E-Commerce Industry in India - Digital Transformation of Shopping and analysis

E-Commerce Industry in India

Introduction

Electronic Commerce is a common platform for consumers and sellers in order to buy or sell products in online. The evolution of the E-Commerce Industry is primarily due to the penetration of Internet and smartphones. Nowadays everything comes handy, owing to the improvement of this technology which includes shopping too. In essence, we can purchase luxury products like jewellery, fashion, electronic items, utensils, baby products, household items, etc. Moreover, the most interesting fact in this ongoing E-Commerce stream is, 60% of the online purchase happens during business hours (9 am to 5 pm) as per the report of Q1 2016. Elaborately, let me explain clearly about the digital transformation of the Commerce Industry in India.

Features of E-Commerce Industry

Electronic commerce is based on a wide range of technologies such as mobile commerce, inventory management systems, Internet marketing, electronic funds transfer, supply chain management, electronic data interchange (EDI) and automated data collection systems. In this fast-growing and busy world, the word online is getting trendy due to the impact of popular e-commercial sites such as Amazon, Flipkart, Snapdeal, Paytm, Myntra, Purplle etc. As I said above, there is a massive growth in all technologies in which 4G networks also plays a vital role. So, most of the people are preferring online shopping rather than window shopping. In order to buy products in online, we are not expected to be a tech savvy. The basic knowledge is enough to be a part of this E-Commerce Industry. The Q1 2016 report also says that, men is involved is online shopping three times more than women can you imagine this?

Major Initiatives of the Government in E-Commerce Growth

  The below mentioned steps are taken by the Government of India to enhance the growth of Electronic Commerce Industry.

• The Government of India has increased the limit of Foreign Direct Investment (FDI) in the E-Commerce market upto 100%.

• The government has invested an enormous amount in 5G fibre network to boost up e-commerce in India.

• For the Bharat Net Project, 8000 crores is allocated in the union budget of 2018 to 2019.

• As per the result of such initiatives, 1,50,000 broadband services are provided to the Gram Panchayats.

• Under the project ‘Internet Saathi’, the government has influenced over 16 million women in India and reached 166,000 villages.

• Udaan, a B2B online trade platform that connects small and medium size manufacturers and wholesalers with online retailers and also provide the logistics.

• According to the UN’s e-Governance index, India has changed 11 positions to 107 in 2016 from 2018 in 2014.

• The government introduced Bharat Interface for Money (BHIM), a simple mobile based platform for digital payments.

• Not at all, some other schemes like Umang, start-up India Portal also comes under the Digital India Movement.

         

Benefits of E-Commerce Industry

               

           This marketing technology seems to be useful for the current generation peoples particularly for those who can’t spend their time for window shopping. In Festive or other important days, these e-commerce retailers provide attractive offers for their goods and services. The one thing I admire a lot in these shopping sites is time for decision, (i.e) we can take enough time to decide whether to grab it or not. Which is not possible in window shopping. In addition to that, 75% of the e-retail activities are accumulated because of the preferred payment method Cash on Delivery.

Drawbacks

               

            Whatever the technology is grown, this The e-commerce industry also has some of the drawbacks which includes the following. Most of the time we get disappointed due to the product quality. Due to the contrast and colour difference shown in the online shopping sites, there is a chance to receive bad products sometimes. There are many fake websites wandering in the internet, so it is advisable for the consumers to be in touch with the most familiar websites. Also, on the negative side the small street shop owners are getting affected with respect to the transformation of digital shops.