Friday, 2 February 2018

E -Commerce: A Boon to Indian Economy

E-commerce stands for electronic commerce. It means dealing in goods & services through the electronic media & internet. E-commerce has proved to be a boon  the way business is done in India. With the increase in awareness about the benefits of online trading, there has been a significant rise in investment in E-commerce business. Hand in hand with offline trading, many established businesses, e.g. Shoppers Stop  Lifestyle, have setup online transaction channels. E-commerce is increasingly attracting customers from Tier 2 and 3 cities, where people have limited access to brands but have high aspirations.

 The E-commerce industry has been on an upward growth trajectory and is expected to overtake the US by 2034.Much growth of the industry has been triggered by increasing internet, smartphone penetration and the launch of 4G networks The ongoing digital transformation in the country is expected to increase India’s total internet user base to 829 million by 2021.Technology enabled innovations like digital payments, hyper-local logistics, analytics driven customer engagement and digital advertisements will likely support the growth in the sector. With the increase in the number of electronic payment gateways and mobile wallets, it is expected that by the year 2020, cashless transaction will constitute 55 per cent of the online sales. The growth in e-commerce sector will also boost employment, increase revenues from export, increase tax collection by ex-chequers, and provide better products and services to customers in the long-term. Earlier food and grocery were never thought of as items for online trading. However, with the change of working habits, and consumers opting for adaptability and convenience, there are now innumerable small and large E-commerce companies selling provisions and food items like Grofers, BigBasket, etc. Thus we can conclude that Ecommerce has made our life simpler and better.

Thanks to Information Technology and new business ideas which are working together for a better and richer India.

Assistant Professor BCA

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