India has come a long way as far as its e-commerce market is concerned. As per the latest publication and report ecommerce in India or the online market is ever growing and is expected to cross Rs. 2 lakh crore in this fiscal. According to the latest estimate by NASSCOM, the India online business market is estimated to be at $33 billion during the financial year of 2017. The online market has grown about 19 percent during the financial year of 2016-17.
It is the way the modern people transact these days is the key to the remarkable growth of the ecommerce in India. Whether it is buying electronic items and fashion accessories or making your travel booking or booking a ticket for the latest blockbuster movie – consumers are highly inclined towards transacting through online as it offers them convenience. According to IBEF research report in 2013 India houses 3311 e-commerce hubs, 1267 rural hubs, 391 export hubs and 2217 import hubs.
The latest study by Forrester Research reveals that in the Asia Pacific region about one-fifth of the total retail sales will take place through the online market. Some of the highly popular names in the Indian e-commerce sector are Flipkart, Amazon, MakeMyTrip, Snapdeal, Yatra, Jabong and many others. Many newbies in the sector like TataCLiQ, Ajio.com, Limeroad etc. are coming up with good deals and eye-catching campaigns. The same study also adds that the online shopping through the mobile devices will grow at the rate of 15.6 per cent and estimated to reach $1 trillion mark in 2020. Asia Pacific is the largest region in the world in terms of online retail leading by China with the e-commerce market of $681 billion in sales. However, according to the Forrester study is undoubtedly the fastest growing e-commerce market in the world.
Even though the ecommerce in India is growing at a fast pace it is highly important for the players in the field to sustain that growth. In order to sustain the fast pace growth the most important aspect that they need to focus is higher consumer engagement. The more the consumers are engaged the more they build the trust towards the brand. However, it is necessary for the online merchants to remember the engagement is not just in terms of the pre-sales experience of the consumers but to be aligned to the entire value chain and that would be the key highlight for the success of ecommerce in India.
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I am sure this has taken a good amount of research to publish. A good article, Sham. 🙂 Keep writing. Interesting platform you have.
Thank you so much Ashwini for your kind words. I did some research on this topic as it is a very interesting topic. As I gathered some information I thought of curating this post. Am glad you liked it 🙂
This was a very informative post. Ecomm. is going to grow many fold in the next decade.
Ecomm is going to grow many fold in the coming years but the most important aspect for the key players is to sustain that growth effectively!!
These are some Valid points you focused on Shamik. I am currently doing my market research to start a small business of my own and in that research a came across many platforms which are lagging at consumer engagement(Entire value chain as you mentioned) which is indeed very important in establishing a strong consumer base!
Thank you so much Keerthi for your words. Am glad that my post could be of value addition for you.
All the very best for your business and wish you all the success 🙂
It is going to be survival of the fittest for online merchants. People are so easily shifting from one merchant to another. Efforts that you have put in for getting all the data is commendable.
Thank you so much Disha for your appreciation about the post 🙂
I agree with your thought too that consumers are switching from one online retailer to another hence consumer engagement would be the key for their success in future!!