Tuesday 18 January 2022

E-commerce- Growth And Opportunities #ECommerceBuildsEconomy

The Covid19 pandemic and lockdown affected many sectors, but contributed to the further growth of e-commerce in the world. The twentieth and the twenty-first years of the twenty-first century have especially gifted many lessons and opportunities for businesses. 


E-commerce industry has grown by adding newer customers and cities on its map. As per RedSeer Consulting’s report [1], the following points are noted-

1. "India’s digital economy to touch $800 billion by 2030"

2. "Of digital economy, online retail remains a big part which will likely touch $350B GMV by 2030"

GMV means Gross Merchandise Value

3. "India’s online shopper base to be the second largest globally"

4. "While organized retail will be leapfrogged by online retail before CY30, kiranas will remain strong"

CY means Calendar Year

5. "In India, online retail enabler e-logistics has also become the fastest growing market globally"

Innovations are a must by keeping the destination and the customer in focus. This is already being done by many. The e-commerce exports opportunities need serious focus, planning and implementation. Every challenge must be seen as an opportunity.


"The 15th edition of Myntra, EORS (End of Reason Sale), its year-end sale, has recorded 6.5 million orders placed by 4 million customers during the six-day event, which concluded 2 days ago. 52 percent of the new shoppers were from tier 2-3 cities and towns. Among various unique aspects, it was also the first edition to offer live commerce phenomenon at scale, especially the first brand-led live shopping experience on Myntra where Bollywood Superstar Hrithik Roshan engaged close to one lakh visitors in a single session for his brand HRX." [2]

The BusinessLine news report shows the immense opportunities in this field. The following need to be taken care-

1. Technology must be improved to interest the customers.

2. Customer feedback must be taken at every step. 

3. Gaps must be filled with prompt implementation of suggestions

4. Customers must receive a rich and smooth experience and service. 

5. Shopping must be glitch-free while being trust-worthy and providing safety.

6. Product delivery should be timely and without damage.

7. Personalised approach by using data of past-buying patterns and machine-learning can enhance future shopping experience. 

8. Competitive pricing and online payment transaction avenues will play a huge role.

9. Animations, augmented reality with virtual trial options can empower customers to make better buying-decisions.

10. Customization of products as per buyer's wish or requirement will drive the sales.

11. Forward and backward integration and connection with all the links in the system, will be helpful.

12. More "Made In India" products manufacturing and availability and being "vocal for local" will facilitate "AtmaNirbhar Bharat".

E-commerce platforms have revolutionized the way people shopE-commerce will continue to contribute for our nation's development and progress and build economy.

What are your views about e-commerce? Please share in the comments below.

Written as part of Blogchatter's campaign #ECommerceBuildsEconomy


[1] Decode Digital Economy Through Our Lens- https://redseer.com/newsletters/decode-digital-economy-through-our-lens/

[2] Myntra EORS-15 sale records 6.5 million orders in 6 days- BusinessLine, December 25, 2021, Pg-7

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