I love doing annual recaps. It gives me the mental space to look at everything that happened in the past year that was and then evaluate how far I have come.
I wanted to take this opportunity to do the same for our audiences. 2023 was pretty exciting for us. We were trying to navigate a world post-pandemic. A world where online and physical interweaved seamlessly. It brought new opportunities for digitally native brands to strengthen their communities offline and for retail brands to step into online spaces.
So what were some of the most significant developments in eCommerce in 2023?
Here is everything that happened over the year that impacted business owners!
1. India now ranks third in the global list for unicorns, soonicorns, and gazelles, according to Hurun’s Global Unicorn Index!
2. India saw 2 unicorns in 2023 – Zepto (a quick commerce platform) and Incred (a fintech platform)
Following the fresh capital infusion, InCred has been valued at $1.04 billion and has become the second company to gain unicorn status this year, the company said in a statement.#MarketingMind #InCred #WhatsBuzzing #Unicorn #FundingAlert pic.twitter.com/cxXQg4jxbv
— Marketing Mind (@MarketingMind_) December 26, 2023
3. ONDC is now operational in over 500 cities
Linking communities far and wide! The ONDC Network now caters to 500+ cities with sellers.
Let’s mark the occasion as we approach ONDC Foundation Day! 🚀
Learn more about ONDC: https://t.co/11Dag0UUd7#ONDCFoundationDay #ONDCAnniversary #ONDCAtTwo #TwoYearOfONDC #ONDCJourney… pic.twitter.com/FTY5B1Ja4P
— ONDC India (@ONDC_Official) December 23, 2023
4. ONDC and Meta join hands to support small businesses
“Our partnership with Meta will digitally upskill these businesses and enable them to connect with a customer base far and wide. We are confident that our collaborative efforts will pave the way for millions of small businesses by providing them with the right impetus for growth” T. Koshy, CEO & MD, ONDC
5. Consumer affairs secretary declared that the eCommerce policy was ready after 80 meetings and will be released soon
“The eCommerce policy and rules are completely ready and have been made very thoughtfully considering the rapid expansion of eCommerce in the country … the interests of consumers and small traders have been taken care of, while importance has also been given to create a transparent, equitable and responsible business system in the country through eCommerce” Piyush Goyal, Union Commerce Minister
6. Indian D2C brands saw a 43% surge in Average Order Value (AOV) during festive sales on marketplaces
7. Another Deloitte report titled “Future of Retail” suggested eCommerce sales may cross modern retail sales by 2030
Grab a slice of this eCommerce pie by launching your own online store on Instamojo!
8. eCommerce industry in India recorded 26% growth in orders in 2023
9. India’s middle-income consumers will drive nearly half of eCommerce growth by 2023
A report by RedSeer estimated that these middle-income consumers form the “mass” consumer. These buyers are highly value-conscious and focus on optimizing price versus quality.
10. The festive season created close to 700,000 gig jobs in quick commerce companies, logistical companies like delivery personnel, warehousing staff etc to fulfil consumer demands
11. It’s been a year of boosting collaboration between businesses and brands on Instagram with new features like broadcast channels, notes, and collaborated posts/reels
At Instamojo, we love doing collab posts with business owners who deserve a spotlight on them! Read more about Craftpotli’s brand-building journey here.
View this post on Instagram
12. Meta launched a Twitter lookalike “threads” to compete with Elon Musk’s X (ex-twitter)
Right. Twitter is now X.
Follow us on Threads and X for snappy tools and tips on growing your eCommerce business!
13. AI-driven personalisations and recommendations have become revolutionary for D2C marketers – leaner teams, and more scope for innovation.
Here is a comprehensive list of AI tools that you can use to help you drive business growth.
14. Google and YouTube have promised to help users identify AI-generated content and differentiate it from human content
As said before when asked about AI, content created primarily for search engine rankings, however it is done, is against our guidance. If content is helpful & created for people first, that’s not an issue. https://t.co/3rs3Yrrrk1https://t.co/TlFEbdXGAphttps://t.co/Yl9XWr5CAN pic.twitter.com/gFTE2C2wq1
— Google SearchLiaison (@searchliaison) January 12, 2023
15. Our government had a tremendous year when it came to digital growth. The Indian govt launched the Skill India Digital platform
16. The Indian Government also launched a new eCommerce platform for artisans and weavers with a 0% commission
Read more about the “India handmade” platform and if you are the right fit here!
17. The Government will also train artisans weavers and jewellery manufacturers to sell products online on eCommerce platforms
“We are going to launch a huge outreach programme where we will train our artisans, weavers, and jewellery manufacturers, to onboard eCommerce platforms and export their products directly from there, without being dependent on anyone else,” Santosh Kumar Sarangi, Director General Foreign Trade
Related read: How to sell handmade products online in India: The ultimate guide
18. D2C brands are preparing for the next 200 million online shoppers
Investors are estimating that the current base of internet shoppers is going to double to 400 million shoppers in the next 5-7 years. But, these shoppers are largely Gen Z and they have different consumer preferences. For example:
- Products need to be healthier
- Packaging and the unboxing experience matter for loyalty
- The products should be designed for prolonged use unlike the use-throw nature of fast fashion
Related read: The D2C eCommerce playbook: 5 strategies that will keep you ahead in 2024
19. From August, the e-invoice limit for GST was reduced to Rs. 5 crore
This means GST-registered businesses whose aggregate turnover of more than Rs 5 crore up to Rs. 10 crore need to generate IRN on their B2B invoices.
Earlier businesses with a turnover of more than Rs 10 crore had to generate invoices for business-to-business (B2B) transactions including supply of goods and services and exports transactions.
How much do you know about GST invoicing requirements? Take our free course on mojoVersity to learn the basics.
20. The informal micro-businesses registering for the Udyam certificate have crossed the 1 crore mark
These businesses were not under the GST regime and were eligible for priority sector loans on the government’s Udyam Assist Platform (UAP). Learn more about registering on the UAP platform here.
21. India is on the brink of a warehousing boom and is projected to reach a staggering Rs 2,872.10 billion valuation by 2027
22. Logistic giants like Maersk, A.P Moller, iThink Logistics, Mahindra Logistics and India Post are investing in India’s eCommerce sector
Related read: 5 Affordable shipping services in India for online businesses
23. Instamojo, your chosen eCommerce platform, became EBIDTA profitable
“The transition to a full stack commerce enabling platform for D2C businesses has Instamojo achieve EBITDA profitability. In Q2 FY24, we clocked our highest-ever EBITDA margin of 15% vs -7% EBITDA margin in Q2 FY23.” Akash Gehani, COO, Instamojo
Instamojo now has new exciting features!
Want a homepage that looks and feels like YOUR BRAND? Customise it exactly as you want with our Builder feature.
Our Smart Pages also went through an incredible transformation with custom domains, smart enhancers and more!
Let’s talk about the ease of selling products:
- Custom fields for personalised products are now in
- Automatically update customers with their shipping status
- Upload and sell digital products in bulk
Instamojo will be your simplest and easiest choice for running a homegrown business. Start with us for free and then upgrade for only Rs 10/day!
Start 2024 with Instamojo
