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India is one of the fastest growing e-commerce markets globally with an internet user base of about 40% of the entire population and about 5-6 million new users every month. Recent technology innovations like digital payments, digital advertisement, analytics-driven customer engagement has allowed India to grow in the sector of e-commerce. Digital India, Startup India, and Skill India are some government initiatives that have contributed in the escalation and progress of the e-commerce market.

An organic e-commerce website allows the customer to instantly choose from a vast variety of products and not wait to visit the stores which in turn increases the conversion rate for the sellers. There are numerous categories that are flourishing in the e-commerce market such as clothing, electronics, food, event tickets and much more.

The Indian e-commerce market can be classified into different categories like domestic, cross-border, B2B (business to business), B2C (business to customers), inventory based and single brand or multi-brand. During these recent times, people will prefer anything that saves their time, thus making online purchases is their preferred option. This is why an organic e-commerce website is the need of the hour.

The leading B2B companies have started to build their own platforms for small businesses and traders. These small companies are planning to digitalize their transactions. Due to the potential of the B2B companies, the government has allowed companies like Alibaba and Walmart to show interest in them. The e-commerce of the B2B market is set to reach $700 billion by 2020.

Some B2B companies that are emerging in this sector are Tolexo, Industrybuying, moglix, msupply, amazonbusiness and some B2C companies that are popularly used are Flipkart, Myntra, Jabong, Amazon, Snapdeal, eBay, PayTM, Shopclues, Pepperfry, Zomato, BigBasket, Alibaba.

Certain initiatives taken by the government are:

  • The Government of India has distributed rewards around 23.8 million to about 1 million customers to embrace digital India.
  • The Government of India launched an e-Commerce portal called TRIFED and a portal called 'Tribes India', which will enable 55,000 tribal artisans to get access to international markets. 
  • The Reserve Bank of India (RBI) allows "inter-operability" among Prepaid Payment Instruments (PPIs) such as digital wallets, prepaid cash coupons, and prepaid telephone top-up cards. The RBI has also instructed banks and companies to make all know-your-customer (KYC)-compliant prepaid payment instruments (PPIs), like mobile wallets, interoperable amongst themselves via Unified Payments Interface (UPI).
  • To increase the participation of foreign players in the e-commerce field, the Govt of India increased the limit of foreign direct investment (FDI) in the E-commerce marketplace model up to 100 percent.
  • The e-commerce industry has been directly impacting the micro, small & medium enterprises (MSME) sector in India by providing means of financing, technology, and training and has a favorable cascading effect on other industries as well.

Listed below are the reasons for an e-commerce website and its benefits:

1. Open 24x7 – An online e-commerce market is open 24x7 which is extremely beneficial. People are generally busy during the day and surf through the internet for the required products at night and make their order placements. This helps in making more sales, thus boosting the profits.

2. Broader customer reach – When selling a product online through a national or global e-commerce website, the audience reach is much larger in comparison to the traditional commerce ways and so is the sales.

3. Easy to set up – An e-commerce website is much easier and less costly to set up than a physical store. It is also easy to cater to a large customer base.

4. Increased profit – To manage and run an online store, a lot of physical space is not required. A small space and a small workforce increases the profit and decreases the spending.

5. Better conversion rates – It does not matter if the brand is popular or not, it matters if the product quality is good or not. If the product is easily available to the customers and has a good quality, they will buy it which will help in increasing the conversion rates.

Having an e-commerce website gives one a competitive edge over the others who still do not have an online store. An e-commerce website not only helps to retain old customers but also helps to attract new ones. It is the easiest and cheapest way to make online purchases and reach to a larger and wider range of audience.

Manvi Jain

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