India has witnessed a change in digitization in the last decade and this has given a rise to fresh business opportunities by evolving business models.
E-Commerce as a sector boomed and brought a change in the preferences of the consumer thus touching each of their lives. E-Commerce has lived up to expectations by not only providing quality service but through various other deals and offers sufficient to attract consumers.
E-Commerce in the last five years has grown by a significant margin and technology has assisted in its growth. Consumer behavior changed as consumers started purchasing from e-commerce websites rather than visiting traditional retail stores primarily due to convenience caused by home delivery service. Quality is another factor which is to be considered.
The E-Commerce is also expected to further grow in the future generating employment and contributing to India‟s GDP
The acceptance of the e-commerce on a large scale by the Indian people influenced other business players also to try this technique for their E-businesses and gain high profits. It picked up popularity just with profound discount model of Flipkart. E-Commerce has become almost indispensable for Indian consumers and is expected to have a greater impact in the future.
2014 analyses that India’s Market Goes Online and emphasizes the fact that E-commerce, as an industry, has gained prominence in the past 10 years. The online retail industry in India is leading the E-commerce growth as they cash in on the increasing number of internet users. According to the latest available figures, India has 243 million Internet users, which is more than the US but less than China. One of the primary reasons for growth is a rise in the number of Indian internet users. Even banking transactions have become simpler as a result of the introduction of applications and digital platforms by the banks. E-Commerce is also attracting a lot of talent due to improved salaries and work practices
Since 2014, the Government of India has reported different activities in particular, Digital India, Make in India, Start-up India, Skill India and Innovation Fund. The convenient and compelling usage of such projects will probably bolster the internet business development in the nation. A portion of the real activities taken by the administration to advance the web based business division in India are as per the following:
• In request to build the cooperation of outside players in the web based business field, the Indian Government climbed the farthest point of remote direct venture (FDI) in the E-trade commercial center model for up to 100 percent (in B2B models).
• In the Union Budget of 2018-19, government has allocated Rs 8,000 crore (US$ 1.24 billion) to BharatNet Project, to provide broadband services to 150,000 gram panchayats
• As of August 2018, the administration is dealing with the second draft of online business approach, fusing contributions from different industry partners.
With the emergence of technology, Economies around the world have benefitted and new ideas have been implemented to reach out to consumers. India is no different and so embraced a phenomenon named E-Commerce to such an extent that is significant for the economy and organizations to thrive these days. E-Commerce has brought a massive change to the consumers and is responsible for growth and employment as well.
E-Commerce has grown by leaps and bounds in the last five years and its further growth is imminent as more companies will come in the picture in the future.
Consumers should also develop awareness as each brand may not able to provide quality service with more companies getting into the business. Success of all companies is not guaranteed as the competition is only expected to get extensive and a few notable brands is expected to survive having already developed a huge customer base. Companies will have to adopt unique strategies for survival.