E-Commerce in India – Present and Future
Indians are known to explore anything which is new in the market! Well if the concept is good then the word of mouth spreads faster than speed of light. Concept of E-commerce also did something similar when few intelligent brains thought of using internet and social media to an extent of creating a market space where one can effortlessly buy his/her choice of goods sitting at his/her home or workplace with just a click on website. These E commerce leaders took some adaptive small steps to evolve successfully in Indian markets. Social media has become basic necessity of man along with food, water and shelter. Today even an illiterate person can use internet, buy and sell his/her stuff online because of various new applications on smart phones which are easy to access and understand.
India is moving towards globalization and urbanization, current trend of E Commerce in India is rapidly growing in all segments and this is mainly because of the service providers who are constantly slashing the rates of internet for the competition to survive in the market. There is quiet an increase in disposable income even for middle class families to afford the cost of internet. Safe and secure order tracking and payment methods such as cash on delivery have built in the trust among people to believe in online marketing. Food ordering, consulting a doctor, booking a travel, shopping all latest brands, grocery market, everything is today available online making lives of people easier.
Due to lot of demand various segments have emerged in E commerce sector. Existing physical stores coming up online such as Lifestyle, Shoppers Stop, all round players such as Amazon / eBay and flipkart emerging big way, Websites showing best deals among all competitors such as go Ibibio are some of the good examples of how e commerce is trending currently in India.
With all these positive aspects there are few negatives which come along with this exponential growth. Sometimes with all new business models coming up and competitors evolving rapidly there is a high possibility of losing loyal customers because everyone wants to buy things at less cost. One more major negative reason for customer dissatisfaction is internet speed which is very poor at most of the places in India leading transaction failures. Keeping all these views still India is doing exceptionally good in E commerce business at present scenario.
Considering the same pace of growth in Ecommerce sector we need to improve a lot of customer shopping experiences. Future trend of E commerce should improvise digital and retail segments and try and reach local crowd where people still are poor and are unfamiliar with high end technology but find it easier to buy things online. Educating the customers to shop and market online using tutorials also would help in the maximum utilization of E commerce. Segmenting the crowd and building customer strategy based on geography and needs is required.
Lot of good tracking mechanisms and availability of good internet speed is very important for the market to sustain. More and more initiatives like how lens kart has taken to allow customers to try frames online can be introduced so that the loyalty towards the brand increases. Increase in Indian economy and foreign currency would also help the Ecommerce bloom. Digital India and make in India initiative is very promising which would enable the reach of connectivity to all the different segments of people.
Over all new startups, increase in women consumers, major acquisitions and mergers, more products and services, new mobile and web apps would definitely help the contenders in the market to sustain the completion and stay focused in the arena of E commerce in coming years.