In the last few years, there has been a huge shift in consumer behaviour in India. With a pro-digital approach and improved digital literacy, India is now well equipped with the online marketplace. The dynamic shift from a physical marketplace to the digital or online marketplace is ongoing and definitely the e-commerce giants like Amazon, Flipkart, Snapdeal and others have been instrumental in the whole procedure.
At present, e-commerce transactions are not only common in the urban sector, but it also has become quite an effective mode in tier 2 and tier 3 cities as well. It won’t be an exaggeration to say that e-commerce has been the sole factor, pushing Indian economy hard with a new outlook and huge employment.
Interestingly, at present, the government of India is in a spot to bother about e-commerce transactions in India. The B2C (business-to-consumer) commercial transactions are growing at a compounded annual growth rate of 34 percent in India. No doubt, the whole e-commerce marketplace is catered by manufacturers, exporters, retailers and online sellers. Let’s not forget that globally too, e-commerce industry is witnessing a huge boost.
In 2016, transactions worth $ 1.9 trillion accounting 8.7 percent of the total retail spending were done amidst increased digital usage and better speed and connectivity. Thus at present, the digital space of India, with so many young users, deserve special mention.
No doubt, India desperately needs a national e-commerce policy which will effectively bridge various arms of the government like the Department of IT, Finance and Department of Posts. In other words, a standard framework is needed to standardize and provide fair pricing and other necessities pertaining to digital transactions in India’s digital marketplace. Interestingly, e-commerce domain in India has already witnessed a massive 224 percent growth in the global exports business in 2017. By 2020, the digital transactions are expected to surpass $ 4 billion. It won’t be an exaggeration to say if India has to establish ‘Made in India’ as a global brand using the digital marketplace, a consolidated e-commerce policy is the call of the day.
At present, the vibrant Indian economy is making decent attempts to fight disparity in income, obstacles in micro and macro economical perspectives. Serious issues like financial penetration and inclusion are also considered to be closely associated with e-commerce transactions. Let’s not forget that some of the first world countries have already achieved sustainable growth and development of e-commerce sector. In a way, not only to meet growth target demands of internet consumer base of India but also to complement the inclusive nature of the Indian market with sensitivity.
Addressing the grievances of the digital consumers and the hindrances are also pivotal to the massive improvement in e-commerce eco-space of India. At present, investments are being diversified to the e-commerce sector and thus having a national e-commerce policy will be the best step forward. It will be in best interests of the Indian economy, ensuring a sustainable digital ecosystem capable of adding monetary influx in the whole system of transactions.