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Growth of E-Commerce in India
Global e-commerce is expected to double to $4.1 trillion by 2020, from $1.9 trillion in 2016, as consumers in populous countries like India and China prefer to shop online to avoid crowded malls. Online shopping has brought about a significant evolution in the Indian retail division, showing a shift in the way buyers conduct a transaction.
The online shopping industry has evolved drastically over the past several years to end up noticeably as a mainstream line of commerce. E-tail shopping has been supported by accelerated developments in internet affordability and broadband penetration, combined with buyer recognition of electronic business as a convenient and secure alternative to conventional brick and mortar retailing.
In recent years, India has emerged as the fastest growing economy on the planet. According to monetary analysts, India is the only nation that can take on the rising economic expansion of the mighty dragon China.
According to CSO (Central Statistics Organization) and IMF (International Monitory Fund), every possible business will see significant growth in the coming years, including e-commerce sectors in India. Since the rapid growth of smartphones and internet connections across the country has driven users to buy and sell goods for comfort and mobility.
Many nations are working to improve and grow their e-commerce market like India. In fact, India’s current e-commerce value of $16 billion is predicted to cross $100 billion by 2020. Researchers estimated that the e-commerce market in India will grow the fastest in the Asia-Pacific region, overtaking China in the coming years.
What sells the most?
Online retail has increased 57 percent after December 2014 and 60-70 percent of total e-commerce sales are done from portable devices like mobile phone, tablet, phablet etc. so far it is a game changer. Before using e-commerce business, the investor must know what people are looking for and buying in the market.
The report describes that 48 percent of shoppers have searched for information online in categories for appeals, footwear and mobile. But eighteen percent of them bought offline. Also 76 percent of shoppers still prefer to pay with cash. The online retailer is looking forward to combat COD by introducing easy EMI and an additional discount for online payments.
Electronic goods and fashion items make up close to 49 percent of the total consumption in e-tail. This unique section is expected to reach 110,620 crores by the end of 2017. If we see the past, apparently we see that offline sellers like shopper stop have actually started their personal online platforms to sustain this massive online expansion of e-commerce giants like flipkart, Amazon etc.
E-commerce brings new business opportunities to the global travel tourism industry. Tourism-related organizations and Internet companies are looking to tap into the potential market. With the Indian smartphone business has increased by 100 percent in 2015, hotel booking and the tourism sector also saw an unprecedented growth of over 170 percent. The Federation of Hotels and Restaurants Association of India estimates that the way the hotel industry is growing, to satisfy the customer, India needs an additional 1.8 lakh rooms by 2020.
In conclusion, we can say that due to growing awareness among buyers about product quality, differences in buyer attitude and purchasing rules, India’s e-commerce inventory is suspected to grow at a tremendous rate through 2020. Increasing number of high-speed internet users is encouraging companies to innovate and offer a diversified collection of commodities and online services. Over the past several years, with the remarkable development of payment processing in the e-commerce market, consumers are increasingly turning to the online shopping medium, shattering their idea that the online market is insecure. Consumer electronics, online travel and apparel and accessories are the market section showing encouraging growth. With the advantage of same-day shipping, online supermarket stores are also entering the country’s online space.
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#Growth #ECommerce #India