Growth of E-Commerce in India
Global e-commerce is forecast to double to $4.1 trillion by 2020, from $1.9 trillion in 2016, as consumers in populous countries such as India and China prefer to shop online to avoid crowded malls. Online shopping has brought about significant developments in the Indian retail trade division, outlining a shift in the way buyers make a transaction.
The online shopping industry has progressed drastically over the past several years, to end up noticeably as a mainstream trade line. E-tail shopping has been supported by the accelerated development in affordable web cost and broadband infiltration combined with buyer acknowledgment of electronic business as a suitable and safe alternative to conventional bricks and mortar retailing.
In recent years, India has developed as the quickest developing economy on the planet. As per monetary analysts, India is the only nation that can take over rising economic expansion of mighty dragon China.
As per CSO (Central Statistics Organisation) and the IMF (International Monitory Fund) every possible business will get significant growth in upcoming years, including e-commerce sectors in India. Since the speedy growth of smart phones and internet connectivity across the nation driving the users in purchasing and selling commodities for comfort and mobility.
Many nations are working to improve and grow their e-commerce market like India. In fact, it is predicted that India’s current e-commerce value worth of $16 billion will cross $100 billion dollars by 2020. Researcher estimated that the e-commerce market in India is set to grow the fastest within Asia-Pacific region taking over China in upcoming years.
What sells the most?
Online retail has advanced 57 percent following December 2014 and 60-70 percent of the total e-commerce sales are being completed from portable devices such as mobile phone, tablet, phablet etc so far it’s a game changer. Before spending into e-commerce business the investor must know what people are looking and buying in the market.
The report describes that 48 percent shopper has looked for information online in appeals, footwear, and mobile categories. However, eighteen percent of them purchased offline. Also, 76 percent shopper still prefers paying by the cash. The online retailer is looking forward to fighting off the COD by introducing easy EMI and an additional discount for online payments.
Electronic goods and fashion items provide close to 49 percent of overall spend in e-tail. This singular section expected to reach 110,620 crores by the end of 2017. If we perceive the past, we apparently see that offline sellers like shopper stop have, in fact, started their personal online platforms to sustain this massive online expansion of e-commerce giants like Flipkart, Amazon etc.
E-commerce is bringing new business possibilities to the global travel on the tourism business. Tourism related organizations and internet companies are seeking to tap the potential market. With the Indian smart phone, business has risen by 100 percent in 2015, hotel booking and tourist sector also experienced the unparalleled growth of over 170 percent. The Federation of Hotels and Restaurants Association of India estimates that the way hotel industry is growing, to successfully satisfy the customer India needs another 1.8 lakh rooms by 2020.
At the conclusion, we can say that on account of growing awareness amongst purchasers about product quality, differences in buyer attitude and purchasing rules, India’s e-commerce warehouse is suspected of growing at a tremendous rate through 2020. Soaring number of high-speed internet users is urging business to innovate and offer a diversified collection of commodities and online services. Over the last several years, with the notable development of payment fabrication in the e-commerce market, consumers are increasingly turning towards online purchasing medium and shredding their idea of the online market being insecure. Consumer electronics, online travel and apparel, and accessories are the market section displaying encouraging growth. With the advantage of same-day shipment, online supermarkets stores are also entering into the country’s online space.