E-commerce Industry Profile in India
The e-commerce market has changed the way of business that is transacted. The Indian e-commerce industry has been on an upward growth trajectory.
Ecommerce is commonly known as the activity of buying or selling of products over the Internet or at any other online service. Electronic commerce works on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing and many more. India has an active internet user base of about 450 million as of July 2017, which is almost about 40% of the country’s population. In India, most of people use cash on delivery(COD) option as the payment method. Technology has enabled some new ways like digital payments, analytics-driven customer engagement, hyper-local logistics, and digital advertisements which will apparently support the growth.
Ecommerce was invented and became possible in 1991 when the Internet was opened to commercial use. The term eCommerce means the process of execution of commercial transactions electronically with the help of Electronic Data Interchange (EDI) and Electronic Funds Transfer (EFT).
It is the regular work of users in buying or selling of products over the Internet or at any other online service. There are mainly 3 areas of E-Commerce i.e online retailing, electric markets, and online auctions.E-commerce is supported by electronic business.
In the year 2014, the Indian Government has announced various types of initiatives like Digital India, Make in India, Start-up India, Skill India, and Innovation Fund. The government of India is trying to promote the e-commerce sector in India.
The Indian consumer internet market is expected to grow 44%in every year. India’s retail market is estimated at $470 billion in 2011 and is expected to grow $850 billion by 2020. Online apparel sales are set to grow four times in the upcoming years.