Five opportunities and challenges for eCommerce business in India
With a retail market that is a highly competitive and progressively lucrative, India is on the cusp of exponential growth. A population of more than 1.5 billion with a large chunk that represent the technically savvy youth, an emerging middle class, makes India a hotbed of opportunities for retailers around the globe. While the retail market is steadily growing, and opportunities rising, equally glaring are the challenges that are a part of this sector.
Rising middle class – Research and latest trends have revealed the rise of a new middle class. This changing landscape is credited with the rise in per – capita incomes. Add to this the social media penetration, in Tier 2 and Tier 3 cities as well and million of active users on Facebook Twitter, Youtube and the likes. Indians are now more aware of the latest trends, from fashion, food, electronics, lifestyle to every sing facet of every day life is being explored in a never before way. This means that the eCommerce industry has a strong potential to grow at a skyrocketing pace, with highly rewarding and unparalleled opportunities for growth and innovation.
Mobile savvy – The current Indian landscape is clearly categorized as the mobile generation. What with the availability of low priced smartphones and tablets, along with competitively priced internet plans further assists the growing numbers of potential online shoppers. With conveniently developed mobile applications, users can now shop and carry transaction with just a few clicks on their mobiles, and without the need and necessities of desktops or laptops.
Though, the industry is witness to giants like Amazon and Flipkart and their outstanding success, there are some obstacles that besiege the industry. Some of these challenges are:
Online transactions – A majority of Indians are not in line with the latest in technology and are not in possession with plastic money, debit or credit cards or net banking systems, inhibiting the growth of eCommerce. Even with the technical – knowhow, there is a clear discomfort among many to deal in online transaction and its related security. By and large they are still unwilling to disclose their credit card and band details and prefer to stay away from the online world.
Trading in ‘real time’ – Another factor remains that most Indians are comfortable when buying products from stores. The ‘touch and feel’ factor is a major influencer for people and they tend to be wary of buying products online, especially in the case of apparel, accessories, handicrafts etc.
Shipping uncertainties – Unlike its more advanced counterparts, courier and shipping services in India need a lot of improvement. A large percentage of Indians reside in towns and villages and many of the courier companies do not cover for services in these areas. This means that eCommerce and a lot of online stores in India get affected owing to limited services in large part of the country.
There is no dearth of opportunities and, yet it is best to recognize and be cognizant of the obstacles present. Armed with this information you will be in a better position to venture in an eCommerce business, coupled with the fact there are eCommerce software available you make it even more easier and worth the while to not just develop but set your entire eCommerce store online.
As eCommerce is not just about buying and selling product online, rather includes the entire process of developing, marketing, selling, delivering and paying for products and services. This is why you need the reliability and trust of an experienced software such as Mart2Web, which is a leading eCommerce software in India. Mart2Web brings the assurance of setting up an exclusive store all within a short time. What’s more with Mart2Web, clients are privy to an exhaustive range of stunningly designed eCommerce templates, all ready to be implemented.
eCommerce is phenomenon that will have enormous impact across all industries. With the right balance of opportunities and challenges and the association of a software such as Mart2Web one can steer ahead in the road to success.