The E-commerce industry in India has been growing since the past decade and continues to do so. It started off with a few small brands like Flipkart (which is now a giant in the sector), and now large MNCs like Amazon are well-established in the market, along with new Indian brands like Myntra, BookMyShow, and Nykaa. India’s E-commerce sector is now ranked 9th in the world in terms of cross-border growth, according to a report written by the Indian Brand Equity Foundation (IBEF), and by 2034, it is predicted to grow larger than the United States, becoming the world’s second largest E-commerce market.
With all this potential for growth, it has now become almost essential for brands to establish themselves online, leaving a digital footprint of their own on the world wide web. Companies have learnt that it is important and beneficial to place themselves in the ever-growing E-commerce sector.
With the large population of a country like ours, it is an ideal environment for brands to grow and establish themselves in the e-commerce marketplace. Furthermore, the disposable incomes of the general public increasing hand-in-hand with the internet penetration to even the remote regions in India helps target the vast untapped market that has the potential to be highly profitable. Additionally, low data costs and the ease of online payments have added to the appeal of shopping online. Technological improvements in the user experience by developing and incorporating chatbots, augmented reality, and other features like voice search further augment the growth of this sector.
The growth in the usage of social media also fuels the growth in this sector. Social media is riddled with advertisements of products and services online. This panders to and captures the younger target audiences, and the fact that these advertisements are personalized makes it better for brands, driving traffic and sales to their websites.
Thousands of transactions will have occurred on various E-commerce platforms by the time you have read this much of the blog. Several customers have placed orders for things that will be delivered and transported to anywhere they choose in the next two days while sitting in the comfort of their own homes. It is this convenience that attracts people to shop online, through E-commerce platforms. The time saved in travelling to a store and the extensive plethora of products that are available in an online store is beneficial to the consumer. Offers, sales, and, incentives such as 30 day return guarantees also entice consumers to buy products online.
In the last two years, with the decrease in footfall in stores and shops across the country, the growth of this sector has been unprecedented. The COVID-19 pandemic only accelerated the growth of this sector, and it has now been incorporated into each one of our individual lives. People resorted to ordering even groceries and every day provisions online, relying completely on E-commerce platforms during this time.
Though there are still many verticals to explore in the market, the market is still flourishing. In the years to come, this marketplace will grow exponentially, on both the brands side, and the consumers’ side. E-commerce is the space to be at, if you are a growing D2C brand.