation, rising incomes, and technology-first progressive policies, a report has stated that India is poised for a trillion-dollar digital opportunity. The report added that starting from a base of USD 30 billion in 2020, the country’s online commerce sector is expected to reach USD 300 billion by the end of the decade in 2030, contributing to a USD one trillion digital opportunity.
Bessemer Venture Partners’ report emphasised that India is about to witness its digital economy take off, with a triple engine of commerce, content, and consumer discernment fuelled by artificial intelligence.
The recent rise of quick commerce has introduced a new dimension to the online retail ecosystem, further revolutionising the way consumers access goods. The report added that platforms such as BigBasket, Blinkit, Swiggy, and Zepto have spearheaded this movement, demonstrating the viability and consumer appeal of rapid delivery services.
“Affordable mobile data has enabled widespread internet access for over 800 million Indians, dramatically increasing online shoppers from almost none in 2010 to 238 million in 2024. As the world’s most populous nation in 2023 with a young median age (28.8 years), its per capita discretionary income has doubled to roughly USD 2,500 in 2024 and is expected to hit USD 4,000 by 2030, fuelling retail growth,” it pointed out.
The report mentioned that policy reforms and a strong digital public infrastructure (DPI) built over the last decade have facilitated smooth online transactions. It added that the Unified Payments Interface (UPI) has been particularly impactful, making peer-to-peer and merchant transactions almost seamless.
“We believe that the next wave of DPI will see the growth of platforms like the open network for digital commerce (ONDC), which is expected to democratise ecommerce, and the open credit enablement network (OCEN), which is expected to do the same for lending,” the report noted.
The report also added that verticalised quick commerce is emerging as a challenger to horizontal quick commerce with startups like Snabbit, Swish, and Slikk. It explained that the seamless nature of online shopping, coupled with readily available visibility, has transformed the internet into a primary channel for brands aiming to connect with Indian consumers.
