India’s e-commerce to reach $550 bn by 2035 driven by Tier II-III demand

India’s e-commerce industry is projected to reach $550 billion by 2035, according to a joint report by ANAROCK and ETRetail. The report highlights that the sector’s rapid expansion is driven by digital adoption and evolving consumer behaviour. Meanwhile, mall vacancy rates have declined sharply to 8.1 per cent in 2024, signalling more demand for physical retail stores.