Day by Day, eCommerce industry is growing by leaps and bounds. But have we ever found where it has reached and what’s its present condition? We thought it is now time to take a glance on the state of eCommerce Industry at present.
This will help business owners to identify the present state and then evaluate where they are actually lacking and upto what extent they have grown. Once this is known, then it will be easy for business owners to take necessary steps either to make improvements or progress ahead whatever the situation is.
So, let’s take a look at the progress of eCommerce Industry:
At present, India gets investment from some well known eCommerce players such as Amazon. The reason for this is quick progress in eCommerce sector that shows that returns on investment can be higher if investments are maximized.
Much of the market share is remaining to be occupied. Consumers wish to get the products available 24/7. Talking about the online players, Flipkart is the major eCommerce player that has the maximum market share and as per the latest news, it will divert to app only purchases effective from September 2015.
Growth in eCommerce Sector till 5% by 2020:
Factors that are responsible for this growth are as follows:
- Increase in usage of Smart Phones.
- Growth in number of middle class sectors
- Purchasing power of young generation
- More products to be available online
- Discounted Products
- Availability of easy returns and product exchanges.
Some traditional eCommerce stores don’t offer these returns and exchanges and so this is one of the major things that must be borne in mind by retailers if they really wish to grow.
On the other hand, low credit ownerships can hinder the eCommerce growth. The reason; while making online payments credit cards are widely used. Only Indian customers prefer Cash on Delivery for online purchases.
EMI or we can say instalment payment method is also highly preferable in India. Certain eCommerce retailers have their own payment gateways that work similar to PayPal and other such well known ones.
How Mobile Commerce can impact the eCommerce Growth?
As mentioned earlier, smartphone usage is one of the factors responsible for eCommerce growth. So, how does mobile commerce directly affect the eCommerce growth?
We can see that almost 90% of people use internet via their mobile devices. Online retailers have a perfect mobile responsive website while some also possess a mobile app that make it convenient for people to carry out online purchases.
Additional eCommerce Trends:
Apart from those currently available in the market, there are other trends that affect the eCommerce industry in India. Any online business owner willing to grow in eCommerce field must be aware of these trends which are as follows:
- Keeping a track of customers who use their website regularly for online shopping. These consumers must be rewarded with gifts or additional coupon codes.
- Rewards or loyalty points must be arranged so as to get benefitted from competitive advantage.
- Only few payment cards provide Cash back offers. Hence, if you provide offers on certain debit/credit cards like as CitiBank, HSBC and ICICI can help you to increase your online business.
So, next time you think of growing your online business; make sure to keep these trends in mind and progress ahead accordingly. For more assistance, get in touch with Softqube Technologies, eCommerce Solutions provider India.