Integration of business deals with the technology has brought the revolution in the trading sector. Traditional aspects of doing businesses have been transformed into e-commercial sector. Today's, E-commerce has entirely revolutionized the conventional thought of business, supported by huge internet users & android mobile phones; Indian e-commerce has been witnessing remarkable growth and gradual advancement in the last few years. Considering India’s demographic variable & growing internet accessibility, the sector is expected to scale greater heights. Commercial sector is quickly transforming into e-commercial now. This article tries to portray the present scenario and facilitators of E-Commerce and the phases of transformation from conventional commerce to technologically advanced E-commerce.
India has emerged as one of the major players on the new international business prospect. Its relentless economic development since reforms in 1991 has become the focus of concentration for researchers in the field of international business and management. The year 1991 illustrated a new episode in the history of the internet world where e-commerce became a sizzling option among the online commercial users. It was difficult for the millennial to predict that online trading will become a trend in the world and India will contribute to a good proportion of this success. Commerce has altogether revolutionized the lives of people around the world and its growth in India is remarkable which is difficult to show any signs of decline in near future. Trading of goods and services with the help of electronic channels and internet is termed as E-commerce. E-business is a route to conducting traditional form of business in an innovative way with the help of the internet network and by using Electronic Data Interchange as the means. E-Commerce relates to the website of the vendor or retailer, who sells products or services directly to the customer from the gateway using a digital shopping cart and allows payment through the usage of plastic money or electronic fund transfer payments. E-commerce has not only provided platform for the customers to transact online but has provided the opportunity to the retailers and many manufacturers to showcase their products online without any intermediaries.
COMMERCE TO E-COMMERCE
It all started with barter system and the progress continues. Previously transactions were done which involved goods in exchange of goods and then evolved the currency and the transactions were in cash denominations.
Traditionally before revolution into the commercial sector, commerce meant trading of goods and services. Business during Gen X was like a physical commercial activity with involvement of many intermediaries to sell or exchange the goods and services. People had the psyche of cash transactions. Format of business was a risky venture due to lot of uncertainty. Now with the revolution in the commercial sector came up a new era of business known as E-Commerce, currencies took the new form of plastic money and electronic fund transfer. With the initiative of Indian government to provide ease to the customers, firstly E-commerce services were provided by IRCTC and the story began.
E-commerce has approached a long way since its foundation and is only getting bestest day by day. As technology continues to cultivate swiftly, e-commerce retailers are adopting innovative techniques to ease sellers and buyers to buy and sell online more effectively, all credit to ever dropping charges of internet surfing both for web and mobile interfaces – which is complimenting to the soaring population of internet users. It has been the major source of driving the trend for ecommerce. The growth of social platforms through internet and huge adoption of smart phones is acting as a vehicle to accelerate this drive further, shaping the e-commerce trends for the Indian market. According to a report by India brand equity foundation, Dec 2018, E-Commerce market has been propelled by increasing smart phone penetration, the launch of 4G networks and increasing consumer affluence, the Indian e-commerce market is expected to grow to US$ 200 billion by 2026
Flipkart, after its acquisition by Wal-Mart for US$ 16 billion, is expected to start more offline retail stores in India to encourage private brands in segments such as fashion and electronics. In September 2018, Flipkart acquired Israel based analytics start-up Upstream Commerce that will facilitate the firm in pricing and positioning its products in an efficient way.
Paytm has launched its bank - Paytm Payment Bank, Paytm bank is India's first bank with zero charges on online transactions, no minimum balance requirement and free virtual debit card.
Other than these, there is a great influence in the field of Food Industries as well. And Startup like Swiggy, Zomato Order, Uber Eats, Taste Of Afghan,, Foodpanda etc have completely changed the way we buy food items online
BENEFITS OF E-COMMERCE
Indian E-Commerce portals provide goods and services in a variety of categories like apparel and accessories for men and women, health and beauty products, books and magazines, etc. Retailers and traders due to ecommerce has got the leverage of common platform for doing business. This revolution has provided consumers with large variety and options of products and services to browse and search without any inconvenience. Individuals are at a gain to find branded merchandise at low cost. The IT revolution has changed the retail industry by just a click to buy or sell online through internet and different payment gateways.
Though India has been witnessing growth but it’s still faces some challenges due to India being still a developing country and its rural areas still being underdeveloped .Multiple issues of trust in e-commerce technology and lack of widely accepted standards, lack of payment gateways, privacy of personal and business data connected over the Internet, no assurance for security and non confidentiality of data and non maintenance of IT Infrastructure. Lack of technical skills of consumers to operate the smart phones has also become a challenge for E-commerce market.
A developing country shall attempt to be modernized and advanced if it introduces e-commerce effectively and efficiently, this would increase its productivity and make it competitively more challenging. Digital revolution has uplifted ecommerce worldwide. With the expansion of internet connectivity through mobile devices like Smartphone and tablets, millions of consumers are making decisions online and in this way enterprises can build the brand digitally and enhance productivity but government support and initiatives must ensure the cost effective methods/solutions. E-commerce has not only progressed in retail sector but also has resulted in the growth and advancement of the economy.
The article has been penned down by Deepanshu Bhatt, a growth advisor, a blockchain consultant and fundraiser for businesses disrupting industries around the world.