eCommerce is the booming stage in India once upon a time no one in India trust online shopping but Today people of India shop online without any doubts or fear in their mind and this rate has increased by 71% among the Tier-I and Tier-II customers with over 30% of traffic on e-commerce website arising from smartphones or tablets. Thus Indian online marketplace is set to surpass $15 Million by 2016. The current Indian e-commerce market is quite similar to the China market in 2005!
Nowadays, India is in a completely growing stage of development and we need to update our business to the growing needs of the new generation. ‘Incredible India’ has now got a new name – ‘DIGITAL. India The current generation completely belongs to e-services. Today, every business and service is going the ‘internet’ way. Everyone prefers e-services and e-governance which are the most preferred ways to connect to the people around the world.
eCommerce has taken the world by storm and it is the future of shopping be it the world or India. Let me provide some facts and figures to prove my statement.
A new study by Forrester Research has stated that approximately a fifth of total retail sales will take place online by 2021 in Asia Pacific, 78 percent from smart phones. The study adds that online retail via mobile will grow at a CAGR of 15.6 per cent, to reach $1 trillion in 2020 (no that ‘t’ in trillion is not a typo).
The study further goes on to say that Asia Pacific will be the largest region for online retail sales in the world, with China being the largest market for e-commerce with $681 billion in sales. However, the fastest growing e-commerce market in the world, according to Forrester, is undoubtedly India. The Indian Institute of eCommerce states that by 2020, India is expected to generate $100 billion online retail revenue out of which $35 billion will be through fashion e-commerce. Online apparel sales are set to grow four times in coming years.
The Internet and mobile usage has increased tremendously over the last five years. Today, there are 100 million Internet users, a number which immediately creates an easy reach for all e-commerce sites and this number is not going to decline only increase. So you can imagine the potential growth we are all going to witness in regards to eCommerce in India.
If you happen to be a business owner, an entrepreneur, a developer or even just some random person with big dreams and aspirations I would definitely recommend that you take a step in the eCommerce domain. And if you don’t know where and how to get started there are countless platforms that can create an eCommerce online store for you in a matter of minutes. Some good platforms are Shopify, Magento and my personal favorite BuildaBazaar it is by far the cheapest platform available.
According to a new study from the Center for Research in Electronic Commerce, This is such a dynamic field. Every day is a new day in the world of ecommerce. We see a lot of things, and looking in the near future, eCommerce will become the industrial revolution of the 21st Century. Certainly see happening is the decline of the revenue-share business model. EBusiness still has huge untapped potential & continues to grow robustly and hosted providers have revenue-share pricing models.
The actual blooming of the E-commerce industry took place with the introduction of smartphones and applications. India being the 2nd largest population in the world and the largest when it comes to using the internet and smartphones holds a very bright future for the E-commerce industry.
Although the industry had witnessed a major crunch in the past, the advent of the smartphones gave a glowing future for the E-commerce sector.
· In the year 2009, the net worth was of the e-commerce business was $3.9 billion which spiked up to $38 billion in the year 2016.
· The industry is expected to shoot over the $100 billion mark in the next 5 years contributing to a growth in 4% of the GDP of India itself.
· The increase in the digital approach and lifestyle has increased the market penetration of the E-commerce industry causing an increase by about 1200% to $200 billion by the year 2026.
The current focus and target of the e-commerce industry are to gain greater growth through mobile application development and cashless transaction. The system of wallet payment has radically increased with more and more people seeking special offers during the festive sales. The favorable market with a large customer base makes E-commerce one of the booming sectors in the business world. This leaves room for plenty of innovative technologies that will soon be adopted to give great customer experience in India.