From $5 billion in 2009 to $6.3 billion in 2011 and $14 billion in 2012, India’s e-commerce industry is growing at an aggressive pace but the penetration of e-commerce market in India is still low as compared to the markets in the United States and the United Kingdom.
Electronic commerce or e-commerce or e-commerce is a product trading via Internet. It consists of a website with online catalog displaying products, online marketplace for buying and selling these products, process of establishing online customer base, B2B buying and selling through a secured and safe payment gateway.
Slowly India is shifting towards virtual shopping from physical stores or markets. Changing lifestyle, online banking facilities, plastic money in the form of debit and credit cards, tech savvy generation, boom of IT companies and increase in disposable income are few of the reasons for e-commerce boom in India. Apart from technical reasons one of the reasons for this change is the avoidance of all sorts of traffic and mental stress on the roads. To reach at the shopping place one has to travel through jam packed streets. With increase in the number of smartphones, mobile shopping becomes part of e-Commerce boom in India.
It was mid 1990s when the Internet companies started rising in India, but lack of awareness, low penetration of Internet and undeveloped payment system were the bottlenecks. Online classified, matrimonial and job portals were the main e-commerce portals at that time. The dot com started gaining recognition in 2000s which gave a push to the e-commerce industry in India. Along with the developments in dot com sector, India’s retail sector started to excel. With time retail stores opended their virtual stores.
Recently, India’s 14 billion e-commerce industry got a boost with the announcement of a proposal in the Union Budget 2014-15 which will allow foreign retailers to sell their products in the country via e-commerce platform. Brands like Nike, Puma, Marks & Spencer which were selling through licensing agents and franchisees will be benefited a lot with this announcement.
From $5 billion in 2009 to $6.3 billion in 2011 and $14 billion in 2012, India’s e-commerce industry is growing at an aggressive pace but the penetration of e-commerce market in India is still low as compared to the markets in the United States and the United Kingdom.
Electronic commerce or e-commerce or e-commerce is a product trading via Internet. It consists of a website with online catalog displaying products, online marketplace for buying and selling these products, process of establishing online customer base, B2B buying and selling through a secured and safe payment gateway.
Slowly India is shifting towards virtual shopping from physical stores or markets. Changing lifestyle, online banking facilities, plastic money in the form of debit and credit cards, tech savvy generation, boom of IT companies and increase in disposable income are few of the reasons for e-commerce boom in India. Apart from technical reasons one of the reasons for this change is the avoidance of all sorts of traffic and mental stress on the roads. To reach at the shopping place one has to travel through jam packed streets. With increase in the number of smartphones, mobile shopping becomes part of e-Commerce boom in India.
It was mid 1990s when the Internet companies started rising in India, but lack of awareness, low penetration of Internet and undeveloped payment system were the bottlenecks. Online classified, matrimonial and job portals were the main e-commerce portals at that time. The dot com started gaining recognition in 2000s which gave a push to the e-commerce industry in India. Along with the developments in dot com sector, India’s retail sector started to excel. With time retail stores opended their virtual stores.
Recently, India’s 14 billion e-commerce industry got a boost with the announcement of a proposal in the Union Budget 2014-15 which will allow foreign retailers to sell their products in the country via e-commerce platform. Brands like Nike, Puma, Marks & Spencer which were selling through licensing agents and franchisees will be benefited a lot with this announcement.
