India in World MarketOn flipping the pages reverse and looking at 2011 statics, we see that India’s eCommerce market stood at just 10 billion US dollars. At present, it is a sixteenth of US’s eCommerce sector, which equates to 167 billion dollars. India is thrice of US in population, and if US’s population had been equal to that of India’s, it would have eCommerce market worth around 500 billion US dollars! If we ponder on this fact, we have a question ahead stating “What is stopping India to grow in eCommerce market? The answer could be really simple; everything does not depend on the number of people but also the reach of Internet to these people, India still has to do much work in increasing reach and speed of internet to its nationals. Another major factor to be hindering eCommerce market in India is the usage of credit card by the Indian population, as people still consider it as an unsafe mode of money transaction.
By this we cannot conclude that the future is austere, as the market is slowly but steadily growing. Online retailers like Flipkart, Myntra and Snapdeal have done a great job to reach out millions of people in not just 2 or 3 tier cities but also nooks and corners of the country. Flipkart has raised around 200 million funds from investors, giving a strong answer to all who were skeptical about eCommerce market in India. And why not would it raise such funding from investors when it can get you mobile of your choice, sitting in your home or office at best prices using flipkart coupons for mobiles. Now we see even international giants of eCommerce, Amazon, has also took it place in India’s eCommerce.
Rise of E-tailersE-tailer is a term to define a retailer selling goods via electronic transactions on the Internet, the best example being Walmart. Instead of still being the strongest player in the market of brick and mortar stores, it has identified the potential of eCommerce and has expanded itself in e-retailing
In India, eCommerce websites are successful because on top of giving huge discount like by using paytm coupons for mobile recharge, they give the flexibility of Cash on Delivery as most of the Indian’s still rely much on COD mode of payment. As experts suggest if Cash on Delivery method is replaced by online transactions it will mature eCommerce market in India. We are just waiting to see how RBI and Indian government will play a crucial role in helping and changing the face of eCommerce market of India.