One of the fastest-expanding and booming economic sectors in India at present is the E-Commerce sector. As per the interpretation made by the statistical data, it is quite evident that the Indian E-Commerce sector is likely to undergo a vivid and exponential economic growth by making a profit of $200 billion by 2026, up from $48.5 billion as of 2018.
The statistics suggest that E-Commerce in India is expanding at an accelerating rate. India has a huge number of internet and smartphone users that are the primitive target of the E-Commerce industry. Hence, it can be presumed that the present scenario, as well as the future, is quite promising for E-Commerce enterprises.
E-Commerce in India Scope
E-Commerce in India has hugely benefited from the vast number of internet users. Internet users have also turned into regular and loyal customers of E-Commerce in India as the system has totally revolutionised the buying experience. Exclusive offers followed by prompt delivery have encouraged buyers to stick to E-Commerce shopping. Shopping from home, skipping the long and tiring queues, has shown customers the advantageous aspects of E-Commerce shopping. Besides that, the E-Commerce systems give customers the opportunity to use the digital financial system. This has automatically increased customer satisfaction.
E-Commerce in India's Challenges
- E-Commerce in India needs to sharpen up its infrastructure by incorporating a smooth payment system, an attractive offline existence, and top-notch marketing strategies.
- The logistic infrastructure and delivery services are not up to the mark in India. Hence, E-Commerce needs to take fruitful initiatives for the betterment of delivery services.
- Cross-border tax, back-end service tax, and regulatory issues while transacting money online can deteriorate a customer's buying experience. Special technologies should be implemented by E-Commerce to battle the issue of online fraud.
Newly Adopted E-Commerce in India
The first regulation of the newly adapted E-Commerce rule of India expressly prohibits E-Commerce platform companies from marketing private label products on their websites, which are brands they possess directly or indirectly.
E-Commerce corporations would also be prohibited from selling and marketing products obtained from companies in which they own interest or have influence. According to the clarification, it has also been specified that a corporation with an equity interest in an E-Commerce retail market entity or its member firms, or having and retaining complete control over its inventory by an E-Commerce retail market entity or its associated companies, will not be allowed to sell and advertise its merchandise on the marketplace run by the E-Commerce entity.
The government has stated that E-Commerce businesses must ensure a level playing field by guaranteeing that they do not impact the retail price of goods and services actively or passively. No seller can promote or sell their goods and services solely on any online marketplace forum, as per the policy.
It can be concluded that E-Commerce in India is currently experiencing remarkable growth, and the booming economy can change the economic background of the country. The future of E-Commerce in India is promising and profitable. However, E-Commerce needs to make some small yet vital changes to provide customers with a more seamless buying experience.
FAQs on E-Commerce in India
Q.1. What do you mean by E-Commerce in India?
The E-Commerce industry is currently one of India's fastest expanding and booming economic sectors. According to official data, the E-Commerce in India sector is expected to see a vibrant and exponential economic expansion, generating profits of $200 billion by 2026, up from $48.5 billion in 2018.
Q.2. What are the top seven E-Commerce websites in India?
The top seven E-Commerce websites in India are Amazon, Flipkart, Jabong, Snapdeal, Myntra, Shopclues, and Paytm.
Q.3. What is the condition of E-Commerce in India?
The growing number of internet users in India, both rural and urban, are now customers of the expanding E-Commerce in India. Besides that, the number of potential customers is also thriving. Hence, E-Commerce has emerged as the most fascinating sector in India.
Q.4. What is the extent of E-Commerce in India?
According to the data, India's E-Commerce sector is growing at a rapid pace. According to research from 2018, India's reported market price for E-Commerce was 22 billion US dollars. This amount is predicted to reach $200 billion by 2027.