E-commerce market in India is expected to quadruple to US$60-70 billion over the next 5 years, driven by a much faster growth in goods than services.
One of the major reasons for this trend can be attributed to the fact that internet users in India are expected to triple from ~200 million to ~600 million, induced by a proliferation of smartphones’ usage from 120-140 million to 600-700 million during the period of 2014-2020. Furthermore, the service providers have lowered their offering cost and improved service quality, which in turn, has lead to an expansion in the customer base attracting subscribers from lower-tier cities and rural areas owing to investments in network infrastructure.
Customers are attracted to e-commerce because of superior value proposition on several counts, namely
The growth in e-commerce, in addition, is aided by efforts of players to develop payment channels (cash on delivery, mobile wallets) and streamlined logistics infrastructure.
Key Implications for Indian Retailers:-
It’s imperative for organizations to invest in formulating a Digital strategy that is in line with the overall business strategy. For organizations that still think of Digital as just another marketing tool that eats up budget, the days are limited. A holistic approach towards digital is not only meaningful but necessary.
We @speradigital pride ourselves on providing a tailored digital strategy that assists our clients in establishing their options, defining their project needs and managing project delivery. Our consultants are passionate about supporting businesses and entrepreneurs to make the most of their online presence. This includes building awareness, generating leads and increasing sales - while providing analytics and statistics to show ROI.
Author: Suraj Poddar
Suraj is the founder and CEO of speradigital. He has more than 12 years of experience in the Information Technology field. He has worked across the globe and has extensive experience of helping CXO's achieve their business goals.
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