India's online retail space grew by 23% in 2017, pace to accelerate in 2018

In 2017, online retail grew to $17.8 billion in gross merchandise value from $14.5 billion last year

India's e-commerce firms had a reason to cheer in 2017 as online retail grew sharply over the previous year and is projected to accelerate its growth trajectory in 2018. 

In 2017, online retail grew to $17.8 billion in gross merchandise value (GMV) from $14.5 billion last year, a 23 per cent increase, Livemint reported on Thursday while citing RedSeer Management Consulting, a market research and consulting firm. According to the financial daily, the country's e-commerce market picked up sharply in the second half of 2017 after a period of nearly 18 months. 

The report added that the pickup was driven