Quantitate Width of Business: • The Indian e-Commerce market scale was elevated around $16 Billion in 2013 and is expected to reach $56 Billion by the end of 2023. • The growth rate has touched 85 per cent mark till now and in next ten years, it is projected to acquire 6.5 per cent of the total retail market of India. • India has secured position in top 10 countries list of e-Commerce chosen by online buyers. • In a research conducted by e-Marketer, it is stated that India crossed $1.08875 trillion of e-Commerce sales internationally. • More than 7.6 million people are found visiting deals and discounts based websites, which is a proof itself of their growing fad for online shopping. • As per a survey conducted recently, Indian e-Commerce …show more content…
The important concernis that the technology and the concept has to be used cautiously and carefully. Thus, e-retailers should frame their strategies tocapture more market share easily and quickly. While skills like speed, differentiation, and branding are very more important in the digital world, retailers of India need to examine the viability of such a transition, and look into the synergies of using the new channel of e-tail. They need to possessthe ability to transform core operations and practices to this innovative and creative medium which might make the difference between success and failure. It is thus inevitable tocreate a sustainable environment mechanism for futuristic growth of e-retailing in …show more content…
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Laudon, Kenneth C. Traver, Carol. E-commerce: Business. Technology. Society 3th ed. Pearson Prentice Hall. Upper Saddle NJ, 2007.
Online platform owners and big retailers: India Bazaar faces tough competition from big retailers like Walmart, Loblaw’s and local Indian grocery shops located in Surrey region. Although the development of online platforms for grocery sales provides an opportunity to retailers, it possesses a threat to traditional grocers like India Bazaar. These grocers face competition from traditional online stores like Amazon.com Inc. (AMZN), which are expanding their presence in the still-nascent
Online retailing in China, dubbed ‘e-tailing’, has doubled every year since 2003. By 2020 the size of China’s online retail market is predicted to reach up to US$650 billion, exceeding the combined value of online markets in the USA, UK, Japan, German and France. With over 590 million internet users, China boasts the world’s largest online population - more than the US and Japan combined – and still growing at almost 10 per cent per annum.
Introduction India is the world’s second most populated country with over 1.2 billion people. Since its independence from British rule in 1947, the country has been more or less a stable democracy. Until 1991, Indian governments imposed economic austerity and its markets were comparatively closed to the world. Economic reforms in 1991 brought about a change which made India an attractive and huge market for multinational corporations from all over the world (Joshi 8). Retail industry within a globalized world is one of the most thriving and profitable sectors.
E-commerce is about two decades old, yet due to its fascinating dimensions, it remains a challenging area for researchers and professionals.
The largest E-Commerce Retailer of India: Flipkart has sold GMV (Gross Merchandising Value) of $4 billion by February, 2015 and is planning to double it to $8 billion dollars by December, 2015 which evidently shows it is the biggest player in the business.
The industry is expected to touch US$ 220 billion by 2020, according to estimates by Alok Industries Ltd. Also, India has the capacity to improve its textile and apparel share in the world trade from the current 4.5 per cent to 8 per cent and reach US$ 80 billion by 2020.
The market already has some 150 million travellers passing through its airports, and if Indians begin to travel with the same frequency as Americans, then the years ahead could see the market boom beyond the two billion mark. This will not happen quickly and is dependent on an expected increase in per capita GDP. Even so, by 2020 traffic at Indian
Market Size- India’s retail market is expected to nearly double to US$ 1 trillion by 2020 from US$ 600 billion in 2015, driven by income growth, urbanisation and attitudinal shifts. While the overall retail market is expected to grow at 12 per cent per annum, modern trade would expand twice as fast at 20 per cent per annum and traditional trade at 10 per cent.
Like in other countries, e-commerce boomed in the U.S. with the emerging of the Internet in the late 1990s. By 2013, the e-commerce sales have reached over 2 trillion dollars, which was 5.8 percent of the entire sales as of the year, and nearly 200 million people in the country shop online on a regular basis.
MASSAD, N., HECKMAN, R. & CROWSTON, K. 2006. Customer Satisfaction with Electronic Service Encounters. International Journal of Electronic Commerce, 10, 73-104.
The Information revolution is changing our daily lives. With the rapid development of computers and the internet, online commerce has become quite common and plays an important role in the modern world. Online business has been booming in recent years. US online retail sales rose an average of 11% in the first three months of 2009 (“US Online Sales Up,” 2009). The growth of online sales may be due to the growing number of consumers who shop online.
In India, Retailing is a major pillar of the economy and accounts for 35% of GDP. The retail industry comprises of organized and unorganized sectors. More than 12 million outlets function in the country and only 4% of them are larger than 500 sqft in size.
The Indian retail industry has experienced growth of 10.6% between 2010 and 2012, the domestic apparel market, which was worth INR 207,400 crore (USD 38 billion) as of 2012.
In conclusion, E-commerce looks more promising in the future. With the evolution of the E-commerce application, every business should take advantage of it. I believe it is the new way of reaching out to a large clientele. In future physical business locations would become more of a showroom. This would simplifier customers way of shopping. Like any other project, E-commerce application needs to be managed probably to succeed and be able to compete in the future.