According to Morgan Stanley’s report e-commerce sector would reach to $230 billion by 2028 in India.
This is enough to predict the upcoming importance of e-commerce in India.
It is expected that by 2022 half of billion of people would come online through mobiles apart from existing one.
E-Commerce market in India was $3.9 billion in 2009 which went to $38.5 billion in 2018 and more is expected. This transformation happened due to transformation e-commerce version.
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Features of E-Commerce – 1.0
- Consumers were limited to urban > semi urban areas.
- Websites were not user friendly.
- There is trust deficit between customer and seller.
- Different websites were limited to themselves for products.
- Cash on delivery was only mode of payment was available.
Features of E-Commerce – 2.0
- Huge reduction in price of products.
- Online payment option with other payment facilities are available.
- Websites and Application are user friendly and language friendly too.
- Many MSME (Micro, Small and Medium Enterprises) and seller can register to sell their product.
- Exchanges facilities are available.
- Online sites provide various customer attracting offers like Flipkart Big Billions of Days.
There are various other factors which played in the Growth of E-Commerce in India:
With emergence of E-Commerce various initiatives were also taken by Government.
Some of the Government Initiatives are:
- 100% FDI in e-commerce sector.
- Policy or schemes like Bharat Net to rural areas.
- Digital India initiative.
- BHIM for direct payment.
- Draft E-Commerce Policy,2019.
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Though, e-commerce brings various profits and greater boost to economy but if it is not regulated it can become threat for small trading groups. Proper policy regarding E-Commerce need to be ensuredandCustomer Grievance Redressal Mechanism need to be ensured as well.