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Why Indian E-commerce Market Is Optimistic
India’s online market recovered quickly after the nationwide lockdown and also witnessed a successful festive sales period ever
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The competition in the online business in India is furious. The market is loaded up with numerous nearby and unfamiliar organizations attempting to hold the most extreme portion of the overall industry. Expanding development in the e-commerce based business industry is credited for various reasons. Digitizing the economy and giving cheap internet to individuals are a couple of numerous reasons that supported the development of digital sales in India. The E-commerce retailers however thought that the initial few weeks of the lockdown were testing for e-commerce players but, they were eventually able to emerge as winners. India’s online market recovered quickly after the nationwide lockdown and also witnessed a successful festive sales period ever.
It goes without saying that cloth/daily wear apparels is one of the basic needs and requirements after food. It is nothing less than any essential commodity, and that's why even during lockdown online textile industry saw a boom in sales and will continue in future as well. The online textile industry even registered an increasing trend in sales due to no dependency on the offline industry for example wholesaler, semi wholesaler, retailers, middle persons etc and this will continue in future as well.
The online textile industry has all the valid reasons to give birth to new Unicorns in India. Right from choosing items to trying them, even the return policies created a win-win situation for shoppers on the internet as customers felt very comfortable purchasing stuff online. And, hence, the birth of online retailers Unicorns is imminent. The following reasons proved to be advantageous for the industry:
1. Many e-commerce players started assessing consumer preferences and also started aligning product categories and offer accordingly. For instance, many clothing brands have also assessed this and have started a new segment “Ethnic Lounge Wear/comfortable wear” as most of the people are doing work from home during these pandemic times.
2. In the same way Indian Organizations have also started adapting their supply chain to ensure adequate supplies are on hand to meet demand along with a “buffer” stock of essential items. Approaches like drop-shipping, contactless approach are being explored for seamless delivery of the items.
3. Customers during this pandemic enjoyed a personalized experience and highly eliminated the hassle of visiting various shops, reducing the possibilities of contracting the disease.”
4. Where mobility and supply chain witnessed irregularities, e-commerce emerged as an ideal solution providing delivery services without compromising social distancing practice.
Also with the recent development in E-Commerce rules, mixed signals can be interpreted. The policies ask the sellers to mention country of origin on their products. This is an initiative boosting the Make-In India campaign as buyers will be getting an informed choice. However new set of policies may witness an outage from foreign investors but nothing much could be done. India is too big a market to be ignored. Yet, time and again the policies will take shape and prove to be smooth further ahead. Conquering all odds, e-commerce business is an example of overcoming adversity, consistently providing items and administrations, as small and medium scale organizations sold their items close by huge players during the pandemic. The recently proposed rules appear more to do with platforms than buyers and are probably going to discourage inefficient players.
The value of fast and secure shipping is a consideration for both shoppers and businesses selling online. When everything came to a standstill, e-commerce/virtual shopping ensured continuity in the country’s economic operations confirming that E-Commerce will be the future for the Indian Economy. Indian E-commerce is emerging as a demand along with the population and likewise will contribute to the country’s revenue model also.
Authored by Anuj Mundra, MD & Chairman, Nandani Creation Limited
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.