Online shopping is becoming more and more popular day by day. It has changed the outlook of shopping all over. Mr K. Vaitheeswaran established the first eCommerce company in India in the year 1999: Fabmart. Presently, leading eCommerce stores such as Amazon India, Flipkart, Snapdeal, Paytm Mall, Infibeam Corporation Limited and such others are gaining customers gradually.
Ecommerce Industry in India- An Overview
The rising smartphone and internet penetration have contributed to the steady growth of the ecommerce sector in India. A young demographic and the increase in consumer wealth are also some of the contributing factors. Smartphone shipments have increased tremendously. This has in turn given rise to more internet subscriptions. Certain government initiatives like StartUp India, Digital Udaan and Digital India along with regulatory frameworks such as 100% FDI (foreign direct investment) in B2B (business-to-business) ecommerce are also giving rise to more ecommerce stores. However, this industry also faces challenges such as payment and tax related issues, returns and cancellations of products as well as computer virus problems. These issues are addressed and most likely resolved with the use of digital marketing. It is predicted that by the year 2034, India is going to surpass the United States to become the second largest ecommerce market in the world.
In the midst of the ongoing COVID-19 crisis, eCommerce is being used more than ever. The trend may continue long after the crisis has passed.