Technology has revolutionized the shopping and trading experience of customers all over the world, so why should India with a total internet user base of almost half a billion be behind? Even though the conventional shop-based buying is still more preferred, E-Commerce has been adding a whopping 6 million to its potential consumer base every year in India. So how is it that a market that never had so much of a choice and lacked in interest-based marketing is now one of the biggest potential markets for ecommerce firms and businesses?
The rise of Ecommerce
Let’s trace our way back to the history of e-commerce and see how it all began. India had no major e-commerce firm or business of its own and there were only two major players in the game till the early 2000s- eBay and Amazon. Still, the growth of e-commerce seemed stagnant as people weren’t really used to having an internet connection and didn’t trust the online retailers much. However, the late years of the same decade saw several e-commerce firms rising to a whole new level, the biggest of them being Flipkart. Today, India has several e-commerce giants as more and more people are shifting from the conventional buying method in order to enjoy an easier and hassle free shopping.
Some of the major e-commerce sites and businesses based in India are Flipkart (registered in Singapore), PAYTM, Jabong, Myntra and Big Basket.
The current trends
Making the shopping experience more personalized and easy, Ecommerce has been warmly welcomed by the Indian customers and the market is growing at an unprecedented rate. To take it up, there is still scope for several other e-commerce firms to make it to the big league by enticing customers with something even better than what is being offered till now. The major hurdle in the e-commerce’s rise in India has been connectivity and the relative slower rate of expansion in the Internet user base. Compared to US and France where over 80% of the Internet user base is using ecommerce, India happens to have just a shy 40% of its user base interested in online trading and shopping.
As online retailers are not being trusted and the procedure to get refund or exchange is relatively slower, the most common form of payment in India has been Cash on Delivery. This has however also been put on the fact that there are several individuals who still aren’t aware of how to use online payment methods more efficiently to save money as well as time.
Estimated in early 2016, the total number of Internet users in India is almost half a billion and most of them have still not adapted to the online shopping trends. India thus holds a huge potential and is a rapidly booming market that has been welcoming all e-commerce businesses with open arms. As per reports and estimates, the user base would increase by almost 15% in 2020 and there would be no less than 350 million online shoppers in India. All the e-commerce firms need to do is provide a better and irresistible shopping experience for an unstoppable progress in the market.