An interesting development in the eCommerce industry during the recent years is online retailing. This medium is extremely growing with consumers due to low pricing and convenience of shopping.
Certainly the online retailing medium is expected to grow rapidly in the coming years due to busy lifestyles and availability of smartphones.
Online retailing has multiple dimensions such as B2B (Business to Business), B2C (Business to Commerce) and B2C has exhibited rapid growth and attracted huge investment from many countries. With definite fillip from suppliers and consumers, the eCommerce based online retailing industry is expected to touch $60Bn by 2017 according to the study report of Deloitte.
The modern world is penetrating highly into internet depended life with easy availability of bandwidth. Many products including mobile phones, smartphones, tablets, laptops are being purchased online. Major competitors in the Indian online retail market are flipkart.com, snapdeal.com, and homeshop18.com.
The major reasons that are influencing online shopping are cash-on-delivery facility, offers & discounts, and affordable prices. The exhibited features and images of products are irresistible. At the same time, growing fascination drives them for online shopping.
Earlier days mothers were accustomed to ordinary lifestyles. Now, mothers prefer to work and some are compelled to work to meet the daily needs and demands of the family. This has fastened everyone to a busy life schedule and propelling everyone to purchase products online. The sale of kids’ products, grocery, and vegetables is also boosting the online retail market in India.
Value sales of online marketing are increasing on a daily basis. In view of expanding the online retail marketing, government is extending its support for the benefit of consumers and businesses. The government has permitted 100% FDI for single brand retail outlets, and 51% for multi-brand retail outlets. In 2018, the online retail market is expected to grow 10.1% of total retail sales compared to 6.5% in 2013 and 3.5% in 2008.
The Indian online retail market had fair business deals in the recent years, however the challenges still remain. The online market can be sustained without any risks if economic conditions and right regulatory enablers act favorably.