India always has been considered one of the best markets for commerce. Companies from around the globe pit against each other in this rugged local market, which is full of potential to claim the prize: monopoly of the Indian market.
With price of smartphones dropping as months goes by, the number of smart phone users in India has grown exponentially and is estimated to be around 340 millions users in 2017*. The advent of JIO telecom services has connected lots of users to the internet. Now this has unlocked a lucrative medium to access the Indian market. Moreover with India’s “Digitization ambition” and recent demonetization, changes in ATM and bank policies have forced the hands of many small scale businessmen to change their business strategy.
The Current State :
The proliferation and acceptance of smartphones resulted in a good growth for the Indian e-commerce industry, which emerged as a vital segment of the country’s economy. Even though it currently accounts for less than 2 percent of India’s total retail spending, e-commerce has become a key driver to create new markets in areas that are otherwise unreachable.
However, presently, only 40 million unique users among an approximate 400 million internet users currently active in India have ever bought anything online. This situation exists despite online shopping being very convenient, with deep discounting, cash-on-delivery, and a 30-day return policy across most platforms.
In 2014, while the global average digital-buyer penetration was 41.6 percent, India’s stood at a lowly figure of 24.4 percent. This demonstrates that the Indian e-commerce industry still has a long way to go.
Why should we adopt E-commerce:
here’s the top 5 reasons ecommerce is so important for your business and just how you can benefit from moving online this year!
[*] Can Broaden Your Brand
Ecommerce is an ideal way you can take your brand from a traditional brick and mortar store to an innovative, well loved brand. By offering great products 24 hours a day along with online customer service, blogs and social media, no longer is your business one singular store, with an online presence your business can be the home of your products and the general home of your business, allowing you to fully expand your product ranges without having to worry about moving locations or worrying about not being able to expand your business.
[*] It’s More Convenient
An online store is available all day, every day meaning your customers can visit your store at all times, no matter what their schedule might be. These days people don’t always have the time to physically go shopping, instead more and more people are choosing to shop online to find the items they want or need and if your business can offer this for your customers there’s no you shouldn’t appeal to a wider range of customers all looking for a convenient and flexible experience.
[*] Increase Your Reach
Due to the internet’s accessibility, millions of people across the world can view your website at any time, meaning that for those looking to expand their businesses and reach out to a larger audience, you have many more opportunities to do so. Compare the amount of people you can reach through a website to the amount you can reach through a high street store or local advertising, there’s no reason you shouldn’t look at taking your business online if you’re looking to improve your reach.
[*] Gives You Marketing Opportunities
Your website is one of the best marketing tools your business has, not only can the use of SEO when building your site lead to more chances of your business getting found in search engines, but a huge number of marketing techniques can also work alongside your website, including pay per click advertising, your social media marketing and your email marketing, all of which can include links back to your website.
As your business grows it’s very likely you’ll want to grow your product range and your target audience, as well as develop your business for customer requirements and consumer demand. An eCommerce site let’s you scale your business accordingly, allowing you to add more lines, add more payment options and even grow when you choose to ship to, without having to worry about changing your location or moving to a larger premises like you might with a brick and mortar store.
Therefore, going adopting e-Commerce is the perfect approach in India, as the country already has a well laid-out infrastructure in the form of 11 million retail outlets. It is logically much more cost-effective and easier to empower the existing system with data, analytics, and strong marketing platforms. Enabling offline Indian merchants to participate in the digital boom is the innovation Indian e-commerce needs to unlock its full potential.