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.
Technology plays a big part of the e-retailing industry. It has many positive qualities that impact the industry. Technology simplifies the purchasing process. Since the industry is web based, it helps eliminate the nuisance of not having products when wanted by having the capabilities of placing orders 24/7 at any computer with web access. Technology will also standardize the purchasing process thus reducing processing costs associated with traditional processing.
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.
Print Mishra, Sita, and Mathew, Priya. " Analyzing Perceived Risks and Website Attributes in E-Retailing: A Study from India. " Journal of Internet Banking & Commerce 18.2 (2013). Print Musgrave, E. Targeting India, the next big thing? Drapers.
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.
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.
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.
The Internet is rapidly becoming widespread and widely used as a tool for globalization across the world. As the Internet became more easily accessible by most people in the world, the web is bringing significant implications and changes to the way we live, including the way we shop. There is a rapid growth with e-commerce and moving businesses onto the web and retail success is no longer about stores and shopping centers. In developed countries, about two thirds of the population have access to the Internet making the option of online shopping is easily accessible to most people (Valerio). With the ease of shopping in your own home there are many benefits of doing your shopping online. Consumers can easily compare prices online, there is a larger range of products on the web, you can save time by having your shopping delivered right to your doorstep and it also overcomes physical barriers. Over the last decade online shopping has challenged and replaced the traditional means of physically going into shops as the digital world has provided customers with further convenience, flexibility and comfort from shopping from your own home.
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.
Rao in 1999, talked about benefits of e-commerce for retailers which gave them burgeoning market access and information with the benefits of lesser procurement and
Electronic Commerce as popularly as E-commerce has become a big deal in our growing economy due to the increase use of online systems. E-commerce now of the fastest growing business in the world. The technology has change the way of business. Business that have physical location have now made it an effort to focus their online business. It is the new sort of business platform where you can make use of different technologies like electronic data interchange or transfer document electronically. Online business is an effective of sales.
MASSAD, N., HECKMAN, R. & CROWSTON, K. 2006. Customer Satisfaction with Electronic Service Encounters. International Journal of Electronic Commerce, 10, 73-104.
“Digital Commerce: March 2011”, Report provided by Internet and Mobile Association of India and available at http://www.iamai.in/rsh_pay.aspx?rid=0gWlBn0YPIA=