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Growing E-Commerce Market in India
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CostaalanIndia is on the edge of a digital uprising. The drivers of this revolution are slashed data plan fees and rise in use of 3G network. The Worldwide Web has become a vital aspect in the life of growing population segment for connecting with friends, booking movie tickets, ordering food and buying apparels. The ease of shopping from the luxury of one’s home and selecting from a wide range of products has amplified the dependency on online medium. The trend in online shopping is about to witness greater altitudes in the years to come. Online marketing companies have made rigorous efforts in altering the supporting ecosystem by improving logistics and payment infrastructure. Also, the perceptions of an Indian shopper towards online stores have also changed, for the good.The E-commerce market has enjoyed a phenomenal growth in the past half-decade. The rise in count of internet users, acceptance of online payments, wave of internet-enabled devices in the market and favorable demographics are the key drivers of the growth story of E-commerce in India. Online travel and online retail have been the biggest E-commerce sub-sectors in India. These have been closely followed by online matrimonial and online recruitment. Online travel sales have been heavily dominated by domestic air tickets followed railway bookings. However, only fiftieth market share is hold by lodging and accommodation which means there is still ample scope for growth in online hotel bookings. India’s online retail market is considered as one of the world’s top five retail market in terms of revenue. Increase in urbanization and consumerism have opened the doors of retail expansion. Furthermore, easy availability of credit/debit cards has contributed significantly. The growing online retail market has become a profitable deal for international companies as well. The online matrimony market in India is a booming business. It is threatening the traditional businesses and started to eat into the market share of newspaper matrimonial classifieds. The major plus points for the rise of online matrimony are convenience, time saving and competency. Moreover, to prove its growth, India has one of the youngest population and fourth largest internet user count. Online marketing companies
allow the institutions of higher education to efficiently align their strategies and engage prospective students through the recruitment process. Contrast to print advertising – which has a shorter shelf life and job fairs – which are quite expensive and last only a few days, online recruitment sites succeeds in outreaching the suitable candidates.
Apart from these, a large number of small businesses have spurted in last two years. These are either fresh start ups or a shift brick and mortar stores to online space. Since they are low on capital, they usually resort to E-commerce applications. E-commerce application
is aimed at providing commercial transactions using the worldwide web. Companies can promote and sell products and services, provide customer support and interact with e-business partners via internet. It is a complete utility package (web design, website development and database management and payment gateways) with a small price to pay for.
The most intriguing aspect on E-commerce is that the companies cannot see their customers. Therefore, online marketing companies in the E-commerce space play the role of a publisher who has the ability to provide information that the customers is seeking/needing when he/she is online. E-commerce market have got shooting head start and the road ahead may look hard but with conscientious efforts from both – entrepreneurs as well as investors, it will have to find an assorted approach by taking on globally tested technologies along with localized essences.
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