The e-commerce market has changed the way of business which is transacted.The Indian e-commerce industry has been on a 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.The Electronic commerce works on the technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing and many more. India has an active internet users base of about 450 million as of July 2017,which is almost about the 40% of the country’s population. In India, most of the 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 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 services.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.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.The Online apparel sales are set to grow four times in the upcoming years.