White Paper - India's E-Commerce Logistics Industry: Uncaged and ready to grow - Spire Research and Consulting
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www.spireresearch.com
White Paper
India’s E-Commerce Logistics Industry:
Uncaged and ready to grow
Mr Saurabh Sharma
Country Director
Spire Research and Consulting
India
White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 1www.spireresearch.com
Contents
1. India’s Logistics Industry
2. Growth Drivers for E-Commerce Logistics
• E-Commerce Industry: Overview
• E-Commerce Industry: Growth Factors
• E-Commerce Logistics Industry: Overview
• E-Commerce Logistics: Business Models
• E-Commerce Logistics: Value Chain of Delivery
3. Recent Trend and Developments
• Impact of GST and Revised FDI Regulations for E-Commerce
Companies
• Solving the Last Mile Delivery Challenge
4. Industry Challenges
• Product Returns in an Environment of Cash on Delivery creates
Risks for Online Sellers
• E-Commerce Logistics Challenges: Cash on Delivery
5. Indian E-Commerce Logistics: Key Players
• Overview of Key E-commerce Logistics Players
• Ekart Logistics
• Delhivery Private Limited
• Ecom Express Private Limited
6. Conclusions and Recommendations
7. References
White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 2www.spireresearch.com Update on the impact of the Covid-19 pandemic in early 2020 The insights and estimates contained in this report were formulated prior to the World Health Organization’s declaration, on 11 March 2020, of a global pandemic relating to the currently proliferating strain of novel coronavirus that has come to be known as Covid-19. The Covid-19 pandemic has affected the Indian economy, consumer behaviour and the investment decisions of firms. In late March, Prime Minister Modi declared a three week “lock-down”. Air travel has been restricted and individual city governments have ceased public transport services in many cases. The economic impact of Covid-19 is expected to be severe and the stimulus package announced by the Indian government on 26 March 2020, at less than one per cent of GDP, may not substantively counter these effects in the short- term. Having said that, further government measures are likely to be taken in the future and the effects of these are difficult to foresee at this point in time. The full effect of the Covid-19 situation is thus hard to predict at this point in time. Some observers expect that E-Commerce will surge as a result of more persons staying home during curfews and lock-downs. However, the counter- argument to this optimistic view might be that road and air traffic may face operational difficulties due to lockdowns on vehicular traffic, road-blocks, financial difficulties facing transport and logistics companies and other such events. This report should thus be understood as an attempt to define the outlook for E-Commerce in India once the Covid-19 pandemic stabilizes and economic activity returns to something resembling the pre-Covid-19 normalcy. White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 3
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Chapter 1. India’s Logistics Industry: Overview
The logistics industry is a crucial sector, contributing significantly to GDP and
employment in India
In 2018, the Indian logistics industry was valued at USD 160 billion and employed
approximately 22 million people.
Its market size is expected to increase at an annual growth rate of ~16% to
reach USD 215 billion in 2020 and USD 500 billion by 2025.
Logistics cost in 2018 stood at 14% of GDP. The Indian government targets to
reduce this cost to 10% by 2022.
Overall Logistics Market Size (USD billion)
500
18%
16%
215
160
2018 2020 (E) 2025 (E)
Source: Niti Aayog Economic Survey (2017-18)
In 2017, India’s government granted the status of “Infrastructure” to the logistics
sector. This has helped the sector in terms of:
Easier access to loans/lending and Foreign Direct Investment (FDI), access
to larger amounts of funds as External Commercial Borrowings (ECB) and
eligibility to borrow from the Indian
Infrastructure Financing Company Limited Warehousing Space
(IIFCL) Requirement (Million Square
Meter)
86
Warehousing attracted FDI of USD 7.2 billion in 68
2017-19. Most of these investments catered to
increased demand from E-Commerce logistics
and multi-brand retail outlets
2019 2024 (E)
Source: Knight Frank Research (2019)
White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 4www.spireresearch.com
The automotive sector (components and Logistics Market Share by
finished vehicles) is the largest end-use Industry (2018)
sector for logistics. However, E-Commerce is
fast becoming one of the main end-use
verticals for the logistics industry Others,
15%
In 2018, the automotive sector dominated Automotive
Consumer Durables & Components,
logistics, and formed 56% of total logistics FMCG, 5% 26%
demand. However, we expect that E- Organized
Commerce and Medium and Small Business Retail, 8%
customers across industries would be the
main growth drivers for logistics in the coming 2 & 3 Wheelers, Cars and
13% SUVs, 17%
years.
E-Commerce,
It is expected that the share of E-Commerce 16%
will increase from 16% of logistics revenues in
2018 to 28% by 2025.
Source: Edelweiss Research (November, 2018)
Surface/Road transport is the most common mode of transportation in India’s
logistics sector
As of 2018, India’s logistics industry was still reliant on road transportation, which
makes up 60% of all modes of transportation used. This is in spite of road
transport having the highest cost per ton (INR 3), in comparison to rail (INR 1.5)
and coastal (INR 1).
The main reason for the industry’s reliance on road is the geographic
complexity of the country and lack of complex tracking systems necessary for
multimode transportation.
Warehousing Market Share by Industry (2017-18)
40% 36%
29%
30% 24%
21% 21% 19%
20% 15% 16%
11%
8%
10%
0%
3PL E-Commerce Manufacturing Retail Others
2017 2018
Source: Knight Frank Research (2019)
White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 5www.spireresearch.com Warehousing is another key part of the logistics eco-system. Warehousing ensures faster deliveries to end-customers. In India, the warehousing industry obtains the most transactions from third party logistics players or 3PLs, followed by E-Commerce. The share of E-Commerce in warehousing revenue has grown from 15% in 2017 to 24% in 2018, in tandem with a drop in the retail industry share. It is expected that E-Commerce will become the leading segment for warehousing revenue over the next 4-5 years. Express Logistics: Road transportation is also very popular for express deliveries and accounts for approximately 55% of the total market. It is currently dominated by small packages or documents that are less than 2kg in weight. Express courier services for last-mile delivery are being provided by many traditional logistics players such as Blue Dart, GATI and TCI Express. The road express market, which is a key transport mode for the E-Commerce sector, was valued at USD 2 billion and overall express market at USD 2.8 billion in 2018. The overall express market is expected to grow at 15% to 16% a year and reach USD 25 billion by 2025. The key attributes for this growth are the rise of E-Commerce, increasing demand from the SME sector and supportive regulatory reforms from the Indian government. White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 6
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Chapter 2. Growth Drivers for E-Commerce Logistics
India’s E-Commerce industry is dominated by two players who control 63% of
the market
India’s E-Commerce industry has grown at an average rate of 28% in the last
decade.
In 2014, India’s E-Commerce market size was USD 14 billion. It reached USD 50
billion in 2018.
Mobile penetration, ease of shopping and the growing ability of suppliers to
make faster deliveries will continue to drive market growth towards a revenue
size of USD 64 billion in 2020.
Amazon and Flipkart are the two largest players in the Indian E-Commerce
market with a combined market share of 63% (2018). Amazon and Flipkart also
have their own captive arms which handle more than 80% of their logistics
needs.
Myntra, PayTm Mall and Snapdeal together account for 12% (2018) of the
market. These players, along with other smaller e-commerce providers, rely on
3PL and courier service providers across the country to fulfil their orders.
Market Share (2018)
Others, 23.9%
Flipkart, 31.9%
Snapdeal, 2.5%
Myntra, 5.0%
PayTm Mall, 5.6% Amazon, 31.1%
Source: Economic Times India (October, 2019)
White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 7www.spireresearch.com
India’s E-Commerce growth is driven by increased access to smartphones and
internet penetration
Number of Internet and Smartphone Users in India
(Million)
600
483 525
437
340 374
400 295 299
252
200
0
2016 2017 2018 2019
Internet Users Smartphone Users
Source: Statista (2019)
In addition, Indian telecom operators offer some of the lowest data service costs in
Asia, at USD 0.26/ GB, surpassing Indonesia, Japan and China.
The cost of data fell by ~93% from INR 269/GB (USD 3.78/GB) in 2014 to INR 18.54/GB
(USD 0.26/GB) in 2019.
Cost Per GB of Data in 2019 (USD)
15.1
9.9
8.3
1.2
0.3
India Indonesia Japan China South Korea
Source: Statista (2019)
White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 8www.spireresearch.com
Since 2018, Metro cities accounted for nearly half of E-Commerce logistics
industry shipments, implying lots of room for Tier II and below cities to grow
Metro City:
More than 1 million
population
Tier I City: More than
100,000 population
Tier II and Below:
Population less than
100,000
Source: IBEF (October, 2018)
The growth of the E-Commerce industry has fuelled the growth of E-Commerce
logistics.
The market size of E-Commerce focussed logistics was estimated to be USD 1.35 billion
in 2018.
Most of E-Commerce shipments (50%) are currently in Metro cities and Tier I cities
Tier I cities are handling up to 1 million shipments daily
It is expected that rising internet penetration, growth of disposable income, and
improved logistics infrastructure will increase the share of Tier II cities and below to
50% by 2022
In 2018, E-Commerce retail sales were largely made up of electronics and apparel
with a combined revenue share of 77% for these two product categories
In terms of product categories delivered, these are largely reflective of shopping
patterns of online shoppers. As the E-Commerce sector is dominated by “Big
Horizontals”, the largest share is taken by low involvement and reliable products
such as electronics and apparel
E-Commerce Sales Share by Value for Product
Categories (2018)
Electronics 48%
Apparel 29%
Home Furnishing 9%
Personal Care & Baby Products 8%
Books 3%
Others 2%
0% 20% 40% 60%
Source: KPMG Analysis (May, 2018)
White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 9www.spireresearch.com
E-Commerce Logistics: Business Models
This model applies a zero-inventory
system wherein the seller takes Market Place Model
accountability for delivering products
directly to the customers (B2C) or
through local vendors offering product
E-Commerce Seller
storage (B2B) prior to delivery. Seller Packs Items,
collected by E-
The sellers also offer other digitized Commerce delivery End
partner Customer
services including payment platforms, Receives
after sales services and shipment Order
tracking.
End Customer
This is the most commonly used model, Seller with Inventory
Places Order
primarily because of Indian law and low
operational costs.
In this model, the inventory is purchased
by the seller. However, it is stored and Fulfilled by E-tailers Model
delivered from the warehouse of the E-
E-Commerce Seller Holds Inventory
Commerce player, who is also Owned by Seller
responsible for quality checks. This model
is becoming more common over time. Items Shipped
Informati by E-
on on Commerce
inventory Website to
Shared customer
Seller has no End Customer
inventory Places Order
Inventory is purchased and stored in the
fulfilment centers with the retailers. The
sellers simply purchase the product and Inventory-Based Model
allow their retailers to store inventory in
their warehouses till the product is E-Commerce Seller Owns Inventory
packaged and delivered by these Items Shipped
retailers to the end-customers. by E-
Commerce
Throughout the ordering process, the Website to
customer
retailers are also responsible for quality
checks, packaging and on-time delivery
of the product. End Customer
Places Order
White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 10www.spireresearch.com
E-Commerce Logistics: Value Chain of Delivery
E-Commerce players’ biggest cost challenge is the last mile delivery of the
product which accounts for approximately 50% of total logistics cost
Cost Components by Logistics Activities (2018)
43% 47%
8%
2%
First Mile Processing Line Haul Last Mile
First Mile Products are dispatched from the seller to the fulfilment
centres/mother warehouses depending on the model type
(inventory-based model or market place model).
Processing Goods are sorted and processed according to the final
destinations.
Line Haul Line haul acts as the connecting link between the central supply
center and the central demand center. This can be done via
land or air, depending on distance and cost.
Last Mile Last Mile refers to the shipping of the product from mother hubs
to delivery hubs, where they are shipped out to the customers.
White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 11www.spireresearch.com
Chapter 3. Recent Trends and Developments
Impact of GST and revised FDI regulations for E-Commerce companies
The introduction of the Goods and Services Tax (GST) in 2017 had a positive
effect on the E-Commerce logistics industry as it eased the movement of goods
across state borders.
Under the new tax regime, the interstate taxes have been removed. Due to
this, movement of goods between the states has become easier. This has
also eased the paperwork for logistics companies significantly.
Now, logistics companies have to raise E-way bills for the movement of
goods between states. These E-way bills are monitored centrally by
government bodies, giving the state better visibility of the logistics sector in
the country.
In 2018, the Indian government amended E-Commerce regulations, and
foreign ownership in subsidiaries of E-Commerce companies was capped at
25% of equity for the inventory-based model. However, 100% foreign ownership
of equity was permitted for the market place model.
After this rule, Amazon invested USD 651 Million in 2019 in its various subsidiaries
such as Amazon Seller Services, Amazon Pay and Amazon Retail. This brought
the total investment to USD 6 billion.
One key outcome from this massive wave of investment was to improve
logistics and digitize Small Medium Businesses (SMBs) to bolster growth.
100% FDI has been allowed in the warehousing sector after the logistics sector
was classified as infrastructure in 2017.
Inventory
25%
Based Model
FDI Warehousing
100%
Limit Subsidiary
(2019)
Market Place
100%
Model
Source: IBEF (2018)
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Solving the last mile delivery challenge
Mom and Pop Store Partnerships have become key for solving the last mile
delivery challenge facing the logistics industry.
Last mile connectivity has been a key challenge for the E-Commerce logistics
industry. Captive arms of E-Commerce companies have some new delivery
models such as:
Partnering with small “mom and pop” shops across Tier II and below cities
for ordering and delivery of products
Flipkart partnering with 27,000 (2019) stores in 700 cities for faster delivery of
their products
Myntra partnering with 9,000 (2019) stores in 50 cities of India. They expect
this number to increase to 15,000 in by end of 2020
Amazon partnering with approximately 20,000 stores as of January 2020.
They have also started training these store owners to facilitate first time
internet users placing orders online
Number of Mom & Pop Store Partners for Ordering and
Delivery (2019)
30000
20000
10000
0
Amazon Flipkart Myntra
Source: Financial Express (September, 2019)
Delivery Model in Partnership with Mom and Pop Stores
Order dispatched to store Order collected by
partner customer from shop
“We are delighted with the success of
Partner Department Store our kirana network partners, and will
continue to provide them with
opportunities to scale deliveries,
especially during the festive season.
Amar Nagaram, Head, Myntra Jabong
”
Information reaches at Order placed at the store
warehouse using mobile of shop
partner
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Chapter 4. Industry Challenges
An environment of cash on delivery and high rates of return have created risks
for online sellers
Return Rate of Shipments (2018) Key Reasons of Return (2018)
Wrong Item
Received
23%
35% Product Not
30% Matching
70%
22% Damaged
Product
20%
Others
Returned Accepted
Source: entrackr.com (December, 2018) Source: Spire Estimates (2019)
One of the biggest challenges facing the E-Commerce logistics industry is high
rates of returns by end-customers.
Logistics companies and their partners expect the overall return rate of
shipments to be close to 30% of Gross Market Value (GMV) of all shipments
(2018).
In 2019, the average cost of shipment to
end-customers was INR 65 (~ USD .91) and Logistics Cost Vs Average
the cost of return shipment was INR 75 Ticket Size of Online Purchase
(~USD 1.05), Implying significant losses for (2019)
returned shipments.
Total Cost
On the other hand, the average ticket size of Logistics,
for online purchases in India is INR 1,718.5 8%
(USD 24). The cost of logistics and reverse
logistics (8%) is seen by many observers as
unsustainable for E-Commerce companies. Average
Process improvements need to be made. ticket Size,
92%
Source: Economic Times (May, 2019)
White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 14www.spireresearch.com
E-Commerce Logistics Challenges: Cash on Delivery
Cash on delivery (COD) is the preferred mode of payment by online shoppers
in India
In India, all E-Commerce players offer the COD mode of payment to end
customers. It is estimated, in 2019, that COD orders account for 60% to 75% of
total orders.
Due to low penetration of credit and debit cards and/or a lack of trust in the
digital transaction process, end-customers in Tier II and below cities tend to
place COD orders for the vast bulk of their transactions.
Mode of Payment (2019) Share of CoD (2018)
Metro &
Tier 1, 38%
Prepaid
Orders Cash on Tier II &
Delivery Below,
Orders 62%
25-40% 60-75%
Source: Spire Estimates (2019) Source: Spire Estimates (2018)
COD creates two types of problems for E-Commerce players and logistics
service providers:
Logistics companies have to develop capabilities to collect cash from the
delivery point and manage the transactions. This cash handling function
imposes additional costs.
It has also been observed by E-Commerce companies such as Amazon and
Flipkart that prepaid orders have a lower proportion of returns in comparison
to COD orders.
Steps taken by companies to improve the situation include:
Setting limits on COD purchase ticket sizes. Some E-Commerce players such
as Snapdeal have set limits on COD purchases to INR 20,000 (~USD 280.5)
and Amazon and Flipkart have limited it to INR 50,000 (~USD 701.2) as at
2019
Training last mile delivery staff to process payments using cards at the
delivery sites or collection centers
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Chapter 5. Indian E-Commerce Logistics: Key Players
Overview of E-Commerce logistics players
E-Commerce players have developed captive logistics arms for managing
delivery of their shipments. These captive arms have the highest market share
in the E-Commerce logistics Industry.
India’s E-Commerce logistics industry manages/ships approximately 57
million shipments per month (1.9 million per day, in 2018) throughout the
country
Most of these shipments (~49%) are managed by the captive arms of E-
Commerce logistics players such as E-Kart and Amazon Logistics
E-Commerce-focused players thus have the second highest market share
in the E-commerce logistics market, followed by traditional logistics players
The top four companies in terms of shipments managed and revenue are:
Ekart (Subsidiary of Flipkart)
Amazon Logistics (Subsidiary of Amazon India)
Delhivery (E-Commerce Focused Player)
Ecom Express (E-Commerce Focused Player)
Market Share by Type of Logistics Provider Revenue in USD Million (2019)
(2018) 700 620.2
600
500
Traditional 400
Players,
292.0
300 237.7
23% Captive
Logistics 200 141.1
E- Arms, 49% 100
Commerce
Focussed 0
Players,
28%
Source: KPMG Report (May, 2018) Source: Ministry of Commerce (2019)
White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 16www.spireresearch.com
Company Profile: Ekart Logistics
Overview
Revenue (USD Million)
Founded: Started operation in 2009
800
Focus: Caters primarily to E- 621.0
Commerce companies 600
Shipments Managed: It manages
400 349.4
approximately 85% (10 million/month)
of Flipkart’s total shipments (2018)
200
Funding: It is a subsidiary of Flipkart 42.6
Future Plans: Launched a courier 0
business and pilots in hyper local 2016 2018 2019
delivery business under the brand Source: techcircle.in (2019)
name eQuick Services
Industries and Capabilities
Key Services Offered: transportation, warehousing, in-factory logistics, reverse
logistics, and cash management
Key Industries Catered: E-Commerce companies
Coverage: 3,800+ Pin code, 7.5 million cubic warehouse space, and 800+ cities
Key Customers: Flipkart, Paytm, Shopclues, Myntra, Aditya Birla Group, Madura
In 2016: Flipkart invested USD 98.4 million in Ekart
In 2017: Flipkart allocated USD 460 million to Ekart for strategic investments
and to expand their network of deliveries across Indian cities
In 2018: Ekart received funding of USD 229 million in three tranches from
Klick2Shop (Singapore based firm)
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Company Profile: Delhivery Private Limited
Overview
Revenue in USD (Million)
Founded: Started operation in 2011
250 237.70
Focus: Caters to both B2B and B2C
businesses in India and overseas
200
Shipments Managed: Handles 5-6 150.68
150
million packages a month 106.16
100
Funding: Investments by Nexus
Ventures, Softbank, and Tiger Global 50
Future Plans: The company is also 0
venturing into international E- 2017 2018 2019
Commerce markets such as
Source: entrackr.com (October, 2019)
Bangladesh and Dubai
Industries and Capabilities
Number of Cities
Key Industries Catered: E-Commerce
2000 1800
companies, automobiles,
pharmaceuticals, fashion and
electronics 1500
1200
Coverage: 2,500+ Direct Centers,
18,000+ pin codes, 2,500 cities (2019) 1000
Warehousing Capability: 6 million
square feet 500
175
Key Customers: Wildcraft, Flipkart,
0
Snapdeal, Urbantouch, Amazon
2015 2017 2019
Source: entrackr.com (October, 2019)
Forbes India (2019)
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Company Profile: Ecom Express Private Limited
Overview
Revenue in USD (Million)
Founded: Started operation in 2012
160 141.11
Focus: Caters primarily to E-Commerce 140
companies 120
Shipments Managed: Handles 5-6 100 81.2
million packages a month (2018) 80 68.8
60
Funding: Investments by Warburg
40
Pincus
20
Future Plans: The company is focusing 0
its efforts on improving reach and 2017 2018 2019
capabilities in Tier IV cities
Source: Financial Express (November, 2019)
Industries and Capabilities
Number of Cities
Key Services Offered: express services, 3000
digital services, fulfillment services and
2500 2400
reverse logistics
Key Industries Catered: E-Commerce 2000
companies 1400 1500
1500
Coverage: 25,000 Pin code Average,
2,400 cities (2018), 2,500 delivery 1000
branches
500
Key Customers: Nykaa, Paytm, 35
0
Jabong, Myntra, Amazon, Flipkart and
2013 2015 2017 2019
Snapdeal
Source: Financial Express (November, 2019)
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Chapter 6. Conclusions and Recommendations
India’s E-Commerce logistics market has huge growth potential
India’s E-Commerce industry is big and growing, and will further boost the
logistics sector. The driving forces for this would be:
A more transparent tax structure: simplifying distribution across states and a
national consolidation of warehousing
Growth of online shopping: with growing trust in E-Commerce companies
and rising access to a wide range of product categories, this sector will
continue to grow well in Tier II and below cities, driving most of the growth
in the next 3 to 5 years
The logistics sector has been deemed as “infrastructure”, enabling it to get
better access to funding
➢ Given the restriction in FDI for e-market places, the logistics sector
provides foreign investors a viable way to access to India’s E-
Commerce growth story, as 100% FDI is allowed in the warehousing and
logistics sector
While the E-Commerce sector itself is concentrated, the logistics sector is
fragmented. Although the larger E-Commerce players have captured first
mover advantage, there are opportunities for companies that can address the
current challenges. These are:
Solutions that drive technology adoption, especially in the last mile sector,
such as companies that can combine payment and last mile logistics to
address the risks of returns and cash on delivery
Logistics providers in Tier II and Tier III cities that can capture the growth
pockets
Solutions to improve delivery accuracy and quality, to reduce the high rate
of returns
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Chapter 7. References
https://www.niti.gov.in/niti/content/indian-logistics-sector-path-
transformation
http://www.makeinindia.com/logistics-sector
https://www.business-standard.com/article/economy-policy/logistics-sector-
to-see-500-bn-annual-investment-by-2025-prabhu-118073000534_1.html
https://www.business-standard.com/article/economy-policy/retail-boost-for-
logistics-warehousing-investment-rises-by-7-bn-in-2-yrs-119112701344_1.html
https://content.knightfrank.com/research/677/documents/en/india-
warehousing-and-logistics-india-warehousing-market-report-2018-insight-
series-2-5494.pdf
https://www.niti.gov.in/niti/content/indian-logistics-sector-path-
transformation
https://www.dsij.in/productAttachment/premarketreports/Market_IndiaLogisti
cs_Edelweiss_26.11.18.pdf
https://www.statista.com/statistics/792047/india-e-commerce-market-size/
https://economictimes.indiatimes.com/industry/services/retail/small-town-
india-helps-amazon-flipkart-record-growth-in-sales/articleshow/71449679.cms
https://www.statista.com/statistics/467163/forecast-of-smartphone-users-in-
india/
https://timesofindia.indiatimes.com/business/india-business/indias-mobile-
data-is-cheapest-globally/articleshow/68294413.cms
https://www.statista.com/topics/2157/internet-usage-in-india/
https://www.indiatoday.in/business/story/mobile-call-internet-to-become-
costlier-by-up-to-50-from-december-3-1624261-2019-12-02
https://www.ibef.org/industry/ecommerce.aspx
https://assets.kpmg/content/dam/kpmg/in/pdf/2018/05/e-commerce-retail-
logistics.pdf
https://economictimes.indiatimes.com/industry/services/retail/amazon-not-
doing-favour-to-india-by-investing-a-billion-dollars-
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