Top 10 e-commerce platforms in India
List of e-commerce platforms in India
India has seen a significant rise in the popularity of e-commerce, and several platforms have emerged to cater to the growing demand.
IBEF reported that the e-commerce sector in India is poised for substantial expansion, with an estimated CAGR of 27%, projecting a total market size of US$ 163 billion by 2026.
In FY23, the Gross Merchandise Value (GMV) of e-commerce reached US$ 60 billion, marking a 22% increase compared to the previous year. In FY22, the GMV was recorded at US$ 49 billion.
India’s business-to-business (B2B) online marketplace is forecasted to present a lucrative US$ 200 billion opportunity by 2030.
What is an ecommerce platform?
An ecommerce platform is the beating heart of an online business. It is an all-in-one virtual space where sellers showcase their products, interact with customers, process transactions, and manage their operations.
It is considered a digital storefront, offering the tools and infrastructure that run an online enterprise smoothly.
Benefits of using an e-commerce platform
Businesses utilizing e-commerce platforms are able to leverage the following:
- Global reach. E-commerce platforms allow businesses to reach customers worldwide, breaking geographical barriers.
- 24/7 availability. Online stores provide continuous access to products and services, allowing customers to shop conveniently.
- Cost-efficiency. Compared to traditional retail, e-commerce platforms often involve lower operational costs and eliminate the need for physical storefronts.
- Data analytics. E-commerce platforms offer valuable insights into customer behavior, helping businesses make informed decisions and improve marketing strategies.
- Scalability. Businesses can easily scale their operations on e-commerce platforms to accommodate growth in product offerings and customer base.
Top 10 ecommerce platforms in India
Here are ten of the best e-commerce platforms in India:
1. Amazon India
Founded: 2013
Headquarters: Hyderabad, India
Amazon India is a global retail corporation that commenced its operations in the Indian market in June 2013.
It’s the top choice for many sought-after brands like Xiaomi and Apple. They use it as a springboard to launch their newest tech gadgets, such as TVs and smartphones.
Over time, Amazon India has gained popularity, outshining competitors with its competitive prices and free shipping services.
2. Myntra
Founded: 2007
Headquarters: Bengaluru, Karnataka, India
Myntra is a dedicated e-commerce platform from India. It has become the country’s leading destination for fashion, home, and lifestyle products.
As a fashion retailer, Myntra offers an extensive collection of items from international and local brands, spanning categories such as:
- Menswear
- Womenswear
- Kidswear
- Home goods
Myntra is currently under the ownership of Flipkart for $300 million.
3. IndiaMART
Founded: 1999
Headquarters: Noida, India
IndiaMART stands as the most extensive online business-to-business marketplace in India. Its primary goal has been to facilitate connections between buyers and suppliers.
Presently, IndiaMART commands approximately 60% of the online B2B classifieds sector in the country.
The firm bridges manufacturers, suppliers, and exporters, providing them with a space to showcase and advertise their products.
IndiaMART covers an extensive array of categories like building and construction, industrial machinery, apparel, and electronics. It also offers chemical substances like dyes and solvents, among numerous others.
4. Flipkart
Founded: 2007
Headquarters: Bangalore, India
Flipkart initially ventured into e-commerce like Amazon, commencing its journey by retailing books. Over time, it swiftly diversified its offerings, encompassing numerous other retail categories.
Renowned in e-commerce, Flipkart offers highly cost-effective electronic goods, including mobile phones and home appliances.
Flipkart’s ‘Big Billion Days’ is one of the largest and most anticipated discount events in the Indian e-commerce sphere, featuring price reductions of up to 90%!
5. Snapdeal
Founded: 2010
Headquarters: New Delhi, India
Snapdeal is an expansive online shopping site that has captured interest from customers and prominent investors.
Since its inception in 2010, Snapdeal has secured funding from significant backers such as Alibaba Group, Softbank, and Foxconn.
While electronics reign as the most prominent category on Snapdeal, the platform also hosts various product categories:
- Home and kitchen essentials
- Fashion items
- Toys
- Beauty products
- Health items
- Books
6. Meesho
Founded: 2015
Headquarters: Bengaluru, India
Meesho emerged as a leading e-commerce entity in India, cultivating a dedicated customer base within a concise span.
The firm aims to empower the tech-savvy youth in India’s non-metro areas who are newly acquainted with the Internet.
Meesho offers a website and a mobile app, simplifying the shopping experience by enabling easy order placement and package tracking for customers.
This e-commerce online store adopts a merchant-friendly approach by not charging merchants fees for registration or deducting a percentage from their earnings.
7. 1mg
Founded: 2015
Headquarters: New Delhi, India
1mg is an Indian online pharmacy dedicated to making healthcare accessible, understandable, and cost-effective for its customers.
Beyond being a site for purchasing medicines and healthcare products, it is an informative hub.
This platform offers details about prescribed medications to enhance users’ understanding of their treatments.
1mg provides a broad spectrum of services, from online consultations and lab tests to comprehensive medical information.
Its product range spans fitness and nutrition items, supplements, healthcare devices, personal care products, Ayurveda remedies, and homeopathy essentials.
8. Nykaa
Founded: 2012
Headquarters: Mumbai, India
Nykaa was established as an online cosmetics store. It has swiftly emerged as a leading player in the industry, offering products from over 2000 well-known global brands.
The brand adopted an omnichannel fulfillment strategy, establishing over 78 stores across India to bolster its presence.
In a notable move, Nykaa became the first e-commerce brand to venture into the men’s grooming space.
The platform boasts three in-house brands in the cosmetics sector. It has expanded its portfolio through acquisitions of fashion and lifestyle brands such as 20Dresses, Pipa Bella, Dot and Key, and LBB.
9. BookMyShow
Founded: 2007
Headquarters: Mumbai, India
BookMyShow is India’s largest ticketing store, facilitating bookings for various events and movies. Dominating with over 90% market share in its segment, BMS registers a staggering two billion page views monthly.
Customers can conveniently book tickets through its application, website, WAP, or the in-house call center.
With immense success in the Indian market, BookMyShow expanded its footprint internationally, launching its online store in New Zealand and Malaysia.
Recently, it has broadened its services to include selling official merchandise and tickets to popular tourist attractions and monuments.
10. MakeMyTrip
Founded: 2000
Headquarters: Gurugram, India
MakeMyTrip is an e-commerce travel portal in India that debuted in 2000 as the nation’s inaugural domestic travel site.
It has a network comprising over 28 domestic offices, seven international locations, and four airport booths. MakeMyTrip ensures travelers can access comprehensive services while on the go.
The e-commerce store facilitates hassle-free travel by offering cabs, trains, and flight bookings.
Additionally, it enables users to discover and secure accommodations such as villas, hotels, and apartments well before their travels.
Expanding its services, MakeMyTrip has recently ventured into event hosting and ticketing within the Indian market.
How to choose the best e-commerce platform in India
Choosing an e-commerce platform that suits your business needs is vital for the success of your operation.
Consider the following factors when making your decision:
- Business requirements. Evaluate your specific needs, including the type of products you sell, target audience, and scalability.
- User-friendliness. Choose a platform with an intuitive interface for you and your customers.
- Features and functionality. Look for essential features such as secure payment gateways, inventory management, and mobile responsiveness.
- Scalability. Ensure the platform can grow with your business and accommodate increasing demands.
- Costs. Consider both upfront and ongoing fees, including transaction and additional charges.
- Security. Prioritize platforms with robust security measures to protect customer data and transactions.
- Integration. Check if the platform integrates seamlessly with other tools and services you may need, such as accounting software or marketing tools.
- Customer support. Opt for a platform that offers reliable customer support to address any issues promptly.
By carefully considering these factors, you can choose the best e-commerce platform that aligns with your business goals and objectives in the Indian market.
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