Online Shopping in India – PAST, PRESENT & FUTURE
Have you even believed sitting at home or at work, you can have access to things by click of a mouse or mere tap on your smartphone. That’s exactly how the ecommerce has shaped our lives in India over the last few years. Firstly, lets understand what ecommerce is all about. Electronic commerce popularly known as ecommerce is electronically transacting various Goods and services. This is just like any other business transaction , we have a buyer and seller.
India had its first major tryst with Ecommerce in the early years of 21st century with IRCTC. Passengers commuting in Rail could book a ticket from anywhere to the destination of their choice. This means they do not have to stand in serpentine queues to book their journey tickets. Though the beginning launch had seen some limitations like booking a Tatkal ticket was not on offer. However, the booking system has evolved over a period of time. Now, everything happens over the net. Few months after IRCTC successful launch, India saw the introduction of online ticketing in Airlines.
Though, Ecommerce world has seen growth, India started relatively at a slow pace early on. However, in the last few years from 2009 till 2013, growth has been incredible.
Today, everything that a consumer thinks can be transacted online. Consumer can shop online from aggregators like Amazon, Flipkart, Ebay or other big players. If you are someone who trades extensively in share market, you could do so by having an online DMAT account. Every broker house is extending this service. If you are someone who dislikes visiting your bank for transacting, you could do that sitting at home subscribing to Internet Banking. Every Bank in the country today offers this service. If you intend to travel, you could plan your trip with the help of sites like makemytrip and yatra. There are sites for real estate business like magicbricks, housing.com and 99acres which has also seen overwhelming response. Consumers can sell used items on the internet through sites like olx or quikr. The list is endless.
Consequently, ecommerce industry has contributed immensely to the Indian economy. It has created many job opportunities, it has helped in helping the common man realize his dream of starting a venture on his own with support of the federal structure. One of the key drivers for this acceleration of Ecommerce Industry over years has been a large percentage of Indians in Tiered cities have subscribed to Broadband service or are having better mobile connectivity. Also, higher standard of Living being one of strong reason for the increasing Ecommerce trade.
To sum it up, since the Ecommerce industry in India goes through lots of regulatory channels (to keep a check on fraud, risk, cyber-threat) there has been transparency, efficiency and effectiveness. The Industry was at $3.8 billionn in 2009, $17 billionn in 2014 has zoomed to $38 bn in 2016 and is pegged $120bn by 2020. With the Government focus being improvement of digital infrastructure, there is lots in stall for you.