e-Commerce Portal
We are soon going to offer e-commerce portal of its own kind to all its retailers, which will open completely new stream of earning for all of our retailers & associates. The e-commerce market has changed the way business is transacted, whether in retail or business-to-business, locally or globally. Prior to the Internet, success in retail was said to hinge on location, location and location. Now, the Internet is a global marketplace, affording even the smallest retailer a national — if not a global — presence. Brick-and-mortar locations now have websites, and new companies now sell products that were unthinkable prior to the Internet and the boom in related technology. The scope of the e-commerce marketplace is difficult to measure. The e-commerce market has become such a vital part of the economy that is difficult to pinpoint exactly where e-commerce begins and the old world economy ends.
One of the largest segments of e-commerce is the online retail sector, which is dominated by the sale of consumer electronics, apparel and accessories. The Indian e-commerce industry has been on an upward growth trajectory and is expected to surpass the US to become the second largest e-commerce market in the world by 2034. India’s e-commerce industry is expected to grow from US$ 38.5 billion as of 2017 to US$ 200 billion by 2026. India’s internet economy is expected to double from US$125 billion as of April 2017 to US$ 250 billion by 2020, majorly backed by ecommerce. Online shoppers in India are expected to reach 120 million in 2018 and eventually 220 million by 2025. Average online retail spending in India was US$ 224 per user in 2017.
Much growth of the industry has been triggered by increasing internet and smartphone penetration. Internet penetration in India grew from just 4 per cent in 2007 to 34.42 per cent in 2017, registering a CAGR of 24 per cent between 2007 and 2017. In Q2 2018 overall internet penetration in India was 39.32 per cent. The number of internet users in India is expected to increase from 512.26 million as of June 2018 to 829 million by 2021. The e-commerce retail logistics market in India is estimated at US$ 1.35 billion in 2018 and is expected to grow at a 36 per cent CAGR over the next five years.
A young demographic profile, rising internet penetration and relative better economic performance are the key drivers of this sector. The Government of India’s policies and regulatory frameworks such as 100 per cent foreign direct investment (FDI) in B2B e-commerce and 100 per cent FDI under automatic route under the market place model of B2C e-commerce are expected to further propel growth in the sectors. As of August 2018, the government is working on the second draft of e-commerce policy, incorporating inputs from various industry stakeholders.
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