The heat is one between the ecommerce behemoths in India! In the collaborative study by Assocham and Grant Thornton, it was highlighted that online shoppers are expected to increases from 20 million in 2013 to 40 million in 2016. An additional 200 million Indians will join the bandwagon of online population in the next three years, with majority of them using their smartphones for accessing internet.
The massive growth of internet population in India (243 million in 2014) pinpoints the sectors huge growth potential in India. This accentuates the efficacy of internet use in India and as the internet penetration increases, the ecommerce industry will also witness a boom. As per the estimates, the Indian ecommerce market is projected to grow at a compounded annual growth rate (CAGR) of 63% to touch USD8.5 billion (Rs.54304 crores roughly)
Social Media, a Big Grosser
The global ecommerce industry generates over 1.2 million every 30 seconds, which is impressively very high. Social media shares the major chunk of the sectors total revenue. The contributions of top social media channels are listed below-
Facebook USD 5483
Pinterest USD 4504
Twitter USD 4308 every half a minute
Social media is fast becoming a powerful source of information. One can get whereabouts of the new products in the market, ratings and reviews of the products, recommendations and IT products through social media pages. The best thing about the social media is its high reach. The seasonal sales and offers by the ecommerce giants can be easily circulated among the masses through the social media official pages. E-tailers are making the most of it and most importantly they are able to push up their brand value.
Ecommerce May Influence Marketing Trends
With technology advancing at breakneck speeds, ecommerce players are readily adopting new techniques to cater to both buyers and sellers to sell and buy online more efficiently. The key trends to be witnessed in the current year are listed below, take a look-
- Shift towards inbound sales techniques rather than outbound
- The introduction of flash sales and daily deals has brought forward innovation and technology in retail industry
- Content marketing will gain prominence
- Spotlight will be on original and informative content rather than generic content
- Social media marketing will diversify
The rise of various digital activities and the resulting data will trigger formulation of ecommerce strategies, thus affecting the business model and accelerating growth of the ecommerce players in the Indian market.
Milestones Achieved So Far By the Indian Ecommerce Industry
- Flipkart became the first Indian ecommerce major to reach 1 billion USD in sales (GMV)
- Flipkart raised USD 1 billion at a USD 7 billion valuation; it raised another USD 700 million at 11 billion valuations thus becoming the third most valued private tech venture
- Founder of Amazon, Jeff Bezos said Amazon aims to pump USD 2 billion into the companys India operations
- Ratan Tata, invested in Snapdeal, his first investment in ecommerce in India. Later he invested in Bluestone and Urban Ladder
- Masayoshi Son’s Softbank pumped in USD 1 billion into Snapdeal, Olacabs and Housing.com
The Indian ecommerce is surely on an upward growth trajectory and has become India’s flagship sector. Another trend that has gripped the entire nation is growing startups. Especially in ecommerce sector, startups are coming up like anything. Further, ecommerce jobs are booming and promising good career growth opportunities. It is the perfect time for an individual to embark a career in this blooming sector.