Sector Snapshot · Retailing

India's Retail Market Charges Toward US$2.4 Trillion

A fast-read primer on India's retail and e-commerce sector — the backdrop against which we benchmark every company's cost structure in this category.

US$2,361 bn

India's retail market size by 2035

US$317 bn

Consumer spending, 2025

Global destination rank in retail

US$345 bn

E-commerce market size by 2030

290 mn

Online shoppers in India, 2025

Retail and E-Commerce Are Both Scaling Rapidly

Overall retail is set to more than double by 2035, with e-commerce growing even faster.

Retail Market Size (US$ billion)

2025 → 2035 forecast

$1,094bn

2025

$2,361bn

2035F

E-Commerce Market Size (US$ billion)

2024 → 2030 forecast

$125bn

2024

$345bn

2030F

What's Pushing the Sector Forward

Massive market scale, accelerating e-commerce, and strong investment define retailing in India.

Massive Market Scale

Retail market to exceed $2,361bn by 2035

E-Commerce Acceleration

Online market to grow from $125bn to $345bn by 2030

Investment & Policy

100% FDI permitted in B2B e-commerce and the marketplace model

Recent Developments

A sample of the industry-wide and policy moves shaping the sector through early 2026.

→ India's retail sector is on track to exceed $2,361 billion by 2035, up from ~$1,094 billion in 2025.
→ India's e-commerce industry, valued at $125 billion in 2024, is projected to reach $345 billion by 2030 and $550 billion by 2035.
→ India's D2C market is set to cross $100 billion in 2025, with the segment projected to reach $60 billion by 2030.
→ The Government e-Marketplace (GeM) crossed Rs16.41 lakh crore in cumulative GMV by November 2025.
→ Tier-2 and Tier-3 cities are driving a growing share of e-commerce order volumes.
→ Amazon announced a $35 billion investment in India by 2030 to expand digital infrastructure and exports.

Companies We Benchmark in This Sector

Listed Indian Retailing companies in tDoBe's cost-benchmarking coverage.

Eternal

Avenue Supermarts

Trent

Lenskart Solutions

FSN E-Commerce (Nykaa)

Meesho

Info Edge (India)

Swiggy

Vishal Mega Mart

Urban Company

Cartrade Tech

Brainbees Solutions (Firstcry)

Indiamart Intermesh

Vedant Fashions

Medplus Health Services

V2 Retail

Aditya Birla Fashion

Arvind Fashions

See How These Companies Compare on Cost

The numbers above set the stage. Our Report translates it into a company-by-company cost benchmark — down to the category — so you can see exactly where a business sits against its peers.

Explore the Retailing Report