The first true landmark in the history of e-commerce in India came in about 2002, when IRCTC launched a portal that allowed customers to book their tickets online; and with an increase of 70% in revenue in 2014 at USD3.4billion and estimates of reaching USD6 billion in 2015 – the market is certainly growing in leaps and bounds!
With all the dynamism and volatility that drivers like technological advancements, improved standards of living and increased global integration bring, experts predict that 2015 could further transform this sector.
The above infographic made by Power2SME Editorial Team, basis a recent study by Gartner on Indian Ecommerce Market, 2014 shows the upcoming trends in the e-commerce space and the key drivers of the segment.
Not only are procurement specialists looking for the ability to purchase equipment online, but they expect suppliers to be able to offer services such as confidential discounts, lines of credit, shipping calculations, and speedy deliveries. They also expect to be able to place orders 24/7 and arenot bound by traditional business hours. As per a Gartner report, it was found that nearly 70% of e-commerce traffic will come from mobiles devices like smartphones and tabs etc.
Small and medium-sized enterprises are some of the biggest beneficiaries of e-commerce, as they now have the opportunity to overcome bottlenecks for instance – logistical and geographic challenges in terms of access to markets. Having achieved tremendous success, this sector faces challenges like poor internet penetration, low usage of plastic money and hesitation to purchase online.