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Boom in Indian E-commerce why you shouldn’t stay away from selling online.
India is becoming a strong market with fast growing potential in the e-commerce space which has lured many western biggies like Amazon and eBay who want to cash in on the business that this promises. studies over the last few years by noted agencies show that online shopping is becoming the preferred mode of shopping, click here to know more.
According to an in depth study released by leading Indian venture capital firm Accel partners on the Indian e-commerce market Indian e-commerce will quadruple from a $ 2 billion industry in 2013 to nearly $ 8.5 billion by 2016 at a CAGR of 63% . There will also be an increase in the number of Indian shoppers online from 20 million to 40 million by year 2016. These numbers do not consider travel ticketing and online food ordering but only physical goods commerce. The associate Chambers of Commerce and Industry of India (ASSOCHAM) expects the size of the online retail industry to touch Rs. 7000 crore by 2015 up from Rs. 2000 crore now at an annual growth rate of 35 per cent. A study conducted by TNS Australia on behalf of Google India in November 2012 reported that online shopping in India saw 128% growth in interest for the consumers in the year 2011 to 2012 in comparison to only 40 % growth in 2010 to 2011. In terms of product categories consumer interest on Google search for apparel and accessories (30%) emerged as the second biggest product category after consumer electronics (34%). The figures continue to grow.
As mobile internet users grow in number mobile phones is also contributing to a boom in online shopping in India with Google witnessing two times growth in number of queries from mobile phone in the year 2011 to 2012. At present 30% of all shopping queries in India come from mobile phones. These trends were also validated with the help of an online research conducted by TNS Australia of the internet users in the age group 18 to 50 from Delhi. Mumbai, Kolkata, Bangalore, Ahmadabad Hyderabad and Pune. Rajan Anandan VP and Managing Director of Google India said "With approximately 8 million Indians shopping online in 2012 online shopping industry in India is growing rapidly and will continue to see exponential growth. By looking at the trends in 2012 we expect 2013 to be a strong growth year for players who're focused on fast growing categories like apparels and accessories and niche product categories like baby products, home furnishings and health - nutrition. We expect the growth to come from outside of 8 top metros as was evident in our recently concluded "Great Online Shopping festival" which saw over 51% of traffic from non-metros.
Talking to one India's leading magazines in an article on changing patterns in internet shopping a senior executive of Flip kart noted that customer behavior was changing dramatically. Online shopping is no longer just for booking air tickets and movie tickets, but also to buy mobiles, laptops and other consumer electronics and home appliances. To tap this growing potential not just large brands, but even general retail chains are upgrading their sites for e-commerce making it more convenient for customers to place online purchase orders some of the biggest motivators for online shoppers are daily deals and discount offers with good delivery services. Factors like cash back offer and cash on delivery (COD) to attract shoppers.
The online shopping industry in India is fast catching on not just in the larger metros but also in the smaller towns. At present the market is estimated at Rs. 46000 crore and is growing at 100 per cent per year.
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