(electronic commerce) The purchasing and selling of products or services over the net. The worldwide pandemic has virtually solidified the necessity for e-commerce around the globe. With many non-essential stores closing down across the globe for the bulk of 2021 and more worried about social distancing, online shopping became the new normal and saw rapid and sustained growth across all continents. E-commerce saw tremendous growth in India, with a billion-dollar industry being launched here in the next few years. India’s government recognizes the importance of e-commerce and has taken a proactive stance by assuring its merchants and service providers that their business will be safe from cyber-extortion. A policy has been formulated by the Indian government to protect both buyers and sellers.
According to analysts, e-commerce has grown at an exponential rate and is now the fourth largest industry on the World Wide Web. The growing need for safe and secure online transactions has led to the rapid growth of e-commerce in India. According to estimates, e-commerce is growing at a compounded annual growth of 30%. India is emerging as a front-runner in terms of e-commerce and is rapidly adopting e-commerce solutions. According to a latest survey conducted by IBM’s Global Business Services for Research, India is emerging as the most wanted destination for outsourcing work. This survey also indicates that e-commerce is growing much faster in India compared to other major emerging markets such as China, Latin America, and the Philippines.
With more people demanding safe and secured online transactions, the demand for e-commerce and increased online sales have increased manifold. According to one estimate, India’s e-commerce industry is growing at about 25% annually. Rapid advancements in information technology and related technologies are further driving the adoption of advanced software solutions and infrastructure. These factors have increased the competitiveness of the online sales market in India.
To achieve the target of doubling online e-commerce sales in a year, the rapid adoption of e-commerce technologies and adoption of digital services will be required. The World Economic Forum’s report states that about two thirds of the global gross domestic product will be driven by e-commerce by 2021. India is expected to be one of the fastest growing market for e-commerce sales in the coming years. Therefore, an intense and comprehensive policy towards e-business will be necessary to meet this target.
The success of e-commerce companies lies in attracting and enticing consumers. However, achieving this goal may not be possible without consumers sharing their experience. A recent survey shows that only a small percentage of customers worldwide are willing to share their experience with other consumers and about half of these consumers would do so if given the opportunity. As a result, e-commerce companies should conduct consumer research and develop a platform where both customers and buyers can easily share their thoughts, experiences and reviews on their experiences.
The growth of e-commerce and the increase in online store traffic imply a significant rise in competition. Many brick-and-mortar stores have also decided to adopt e-commerce to expand their business horizon and attract new consumers. A successful online store has the potential to attain a larger market share and establish itself as the most popular retail outlet in its locality. This is possible because online store owners have access to a wide variety of products and services. Consumers can search and compare various products online and select one that best matches their requirement and budget.
Although the brick-and-mortar retail industry is gradually embracing the online world, the competition remains fierce due to the fact that consumers often prefer to buy goods that are closer to their homes. In order to survive the increasing competition, it is important that e-commerce entrepreneurs establish a strong presence on social media platforms such as Facebook and Twitter, as well as other online communities that have the potential to spread the word about their stores. It is estimated that more than 300 million people visit Facebook every month, which makes this social network one of the biggest draw cards for e-commerce businesses. On a related note, companies need to consider creating a Facebook page and using it to publish news and other information regarding their company.