E-Commerce And The Big Boom In India
E-Commerce has grown immensely in the western countries like America and Europe. Big players like Google, Amazon etc have become huge brands in very less time. It has become easier now to acquire customers and expand the business online. As International players have a great technical infrastructure, relevant payment methods, and near perfect logistic partners, They are able to engage customers and provide world-class services to them.
However, is that the case with developing countries like ours? Well, the answer is yes! E-commerce in India has experienced remarkable growth in recent years. Many players have entered the online market and proved that there is huge potential for growth in the online world.
E-commerce Scenario in India
What India has got going for itself is it has a huge market. As we are the second largest population in the world, growth opportunities for businesses are tremendous. As Indians have already proved to the world time and again that they are the best when it comes to technical skills, India can and has used this to their advantage. Also, the fact that the government is trying their best to promote digital India through various initiatives is only going to add to this growth. As for E-commerce, there are still fewer players in the market compared to western countries the scope for entering the online space is great for Indian players, especially the SME & MSME players.
All of these factors have led Chinese retail giants like Alibaba to come to India. They are also looking to establish a new retail venture, that would make things more interesting in the Indian market.
Unlike western markets, Indian e-commerce allows customers to evaluate goods much before making the payment and acquiring it. India’s largest online player Flipkart is a great example of how one can own the market, given they know the pulse of Indian customers. They have 46 million registered users and have recently acquired their third acquisition in the payment solutions – PhonePe.
Opportunities in E-commerce space in India
Online presence is great for the business as it lets you tap the global market. It is not only convenient for the customers but is also a blessing for business especially small players. There are various portals which cater to the needs of different businesses.
Challenges and How to overcome them
The major challenge for any player to enter the online space funds. As global leaders are venturing into Indian markets, it will get more difficult for new and existing players to survive.
Apart from this, there are many things that threaten the newbies in the online space like underdeveloped logistics infrastructure, the scarcity of less skilled but English speaking customer service professionals due to competition and dealing with heavy discounts offered by industry giants like Amazon and Flipkart.
We can learn from western market, in terms of creating a solid technical infrastructure and software. Having genuine and quality products is another way to ensure customer satisfaction. Having own payment gateway which will ensure a smooth transaction and investing in analytics and testing will help you ensure customer retention.
There are a number of digital advertising agencies today that can help promote your business at a much lower cost compared to traditional methods. There is also a great opportunity for digital marketing companies, as they can be used for e-mail marketing and other web promotions. Social media is like a vital organ. It will give you a better insight on your customer’s requirements and will help you reach those and many other potential customers. Having an app is a great way to engage customers especially in a country like India where people are often stuck in traffic for hours and are looking for ways to kill time.
Make SEO your best friend. It will help you gain visibility and stay ahead of the competitor. Last but not the least, evolve. Anything or anyone that does not evolve with time will be left behind, especially now when everything is rapidly changing. There are new trends and innovations taking place every second all over the globe and we need to keep up with time to ensure that we grow with the world.
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