Undoubtedly YES!! E-commerce is upgrading its level among the trading community in the world. It has set free yet another revolution, which is transforming the way businesses buy and sell products. In India, E-Commerce with its new wing is growing dramatically at a much faster rate with the emergence of new entrants. This unforeseen growth of this new sector is at an inflection point in the marketing industry. Current day India, with the increase in ease of doing business, extensive internet facilities across and the unceasingly purchasing power of people is a great platform for the mushrooming e-commerce industry, which is expected to be worth USD 20 billion in India by the end of 2020.
Sectors like travelling and retail have previously proved to be successful in the e-commerce field. These sectors have already made a lot of benefit through the online trading market. The success of these sectors has provoked other sectors to enter the market of e-commerce and this is exactly the reason why the e-commerce market has enlarged so quickly in India.
There are many reasons which make India an appropriate market for e-commerce. In our country, consumers have fairly become technologically friendly these days. A few years back people preferred going out and shopping in the markets. Nevertheless e-commerce does not only provide one with ease, but also gives them a possibility to make use of various kinds of offers which helps the consumer to save money. Offering of sweet deals that include freebies such as no shipping costs, COD options and new inventory are grabbing the attention of the consumers. Services like cash on delivery, 30 day return policy have created a great uprising in this industry. Everything being available on just one screen, e-commerce services offers buyers maximum convenience. One can explore the websites of multiple vendors round the clock any day, to compare prices and make purchases, without having to leave their homes or offices from around the globe. It just takes a few clicks on the mouse or a few taps on the Smartphone screens. Dispatching of goods to consumers by couriers at a rapid rate, besides the quality of product delivered is satisfactory. Thus, people have now started developing a strong and continued inclination for e-commerce rather than offline shopping.
The number of internet users has grown drastically from 1995 to 2015. Hence e-commerce has become the comfortable choice for the people. Also, many big names have entered the market of e-commerce in India. These big names are investing in the e-commerce market from a long term point of view rather than small term. Thus the e-commerce market is to develop even bigger and superior in times to come.
The companies like eBay, myntra, flipkart, olx, snapdeal, quikr are some of the online shopping websites that have already made it big in the Indian e-commerce market. All these sites are selling a variety of products, electronic gadgets, movie tickets, accessories, household items and much more. Now the stock exchange has also become online. Many Indian banks are also using internet banking facilities. With greater and preferable online shopping websites, it would be precise to say that the future of e-commerce is good in India.
However, there is still a little bit of disinclination in the Indian consumers concerning online shopping and e-commerce. Finally, this doubt and hesitancy will go with better services and offers. This is precisely the reason for believing that the market for e-commerce will grow in India in times to come. According to a survey, the number of e-commerce consumers will grow to 460 million individuals by 2024 -2025.