E-commerce or Electronic commerce has given a new dimension to business activities, particularly in a developing country like India. It involves buying and selling of goods and services all around the world. Ecommerce solutions have paved the way for nurturing businessman craving for success and also helped customers across the world to buy products online without any apprehensions.
According to a report released by Internet and Mobile Association of India (IAMAI) on Ecommerce industry in India, a growth of 47% in the e-commerce market is expected. This growth this principally motivated by the continuous expansion in the online travel industry in India. Online travel industry adds around 76% to the total Ecommerce market today.
Other than travel industry, according to IAMAI forecasts, digital downloads and e-tailing segment that includes purchases of electronic items, home and kitchen appliances and personal items such as apparel and jewelry will register a growth by 62% to reach Rs 1,100 crores and Rs 2,700 crores respectively by the month December 2011.
The Digital downloads segment is expected to grow in Indian Ecommerce market due to the explosion of mobile devices and the services available over the Internet. Financial services which includes online transactions, insurance and online classifieds such as matrimonial and jobs are also likely to grow in future.
The whole Ecommerce market stood at Rs 19,688 crore in 2009 and in 2010 it touched Rs 31,598 crore. The e-commerce industry is expected to reach at Rs 46,520 crore by end of the year, 2011, according to a statement released by the Internet and mobile Association of India (IAMAI).
Owing to high development in online marketing, the complete Ecommerce industry in India is expected to climb in future. People of India have shown their curiosity and concern both to make online purchases and are actively participating in online business. This ensures the success and bright future of Ecommerce in India. Following are the reasons that guarantee the victory of Ecommerce industry. The future prospect of Ecommerce in India certainly depends on these factors.
• The penetration of the internet in India with falling cost of broadband
• increasing domain registrations
• increasing internet users
• easy access to internet
• awareness about internet even in rural areas
• growing number of cyber cafes
• rising demand for Ecommerce
A survey said that the claimed internet user group is set to rise by 96 percent to achieve 29.9 million by December 2011 in comparison to 15.2 million in December 2010. Claimed internet user means the person who have used internet sometime in the past one month. A research shows that 69 percent of the rural population is conscious of the internet which was only 16 percent in the last year. All this figures indicates to bright future of Ecommerce in India.