E-commerce insurgence in India takes a progressive step ahead, post outbreak of covid-19
Updated: Aug 18, 2020
With the current situation going on e-commerce continue to fluctuate depending on the industry. E-commerce proved itself essential after this deadly virus outbreak. However, e- commerce was known as India’s fastest growing Industry and experts have stated that it will grow up to $200 billion by 2026.
As stated in an article the Indian E-commerce industry has been on an upward growth and is expected to cross the US to become the second largest E-commerce market in the world by 2034. The E-commerce market is expected to reach US$ 200 billion by 2027 from US$ 38.5 billion in 2017, supported by rising income and surge in internet users. Online shoppers in India reached 120 million in 2018 and are expected to reach 220 million by 2025. According to the current situation there something’s that are affected by the Covid-19 which are mentioned below-
1. Preference to online shopping
Due to the current pandemic going on lock down has been implemented all over India which resulted in the closing of nearby shops and malls where people for their daily needs are approaching online as it is faster and simple way to get their daily needs and commodities.
1. Efficient, safe and fast
Online markets are being efficient and safe people prefer them nowadays as they don’t need to go out of their places to buy things. It is faster and open 24/7 to place their orders. A recent study revealed that online shoppers are going to increase by 220 million by 2025. Even the e-commerce sites are taking required care to keep their customers safe and sound.
2. Shift towards essential goods
e-commerce websites are stressing on providing the essential daily needs of the people like groceries and other commodities. For time being they have stopped to supply other things which are non essential and are not daily needs like decorative items and other stuff. This concentration over daily essentials inspired customers to find what they what in online platform.
3. Covid-19 oriented e-commerce sites
There are many websites starting their business making Covid-19 essentials as their main basis. They are providing masks, sanitizers, oxygen masks and so on. These markets are focusing on the current situation and forming their niche to have a boom in their business
4. Local stores turning into online ones
Even the normal stores are shifting their views and making their business online available using different social media platforms like Instagram, Facebook and other apps. They are making it easy for local people find stuff online and to proceed with their payment smoothly.
This kind of turn that has been taken place in e-retail whereas, online platforms are making a progress in making e-commerce as a wide industry in country like India with large population of online buyers. With the increase in the people needs the online platforms not able carryout the customer needs properly because of the lack of manpower required and increase in delivery addresses. Even the suppliers are trying to cope up with required amount products to manufactured as the consumers are trying to keep a stock of their daily needs the manufacturers are trying to balance the supply and the demand. With the increase in the manufacturing and having a less manpower leading to scarcity every business is trying to get back on track to satisfy every customers need.
E-retail market is expected to continue its strong growth - it registered a CAGR of over 35 per cent to reach Rs 1.8 trillion in FY20.
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