Overview
Certain marketplaces worldwide have shown an interesting and booming trend when it comes to eCommerce. The associated countries are now leading the way in this industry. eCommerce certainly has been growing in India, and although eCommerce penetration is lower compared to countries such as the US and the UK, the growth of eCommerce is several times more the amount than it what it was worth in 2009. It is estimated that the industry will reach fascinating levels in the not too distant future.
India – The fastest growing eCommerce market
Many industry watchers and professionals have been predicting this trend since quite some time. The country is all set to become the fastest growing eCommerce market by current projections. Consider this:
Internet users in India have gone up from 50 million in 2007 to 300 million in 2014. In 2014, smart-phone shipments doubled to 80 million compared to the year before. Another reputed firm Morgan Stanley expects that the size of the Internet Market to rise from $11 billion in 2013 to around $137 billion by 2020.
This indicates a compounded annual growth rate (CAGR) of around 43 percent. At the same time, revenues are expected to grow from $2.9 bn in 2013 to over $100 bn by 2020. This will make India the fastest growing eCommerce market in the world.
How things have progressed
In the first decade of this century, rapid internet activity was witnessed in India. By the end of 2014, there were around 243 million users, along with 185 active mobile internet users. The eCommerce trend then became irreversible since these early times, when Baazee was acquired by eBay in 2004.
The game changer in eCommerce occurred, when cash on delivery was introduced. Further improvements were made in the eCommerce model peculiar to India, and the marketplace model was first introduced in the eCommerce market place by Snapdeal – a major Indian eCommerce player. Since then, sales picked up especially after fast delivery was introduced.
Demand is rising by the day because technology has made it the easiest way to shop online. Unlimited choices are now being offered by the marketplace, and the the chaotic road traffic that is witnessed every day on Indian streets is taking the fun out of brick and mortar shopping.
Presently, Flipkart being the largest Indian player at the moment, being valued at around $ 7 Billion, it is followed by other eCommerce companies such as Snapdeal ($2 Bn), Zomato ($660 Mn), Jabong($500 Mn) , Paytm ($400 Mn) and Myntra ($200 Mn).
Additionally, the number of mobile subscribers in India has jumped from 261 million in 2007-08 to 910 million in 2013-2014. Accordingly, the internet penetration is also soaring in the rural as well as urban India as described initially.
Today, In India, it has been observed, that even uneducated people are accessing the Internet, it can be said that the proliferation of knowledge using digital technologies appears exponential, whereas comparatively the use of traditional options for knowledge accumulation such as education could be linear. At India’s GDP pegged at 6.4%, by the IMF as well as the World Bank, the eCommerce industry is only expected to grow rapidly with access to finds within the country and international visitors as well. If you’re searching for the best Magento development company to develop your feature-rich eCommerce store, then you’re at the right place.
If you want to tap the rising eCommerce wave in the country and want to establish your own eCommerce store tapping India and other emerging world economies, why not talk to us! We are an established eCommerce agency with enough knowledge in eCommerce and related technologies accumulated since over a decade, to help you overcome and win the eCommerce marketplace for you.
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Shivi Rao is a content marketer with Krish. She has worked in various industries spanning technology, science, rural marketing, startups & unicorns, eCommerce business, and digital marketing, believing that content is the foundation to facilitate the visibility of any organization and ensuring her words do the same. In her free time, you can either find her lifting weights in the gym or feeding the strays.
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