E-commerce: a game changer for the economy
Today’s is the generation of accessibility and comfort. Amidst busy lives, the proliferation of smartphones and increasing Internet access, E-commerce is continuing to grow at an astounding rate. Consumer willingness to embrace digital commerce these days is amplified by the rapid pace of technological change. With attractive and convenient options at the core of consumers facing business, E-commerce has not just transformed the way business is done in India but also offered the power to create an innovative, sustainable, consistent and seamless experience across all channels.
India is rapidly marching towards becoming a digitally empowered society. It is often said that numbers speak for themselves. The report recently submitted by Deloitte India and Retail Association of India said India will touch USD 84 billion in 2021 from USD 24 billion in 2017. We might say that virtual stores have already won local businesses. One of the biggest merits of having an online business, along with significantly lower startup costs than a traditional physical space is no physical barriers between you and your customers. You need not to worry about the visibility of your store or how many brochures you have delivered to mailboxes. Internet does the work for you. From the internet, you can sell to the world. Also, giving is immense these days. The time and space dichotomy has long been blurred. With the internet, it doesn’t matter where customers are, it only matters how good your products are.
Our way of leading lives have evolved and it has to do with the giving of technologies. When it comes to online and store hopping, the latter one is experiencing a wave of disruption. The marketplace is undergoing a transfiguration to the extent to which we haven’t witnessed until now. With flag bearers like Amazon, Myntra, Flipkart and many more, they have revolutionalized the face on online shopping. Be it the ease of shopping they provide with filters, mode of payments, alerts on sales to selling clothes, electronics and what not, they have hooked people to their sites. Being able to shop from home, with the ability to browse in your own good time makes the process appealing. Then having products delivered straight to your door, even at a time that suits you, can be more attractive.
If one was to read the chapter on the growth of the E-commerce industry in India in detail, there are myriads of factors that supported it. In addition to technological advancements and data made affordable, the government’s various policies for Digital India campaign has fanned the growth to new heights. Since 2014, from Digital India, Make in India, Digi Yatra, Start-up India, Skill India to Innovation Fund, Government of India announced various initiatives. The implementation of these programmes has somewhere supported E-commerce growth in the country. Further, the government took some initiatives that further strengthened its control. With an eye on increasing the participation of foreign players, GOI hiked the limit of Foreign Direct Investment (FDI) in E-commerce marketplace model for up to 100 percent in the B2B model.
Amidst this scenario, one will wonder, in the future will malls be nothing but ghost towns? As they say, every coin has two sides and this issue would not be an exception. Although E-commerce shopping continues to grow rapidly, there are a lot who still prefer going to store and buying. Even I vouch for the same. I feel its good to see and buy rather than relying on reviews and what you see online. Getting hit by disappointment when excited, won’t be a good spot. Also, while an online store can be quicker and simpler to set up, but then having no physical spot can make it more costly to drive customers through to stores and might mean a large hole in the pocket, courtesy required marketing.
Given this fact, we can’t deny the fact that E-commerce is the present and flashy reality of our country. Thanks to the development of electronic commerce, the most basic of economic the transaction, i.e., the buying and selling of goods, continues to undergo changes that will have a profound impact on the way companies manage their supply chains. Simply put, e-commerce has altered the practice, timing, and technology of B2B and B2C commerce. It has altered pricing, product availability, transportation patterns and consumer behaviors in developed economies worldwide.
India is rapidly marching towards becoming a digitally empowered society. It is often said that numbers speak for themselves. The report recently submitted by Deloitte India and Retail Association of India said India will touch USD 84 billion in 2021 from USD 24 billion in 2017. We might say that virtual stores have already won local businesses. One of the biggest merits of having an online business, along with significantly lower startup costs than a traditional physical space is no physical barriers between you and your customers. You need not to worry about the visibility of your store or how many brochures you have delivered to mailboxes. Internet does the work for you. From the internet, you can sell to the world. Also, giving is immense these days. The time and space dichotomy has long been blurred. With the internet, it doesn’t matter where customers are, it only matters how good your products are.
Our way of leading lives have evolved and it has to do with the giving of technologies. When it comes to online and store hopping, the latter one is experiencing a wave of disruption. The marketplace is undergoing a transfiguration to the extent to which we haven’t witnessed until now. With flag bearers like Amazon, Myntra, Flipkart and many more, they have revolutionalized the face on online shopping. Be it the ease of shopping they provide with filters, mode of payments, alerts on sales to selling clothes, electronics and what not, they have hooked people to their sites. Being able to shop from home, with the ability to browse in your own good time makes the process appealing. Then having products delivered straight to your door, even at a time that suits you, can be more attractive.
If one was to read the chapter on the growth of the E-commerce industry in India in detail, there are myriads of factors that supported it. In addition to technological advancements and data made affordable, the government’s various policies for Digital India campaign has fanned the growth to new heights. Since 2014, from Digital India, Make in India, Digi Yatra, Start-up India, Skill India to Innovation Fund, Government of India announced various initiatives. The implementation of these programmes has somewhere supported E-commerce growth in the country. Further, the government took some initiatives that further strengthened its control. With an eye on increasing the participation of foreign players, GOI hiked the limit of Foreign Direct Investment (FDI) in E-commerce marketplace model for up to 100 percent in the B2B model.
Amidst this scenario, one will wonder, in the future will malls be nothing but ghost towns? As they say, every coin has two sides and this issue would not be an exception. Although E-commerce shopping continues to grow rapidly, there are a lot who still prefer going to store and buying. Even I vouch for the same. I feel its good to see and buy rather than relying on reviews and what you see online. Getting hit by disappointment when excited, won’t be a good spot. Also, while an online store can be quicker and simpler to set up, but then having no physical spot can make it more costly to drive customers through to stores and might mean a large hole in the pocket, courtesy required marketing.
Given this fact, we can’t deny the fact that E-commerce is the present and flashy reality of our country. Thanks to the development of electronic commerce, the most basic of economic the transaction, i.e., the buying and selling of goods, continues to undergo changes that will have a profound impact on the way companies manage their supply chains. Simply put, e-commerce has altered the practice, timing, and technology of B2B and B2C commerce. It has altered pricing, product availability, transportation patterns and consumer behaviors in developed economies worldwide.
Comments
Post a Comment