E- Commerce is the process of buying or selling products on the internet. The process of buying and selling products through the internet has become quite popular these days. E-commerce also involves activities like developing products, marketing them and also delivering them to the consumers. However, it was only in 1979 that Michael Aldrin invented online shopping. During the late 1980s and 1990s, the big companies and business houses entered the market of online shopping.
It was during the 1995-2000 that the world experienced a dot com bubble after which the face of e-commerce transformed completely. E-commerce is an amazing way of buying and selling products. E-commerce is also definitely a more comfortable way of shopping. Which is the better idea- if you have to go out to different shops and spend hours on buying things that you want? Or the idea of being able to shop for things that you need from within the comforts of your home and at prices lesser than what you would usually pay?
India is the second fastest growing economy in the world. In the last few years, Indian has developed radically. There has not only been economical development but the country has also become technologically advanced. In India, the year 1990 marked the year of science and technological advancement in the country. In the last two decades, the country has come a long way. Computer and internet have become available in almost every home. This has created a market for e-commerce in India. Also the consumers have become quite smart and are looking for ways which prove they can make profitable purchase. India is not only ready for e-commerce; e-commerce has already become quite popular in India too.
There are many reasons which make India a suitable market for e-commerce. Here are some of the reasons:
1.The mindset of consumer has changed: The consumers have become quite technological friendly these days. Earlier, consumers in India preferred going out and shopping in the markets. However, e-commerce does not only provide one with comfort but also gives them a chance to avail on various kinds of offers which helps the consumer to save money. Thus, consumers have now started developing a penchant for e-commerce rather than shopping in the markets.
2.Internet friendly users: In India, people have become quite internet friendly these days. The numbers of users have grown phenomenally over the years. According to a survey, there were only 7 million internet users in India in 2001. The number had grown to 100 million in 2010. Since people are becoming quite internet friendly these days, e-commerce is becoming a comfortable option for the people. It is believed that around 75 million household are ready for e-commerce in this nation.
3.Entry of big names in the Indian e-commerce market: Many big names have entered the market of e-commerce in India. Thus, the consumers get the best of the options while sitting at home only. These big names are investing in the e-commerce market from a long term perspective rather than small term. Thus, the e-commerce market is to grow even more bigger and better in times to come.
4.The success of the some of the sectors in the e-commerce market: Some of the sectors like travelling and retail have already proved to be quite successful in the field of e-commerce. These sectors have already made a lot of profit through the e-commerce market. The success of these sectors has incited other sectors to enter the market of e-commerce and this is precisely the reason why the e-commerce market has expanded so quickly in India.
Above mentioned are some of the reasons which make India a suitable market for e-commerce. However, there is still a slight bit of reluctance in the Indian Consumers regarding online shopping and e-commerce. Eventually this hesitation and reluctance will go with better services and offers and this is precisely the reason for believing that the market for e-commerce will only grow in India in times to come. According to a survey, it is believed that the number of e-commerce consumers will grow to 460 million individuals by 2024-2025.
Flipkart, Superbazaar.com, olx. Com, snapdeal are some of the e-commerce of online shopping websites that have already made it big in the Indian e-commerce market. With bigger and better online shopping sites like Amazon to enter the Indian e-commerce market in the near future, it would be right to say that the future of e-commerce is quite bright in India.
For such topics of Basic understanding on the subject matter which will keep you motivated to crack GD & PI at CAT 2011, NMAT, XAT, SNAP and forthcoming exams ATMA, MHCET 2012, CMAT 2012 along with various other state specific MBA entrance tests. This would also be useful for WAT, Extempore speaking, Essays.