The Indian e-commerce market has grown at a sky-rocketing pace over the past few years as more and more people are experiencing online shopping for the first time every passing day. The same goes for the businesses as new players are entering the booming industry and are giving the big names a run for their money. Rest assured, the online shopping India scene is becoming a force to reckon with and the world is taking notice.
Market experts suggest that the Indian e-commerce industry will reach the $20 billion mark by 2020 as compared to $3 billion in 2013. It comes as little surprise considering the number of people shopping online in India is likely to grow to a staggering 100 million by 2016; out of which 40 million are said to be women. Predictions for the year 2015 dictate that women are most likely to outspend men by two times in tier I cities as an exponential growth is expected in online shopping in tier I and tier II cities.
The smartphone has played a crucial role in bringing the marketplace to the consumer and will drive growth in e-commerce. Thanks to the advancement in technology, anyone can shop from any corner of the world in a matter of minutes assuming they have an internet enabled device and, of course, an internet connection.
What do you think is the major reason why the world is going gaga over e-commerce and ditching the conventional mode of buying something i.e. a trip to the market? One would say, “Well, I know! Lower prices of course.” Ahem. Like many others, you’re sadly mistaken my friend. According to a survey of around 1000 consumers by global design and innovation consultancy firm Continuum, ‘lower prices’ was not chosen as the most preferred option contrary to popular belief. Around 29% of shoppers cited ‘It is easier to find what we are looking for’ as a solid reason to order something online; 3% of the total sample chose ‘To avoid interaction with employees’ as their source of motivation for online shopping; whereas, 25% went with ‘For better prices’.However, the most popular reason to do online shopping was ‘For Convenience’ with a majority 43% proving that out of all the benefits of online shopping, people shop at websites as it’s way more convenient.
As far as trends in shopping are concerned, newer segments like skin care, baby care, and home furnishings are expected to grow rapidly while popular categories such as electronics and fashion will continue to dominate the market.
So as observed, the industry is definitely on a triumphant rise. This is e-commerce at its peak, and it’s just a sign of greater things to come.