E-commerce businesses are growing at a pace which is not expected to slow down any sooner in the near future. The number of ecommerce stores that are being opened recently, and so quickly – is a sign that this just might be the beginning only. Even after so many years being passed in this ecommerce business industry. The stores which provide various ecommerce solutions to every niche of people – are frequently being opened up as ecommerce platforms for small businesses.
And looking at the growth rate a recent report by Reporters Association of India and Boston Consulting Group revealed that – e-commerce market is expected to be at $50-55 billion by 2021 from the current $6-8 billions. The digital opportunity sectors that could see maximum e-commerce penetration – would be consumer electronics, apparel, homeware and furniture, luxury, health, FMCG and food and grocery.
In order to take advantage of the current digital wave, companies will have to digitize their core business, to unlock significant value. Besides, consumer engagement, integrating all the channels of sale from website and mobile to in-store, and collaborating with marketplaces is key. In the last three years alone digital buying has increased from 3 percent in 2013, to 23 percent in 2016. The overall digital influence on consumers has increased from 9 percent to 30 percent during the same period.
The report reveals discounts has taken a backseat and convenience has scored over, with the customers. From 40 percent in 2014, to more than 55 percent purchase online is due to convenience, rather than discounts. This convenience has been emphasized by the digital purchasing. Which has been catalyzed by progress in infrastructure, including falling smartphone prices, reducing data charges, and rising smartphone penetration. Similarly, social media adoption has increased 2.9 times from 8 percent to 23 percent in the same time period.
Author – Pragyan Sharma
Content Writer at Buildabazaar – an ecommerce solutions service provider catered according to your needs.