The increased use of the internet has spurred the expansion of e-commerce in India during the last few decades. Consumers are increasingly using e-commerce sites to purchase daily goods and make basic payments. It has exploded in popularity as a result of the rising proclivity. In India, It has transformed the way individuals do business. The Indian e-commerce sector is expected to grow to US$ 200 billion by 2026, up from US$ 38.5 billion in 2017. Increased internet and Smartphone usage have propelled the major industry’s expansion.
Initiatives taken:
People were encouraged by the DIGITAL INDIA campaign to go online for anything else. By 2020, India’s ‘Digital India’ plan is estimated to have increased the number of internet connections to millions. Mobile applications simplified the e-commerce experience by putting everything we needed at our fingertips.
Demonetization is one of the elements driving the acceleration of digitization during the previous decade. The government launched various initiatives as part of the Digital India movement to promote digitization, including Umang, Start-up India Portal, Bharat Interface for Money (BHIM), and others.
Women’s e-commerce spending will account for 42% of total purchasing by 2020. One of the reasons for the rise is the popularity of influencer culture, which boosted online sales, particularly in the beauty and fashion sectors. Furthermore, as the number of working women in the country increases, they will discover that buying online is not only convenient but also time-saving. It’s safe to say that online shopping for women has become a five-finger sport.
Pandemic’s effect:
The pandemic’s extensive impact has resulted in a rise in global internet shopping usage. The number of FTUs (first-time e-commerce users) in India has risen as a result. Previously, these FTUs were barred from using the internet to shop. It’s also affected people’s shopping habits, as they’re now hesitant to shop in a physical store. Despite these challenges, This business in India has a promising future. Now that knowledge and awareness of the internet are spreading like wildfire, the number of internet users has expanded in vast numbers, regardless of age. Furthermore, the expansion of e-commerce is being aided by a slew of amazing websites that offer hassle-free services.
The road ahead:
The e-commerce business is growing in popularity all around the world. Due to the availability of speedier internet networks, e-commerce activities are developing at a quicker rate in India as well. By providing money, technology, and training, the e-commerce business has had a direct impact on India’s micro, small, and medium enterprises (MSME), as well as having a beneficial cascading effect on other industries. The Indian e-commerce market has been steadily growing, and it is expected to overtake the United States as the world’s second-largest e-commerce market in the near future.
In the long run, expanding the e-commerce business would result in more jobs, increased export sales, increased tax revenue for ex-chequers, and better goods and services for customers. The e-commerce market is likely to grow at a high rate in the next years.
