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.
Kalpana
Assistant Professor BCA
Kalpana
Assistant Professor BCA
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