E-commerce primarily refers to purchase and sale of goods and services, or transfer of funds or data, over the Internet. E-commerce has emerged as one of the fastest growing, booming, and ever expanding industry in India. The concept of online shopping is fast attracting the attention of the Indian population, thanks mainly to the increasing internet and smartphone penetration across the country.
The boom in the e-commerce market in India has transformed the perception about India amongst global brands, and gradually India is becoming one of the hottest marketplace for e-commerce brands. The factors that are contributing to this change in perception amongst brands are –
Technological advancements – Technology has somewhat changed the concept of shopping amongst Indians. Earlier, shopping was meant to be a fun and leisure activity involving families and friends. However, technological advancements and widespread digitalization have transformed the concept of shopping into a solo activity and more focused toward convenience than leisure. The concept of shopping anything from anywhere and anytime has given the boost to the e-commerce industry in India.
Popularity of digital wallets and online payments – Government initiatives like “Digital India” and demonetization have led to the considerable popularity of the e-commerce segment in India. Digital wallets have flourished under these initiatives and so has the popularity of online payments. Even banks are coming up with their online wallets, and there is also growing awareness about using net banking and debit/credit cards.
Growing disposable income of small-town population – India’s population has traditionally been concentrated in small towns and villages, and growth in disposable income amongst these population has seen the small-town Indians contribute around 41% of all online shoppers. With such a big share, there is a lot of scope and wide consumer base for e-commerce companies to hold ground.
The growth of e-commerce in India has not only transformed the face of consumer business but provided a number of opportunities in terms of career and jobs. With rising number of ecommerce companies entering the market every year and the market witnessing considerable growth over the past few years, the e-retail trend is here to stay.
The boom in the e-commerce market in India has transformed the perception about India amongst global brands, and gradually India is becoming one of the hottest marketplace for e-commerce brands. The factors that are contributing to this change in perception amongst brands are –
Technological advancements – Technology has somewhat changed the concept of shopping amongst Indians. Earlier, shopping was meant to be a fun and leisure activity involving families and friends. However, technological advancements and widespread digitalization have transformed the concept of shopping into a solo activity and more focused toward convenience than leisure. The concept of shopping anything from anywhere and anytime has given the boost to the e-commerce industry in India.
Popularity of digital wallets and online payments – Government initiatives like “Digital India” and demonetization have led to the considerable popularity of the e-commerce segment in India. Digital wallets have flourished under these initiatives and so has the popularity of online payments. Even banks are coming up with their online wallets, and there is also growing awareness about using net banking and debit/credit cards.
Growing disposable income of small-town population – India’s population has traditionally been concentrated in small towns and villages, and growth in disposable income amongst these population has seen the small-town Indians contribute around 41% of all online shoppers. With such a big share, there is a lot of scope and wide consumer base for e-commerce companies to hold ground.
The growth of e-commerce in India has not only transformed the face of consumer business but provided a number of opportunities in terms of career and jobs. With rising number of ecommerce companies entering the market every year and the market witnessing considerable growth over the past few years, the e-retail trend is here to stay.
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