Why Indian e-commerce market is optimistic

Why Indian e-commerce market is optimistic

India’s online market recovered quickly after the nationwide lockdown and also witnessed a successful festive sales period ever, says Anuj Mundhra

The competition in the online
business in India is furious. The market is loaded up with numerous nearby and
unfamiliar organizations attempting to hold the most extreme portion of the
overall industry. Expanding development in the e-commerce based business
industry is credited for various reasons. Digitizing the economy and giving
cheap internet to individuals are a couple of numerous reasons that supported
the development of digital sales in India. The E-commerce retailers however
thought that the initial few weeks of the lockdown were testing for e-commerce
players but, they were eventually able to emerge as winners. India’s online
market recovered quickly after the nationwide lockdown and also witnessed a
successful festive sales period ever.

 

It goes without saying that
cloth/daily wear apparels are one of the basic needs and requirements after
food. It is nothing less than any essential commodity, and that’s why even
during lockdown online textile industry saw a boom in sales and will continue
in future as well. The online textile industry even registered an increasing
trend in sales due to no dependency on the offline industry for example
wholesaler, semi wholesaler, retailers, middle persons etc and this will
continue in future as well.

 

The online textile industry has all
the valid reasons to give birth to new Unicorns in India. Right from choosing
items to trying them, even the return policies created a win-win situation for
shoppers on the internet as customers felt very comfortable purchasing stuff
online. And, hence, the birth of online retailers Unicorns is imminent. The
following reasons proved to be advantageous for the industry:

 

1. Many e-commerce players started
assessing consumer preferences and also started aligning product categories and
offer accordingly. For instance, many clothing brands have also assessed this
and have started a new segment “Ethnic Lounge Wear/comfortable wear” as most of
the people are doing work from home during these pandemic times.

 

2. In the same way Indian
Organizations have also started adapting their supply chain to ensure adequate
supplies are on hand to meet demand along with a “buffer” stock of essential
items. Approaches like drop-shipping, contactless approach are being explored
for seamless delivery of the items.

 

3. Customers during this pandemic
enjoyed a personalized experience and highly eliminated the hassle of visiting
various shops, reducing the possibilities of contracting the disease.”

 

4. Where mobility and supply chain
witnessed irregularities, e-commerce emerged as an ideal solution providing
delivery services without compromising social distancing practice.

 

Also, with the recent development in
E-Commerce rules, mixed signals can be interpreted. The policies ask the
sellers to mention country of origin on their products. This is an initiative
boosting the Make-In India campaign as buyers will be getting an informed
choice. However new set of policies may witness an outage from foreign
investors but nothing much could be done. India is too big a market to be
ignored. Yet, time and again the policies will take shape and prove to be
smooth further ahead. Conquering all odds, e-commerce business is an example of
overcoming adversity, consistently providing items and administrations, as
small and medium enterprises (SMEs) sold their items close by huge players
during the pandemic. The recently proposed rules appear more to do with
platforms than buyers and are probably going to discourage inefficient players.

 

The value of fast and secure
shipping is a consideration for both shoppers and businesses selling online.
When everything came to a standstill, e-commerce/virtual shopping ensured
continuity in the country’s economic operations confirming that E-commerce will
be the future for the Indian economy. Indian E-commerce is emerging as a demand
along with the population and likewise will contribute to the country’s revenue
model also.

 

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