Global e-commerce is forecast to double to $4.1 trillion by 2020, from $1.9 trillion in 2016, as consumers in populous countries like India and China prefer to shop online to avoid crowded malls. Online shopping has brought about significant developments in the Indian retail division, outlining a change in the way shoppers conduct a transaction.
The online shopping industry has progressed dramatically in recent years, remarkably ending up as a major online store. E-retail shopping has been supported by the accelerated development of affordable web costs and broadband infiltration, combined with shoppers’ recognition of e-business as a convenient and secure alternative to conventional physical retail. .
In recent years, India has developed as the fastest developing economy on the planet. According to monetary analysts, India is the only nation that can take care of the growing economic expansion of the mighty dragon China.
According to the CSO (Central Statistics Organization) and the IMF (International Monitoring Fund), all possible businesses will gain significant growth in the coming years, including the e-commerce sectors in India. As the rapid growth of smartphones and internet connectivity across the country drives users to buy and sell convenience and mobility staples.
Many nations are working to improve and grow their eCommerce market like India. In fact, India’s current e-commerce value of $16 billion is predicted to cross $100 billion by 2020. The researcher estimated that the Indian e-commerce market will grow fastest within the Asia region. -Pacific and will take over China in years to come.
What sells more?
Online retail has advanced 57 percent after December 2014 and 60-70 percent of total e-commerce sales are completed from handheld devices like mobile phones, tablets, phablet, etc. So far, it’s a game changer. Before investing in e-commerce businesses, the investor must know what people are looking for and buying in the market.
The report describes that 48 percent of shoppers have searched for information online in appeals, footwear and mobile device categories. However, eighteen percent of them purchased offline. Additionally, 76 percent of shoppers still prefer to pay in cash. The online retailer hopes to fight COD by introducing easy EMI and an additional discount for online payments.
Electronics and fashion items account for about 49 percent of total e-commerce spending. This unique section was expected to reach Rs 110,620 crore by the end of 2017. Looking back, we apparently see that offline sellers like Shopper Stop have, in fact, started their own online platforms to sustain this massive expansion in line of e-commerce giants. like Flipkart, Amazon, etc.
E-commerce is bringing new business possibilities to global travel in the tourism business. Tourism-related organizations and Internet companies are looking to take advantage of the potential market. With the Indian smartphone business increased by 100 percent in 2015, the hotel booking and tourism sector also saw an unprecedented growth of over 170 percent. The Federation of Indian Hotel and Restaurant Associations estimates that the way the hotel industry is growing, to successfully satisfy the customer, India needs another 1.8 lakh rooms by 2020.
As a conclusion, we can say that due to the increasing awareness among buyers of product quality, differences in buyer attitude and purchasing rules, it is suspected that India’s e-commerce warehouse will grow at a tremendous rate until 2020. Growing numbers of high-speed Internet users are prompting businesses to innovate and offer a diversified collection of basic products and services online. In recent years, with the remarkable development of payment manufacturing in the e-commerce market, more and more consumers turn to online shopping medium and destroy their idea that the online market is insecure. Consumer electronics, travel and online clothing and accessories are the section of the market showing encouraging growth. With the advantage of same-day shipping, online supermarket stores are also entering the country’s online space.
