E-commerce in India is on the rise. With so many businesses jumping on board this growing phenomenon, it’s time to work out how you can join them too.
While e-commerce has been a growing international marketspace for some time, businesses in India are rapidly starting to recognise its potential.
According to PricewaterhouseCoopers, Indian e-commerce expanded by almost 35% from US $3.8 billion to an estimated $12.6 billion between 2009 and 2013. The retail e-commerce market is now poised to grow to from about US $23 billion to over $79 billion by 2020.
Accessing the perks of e-commerce
What is really driving people online? For buyers, it’s about convenience, efficiency, competition and accessibility. The ability to find the right product at the most reasonable price, to pay in a secure, efficient manner and to receive the goods promptly without having to leave one’s doorstep all make for very compelling reasons to shop online.
For business owners, the benefits increase even further. Online retail presents an opportunity to turn a small local business into a global market player. The internet levels the playing field for startups, allowing them to reach audiences across India and beyond, thereby increasing market presence and brand awareness.
Digital transactions also allow entrepreneurs to receive fast, secure payments while having control of goods delivery. At the same time, market analytics – the ability to identify areas of opportunity, growth and challenges to effectively improve a business’ value proposition – also become significantly easier to track, and yields much higher accuracy.
Finally, for businesses that have transitioned exclusively to the online space, it’s a cost-saving exercise that reduces or removes overhead costs like rent, inventory and wages.