online shoppers. By 2028, that figure is expected to swell to between 400 and 450 million. But it’s not just the numbers that are shifting.  The Indian e-shopper is no longer just a value hunter driven by deep discounts. They are aspirational, digitally savvy and highly segmented. The company saw a sharp bifurcation with one cohort continuing to seek affordability, while another — especially younger, urban consumers — is rapidly gravitating toward premium offerings, convenience and curated experiences. This shift is already visible in high-growth categories like beauty and personal care, fashion and direct-to-consumer (D2C) wellness, from K-beauty-inspired serums to artisanal chocolates and performance sneakers.  Beyond the metros The report also highlights the decentralisation of demand. More than 80 per cent of new online shoppers will come from Tier 2 and smaller cities. These geographies are no longer digitally dormant — they are digital-first and leapfrogging traditional commerce entirely. This means brands need to rethink how they define their audience. The consumer in Alwar, Ranchi or Kochi may have the same purchasing power and brand awareness as one in Bangalore — but with entirely different expectations around trust, fulfillment and digital experience. Local language content, vernacular voice search, lightweight apps, and cash-on-delivery options are no longer “nice-to-haves” — they’re table stakes. Platforms that fail to localise risk irrelevance. Built for speed, priced to win According to the report, the Indian retail market is dominated by three disruptive business models — quick commerce, trend-first commerce, and hyper-value.  Delivery in under 30 minutes has rapidly grown, accounting for over two-thirds of e-grocery orders and 10 per cent of overall e-retail spend last year. It’s projected to grow more than 40 per cent annually until 2030, driven by category and geographic expansion. The market is heating up with players like Flipkart Minutes, Myntra’s M-now, BigBasket’s BB Now and Amazon’s Tez. Focused on fast, affordable fashion trends, this model is booming, expected to hit $8-10 billion by 2028. Inspired by global players like Shein and Fashion Nova, it targets Gen Z with tech-driven, social media-led strategies. India’s young, value-driven consumers will power this growth, though influencer networks and manufacturing must evolve to support scale. Offering ultra-low-priced assortments, this model is gaining traction among lower-middle-income consumers in smaller cities. Inspired by platforms like Temu, its share of India’s e-retail GMV has reached 12-15 per cent, supported by zero-commission models and seller-friendly policies. Risks ahead Despite the buoyancy, Bain tempers its forecast with realism. Rising customer acquisition costs (CAC), increasing competition among platforms and a saturated ad ecosystem could squeeze margins. Brands will need to innovate not just on product but also on pricing models, retention strategies and omnichannel plays. Moreover, digital privacy concerns and regulatory shifts could impact how data is collected and used. India’s evolving Digital Personal Data Protection Act (DPDP) will require brands to rethink personalisation strategies. There’s also the macroeconomic elephant in the room — rural distress, inflationary pressure, or political shocks could temporarily dampen consumer sentiment, especially among price-sensitive buyers. From aspiration to acceleration India’s e-commerce story is no longer about early adopters. It’s about the masses coming online, each with their own tastes, languages, spending power and dreams. For brands, platforms, and investors, the question isn’t whether to bet on Indian e-commerce. It’s how to play and whether they’re ready to serve not just the consumer of today but the one waiting to log on tomorrow from a village, a Tier 3 town, or a rapidly digitising suburb. Further reading: Why Indian tourists are set to transform global travel retail.