India is one of the world’s fastest growing e-commerce markets that have taken the Indian business by a storm. It is creating new opportunities with a faster growth in the economy. Ecommerce has a huge potential and is basically changing the way of integrated business. It has advantages for both, buyers and the sellers leading to a phenomenal rise. According to the recent study, the Indian e-commerce industry is valued at $17 billion in 2014 and is estimated to see a 67 per cent increase in the average annual spending for online purchases per individual by 2015. An approximate of 65 million consumers in India are expected to buy online in 2015 against around 40 million in 2014. As the Indian e-commerce market is in the budding stage, it is surely set to increase in years to come. With many improvements in technology, e-commerce will only be more easy, user-friendly, convenient and secure.
Ecommerce is expected to top $100 billion in the next five years which is why every day there are new trends and changes in the interfaces and digitisation for an enhanced experience. E-commerce covers many outward-facing processes for users, suppliers and external partners, including sales, marketing, logistics, customer service, purchasers of raw materials and production and procurement managers. E-business includes e-commerce but also covers internal processes such as production, inventory management, product development, risk management, finance, knowledge management and human resources which require enterprise technology at various ends for a tech–friendly support.
E-commerce or electronic commerce is a faster and much accessible medium now for buying or selling of products and services through electronic means such as the Internet, mobiles, ATMs and is growing in cloud-based applications. Business applications such as online shopping, online banking, teleconferencing, electronic tickets, instant messaging are widely being used with various hand held and computer devices. It shows that they co-exist together in a simpler and synchronised format. E-commerce and Internet marketing have strongly marked success in the world of technology and both deal with online transactions making technology the supreme support. They are accessible 24/7 for users and are also inexpensive mediums to promote business as internet marketing is connected to various business models.
The increasing acceptance and usage of Smartphones and Tablets has also aided to the e-commerce growth. Among popular shopping categories, the apparel sales capture the biggest share of Indian e-commerce retail, along with computer and consumer electronics. In 2015, computer, consumer electronics, apparel and accessories are together estimated to account for 42 per cent of total retail e-commerce sales, as against 39 per cent currently. Smartphone adoption reflects the trend toward emerging market growth in the wider technology device. The Indian Smartphone handset market has also witnessed dynamic shift with leading vendors and distributors such as Nokia, Samsung, Sony Motorola and LG who are losing a significant amount of market share to the smaller local players like Micromax, Xiaomi, Spice, Karbonn, Maxx, Lava, and Zen etc. These vendors benefit from their rich feature, localised product offerings at much lower price. The opportunities have created extraordinary growth in the Indian mobile market from the past few years.
Many mobile ecommerce websites like Flipkart, Snapdeal, Myntra, Amazon etc maintain to support early technologies, which address the needs of a wide range of devices including relatively old Smartphones but it does not always provide the level of support most consumers expect. This technology makes it difficult to maintain content equality between different versions of the site, develop new features, integrate new marketing software and deliver advanced functionality for mobile friendly experience. Businesses must weigh interoperability against functionality for a fine balance. This leads the consumers for a more-than-ideal mobile experience. A good security interface is also a must especially for start-ups and new venture models as they often outsource the technological processes to manage critical portions of the ecommerce experience. The effect of a device on expanding ecommerce has even led small businesses to start out for many ways for satisfy the consumers as much as possible. Shoppers now expect to use their Smartphones or tablets in place of a desktop or a laptop. This will help the smaller companies maintain a competitive advantage even against big retailers that don't offer a good mobile experience.
Mobile ecommerce has taken an increasing share of the group’s sales as consumers turn to their phones for shopping. Ecommerce websites give an enhanced version on mobiles but a larger number of mobile store owners have also started advertising their products and services on mobiles. Mobile advertising is getting more popular day by day where branded ecommerce stores are going to be among the first big spenders on mobile ads and branding. When one uses a mobile device, the installed apps or the websites visited report the location data back to the respective sites. This is where retailers now will have the ability to know where shoppers are when they're evaluating products, comparing prices and even clicking the "buy" button.
Indian ecommerce industry provides a wide variety of developing and emerging solutions to grow online business. They also provide ultimate and elegant e-commerce web designing solutions like Internets Graphic Style, e-commerce banner developing, site logo & flash designing services. It is estimated that between 2017 and 2020, the e-commerce industry could spend around 2-6 per cent of the revenue on warehousing and sortation centers, which would translate to $450-900 million giving a big boost to the retail and IT sectors.
Authored by: Subhash Agarwal, CMD, Cheers Devices