E-commerce is also known as internet commerce or electronic commerce. The method followed for the shopping of goods or products, availing services, and also the transmission of funds with the help of the internet is described as e-commerce.
Types of E-commerce
E-commerce can be classified into 3 categories:
- Business to Consumer
- Business to Business
- Consumer to Business
The popularity of E-commerce platform in India
The reason for the growth of ecommerce platform India is due to its massive population. Also, the introduction of smartphones and the internet has a significant contribution.
As of mid of 2020, India’s internet penetration is 696.77 million, or around 40% of the total population. Furthermore, it is growing with each passing day. It is expanding, with approximately 6 million new users per month.
Mostly with predicted figures of the expected expansion of internet subscribers, there is no uncertainty that the overall market’s potential is enormous. Despite this, e-commerce seems to be incredibly underserved, with approximately 50 million online consumers, resulting in just 20 million monthly purchases.
What is the future of E-commerce in India?
The future of e-commerce depends on the following platforms:
- Promotional automation:
When consumers shop online, they usually look for a long time before leaving before making a purchase. The assistance of effective and personalized marketing helps to turn consumers into potential clients.
We predict that mobile purchasing operations will improve. Websites that ran well on mobile devices were among the first to appear.
- Local advertising and brand recognition:
When larger E-commerce platforms provide more up-to-date workplaces and emphasize and assess alternative solutions for attracting customers, small companies will turn to a local basis to thrive.
- Smart gadgets:
While many items such as Smart Watches and other wearable gadgets have yet to gain traction, they are expected to do so in the immediate future.
Benefits of E-commerce platform
The benefits of an e-commerce platform include:
- Products can be easily compared
- Efficient purchasing technique
- There are no range restrictions
- Multiple payment methods, etc.
The growth of the e-commerce platform is significantly contributing to India’s GDP. E-commerce companies have grown commonplace as a result of the overwhelmingly intensive promotional activities carried out to satisfy the Indian consumer.