The Glocal Mantra For E-Commerce Success
A life without e-commerce may seem preposterous. Be it online bill payment or sending gifts to loved ones, e-commerce forms the core of our activities nowadays. E-commerce has come a long way since its inception and is only getting bigger. As technology continues to grow rapidly, online retailers are adopting newer techniques to facilitate sellers and buyers to sell and buy online more efficiently. The Indian E-commerce industry is going through a roller-coaster ride and dramatic shifts in business models are emerging by the day.
In India E-commerce is thriving, thanks to a booming online retail industry that defies slow economic growth and spiraling inflation. According to a recent Google survey, India’s E-commerce market is likely to have a whopping 100-million customer base, with women being the major contributors, and would be valued at $15 billion by 2016. Browsing trends have broadly shifted from the desktop to mobile devices in India and online shopping is also expected to follow suit. One out of three customers currently makes transactions through mobiles in Tier-1 and Tier-2 cities and in Tier-3 cities the number is even higher. In 2014, 50 per cent of shopping queries were made through mobile devices, compared to 24 per cent in 2012. These figures suggest that consumers are more connected through the web than ever before, and have access to large databases of information and choices at their fingertips today.
Some of the many reasons behind online shopping becoming a phenomenon are good looking or well designed websites, user friendly interface, easy payment methods, no limitations on quality and quantity of purchases and a consumer can specify selection criteria exactly how they want. India has exhibited a spiraling increase in growth in the E-commerce industry in the last couple of years, thereby hitting the market with a boom. A new trend of social commerce has also come up in the E-commerce market. The enormous role of social media which has now become the hub for the merchants helps them to analyze the customer choice based on their purchasing activities.
Mobile commerce or M-commerce is another latest trend to watch out for. Online portals are now getting a majority share of its traffic from consumers who purchase through mobiles. Now E-commerce firms have started focusing on mobile commerce and it is speculated that the next wave of digital commerce will come through the mobile phone.
In future, the journey of E-commerce requires more efforts from both entrepreneurs and investors. To stand the test of time, Indian companies need a mixed-approach implementation that is influenced by globally tested strategies, along with local elements.
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