Much before the pandemic hit India and the world, which led to the opening up of a whole new set of rules and regulations, E-commerce has been the most preferred mode for the majority of the audience. The factors that can be attributed towards the preference of e-commerce, ranging from the strong and steady growth of internet users, increase in the online launch of products, low price due to bulk purchase, and so on.
In addition to this, a growing number of exclusive products in the market and lower prices of goods due to the direct distribution channel also contribute towards the growth of the global e-commerce market.
The outbreak of the coronavirus pandemic has taken a toll over the entire world and has forced people to stay at home. The consistent lockdowns imposed in the early outbreak of the pandemic had disrupted the way people buy products and services and how they perceive e-commerce. The pandemic created a tectonic shift for the Indian e-commerce industry and has enlarged the scope of this sector for 2021. Consumers have been changing their preference from shopping at retail outlets, supermarkets, and shopping malls to online portals for the purchase of products that range from basic commodities to branded goods.
Social distancing, however new it may sound has been implemented for ages to curb the spread of a highly contagious disease, this leads to a constant growing hesitation among the consumers to freely go outside and shop for essential goods further enabling a constant flow of online purchases. This also led to many brands and small retailers to adopt the online route leading to a consistent surge in the online business. It has also been observed that there has been a sizeable increase in first-time buyers on many e-commerce platforms who had been so far inhibited to shop online.
As it is rightly said that in the most unfortunate times there lies a room of hope for some. The outbreak of the virus created a defining moment for the Indian e-commerce industry. According to a report, the E-commerce market in India is expected to touch $200 billion by 2026 from $30 billion in 2017.
Moving forward the Indian E-commerce industry is likely to see an upward growth trajectory and is expected to surpass the US to become the second-largest E-commerce market in the world by 2034.