According to a report by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) and PricewaterhouseCoopers (PwC), the Indian e-commerce industry is currently estimated to be worth around USD 17 billion. This comes as a surprise since most previous reports had suggested that Indian e-commerce industry to be valued around this figure by the end of 2019 only. The report also says that the industry may expect a compounded annual growth rate (CAGR) of about 35 percent, taking up its value to about USD 100 billion by 2020. Estimates suggest that about 65 million Indians now shop online – a rise of about 15 million from last year’s estimates. Each individual is willing to spend at least INR 10,000 a year on online purchases. While e-commerce still looks nascent in India, the phenomenal growth of giants such as Amazon, Flipkart, Snapdeal, Myntra, etc. is a proof that the Indian buyer is exploiting the e-commerce like never before.
Traditional Businesses – Where Are They Headed?
In 2011, when Google Chrome launched its "The web is what you make of it" advertisement, demonstrating the transition of traditional art shops into e-commerce stores, a number of small businesses across the country sat up and took a note of it. About four years later, the numbers of small and large businesses that are using the internet to connect to their customers have grown manifold. The emergence of e-commerce platforms, such as Shopify, easily allow small and medium sized businesses to get an online presence and sell through social media networks such as Facebook, etc. While traditional retailers have been known to lodge protests against their eroding customer base from time to time, it is quite clear that e-commerce is the future of most enterprises.
According to a report by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) and PricewaterhouseCoopers (PwC), the Indian e-commerce industry is currently estimated to be worth around USD 17 billion. This comes as a surprise since most previous reports had suggested that Indian e-commerce industry to be valued around this figure by the end of 2019 only. The report also says that the industry may expect a compounded annual growth rate (CAGR) of about 35 percent, taking up its value to about USD 100 billion by 2020. Estimates suggest that about 65 million Indians now shop online – a rise of about 15 million from last year’s estimates. Each individual is willing to spend at least INR 10,000 a year on online purchases. While e-commerce still looks nascent in India, the phenomenal growth of giants such as Amazon, Flipkart, Snapdeal, Myntra, etc. is a proof that the Indian buyer is exploiting the e-commerce like never before.
Traditional Businesses – Where Are They Headed?
In 2011, when Google Chrome launched its "The web is what you make of it" advertisement, demonstrating the transition of traditional art shops into e-commerce stores, a number of small businesses across the country sat up and took a note of it. About four years later, the numbers of small and large businesses that are using the internet to connect to their customers have grown manifold. The emergence of e-commerce platforms, such as Shopify, easily allow small and medium sized businesses to get an online presence and sell through social media networks such as Facebook, etc. While traditional retailers have been known to lodge protests against their eroding customer base from time to time, it is quite clear that e-commerce is the future of most enterprises.
