E-commerce has evolved as being the most popular market for buying and selling products and services in order to give-and-take values over electronic systems like internet. It is the most opted means for business practices online. It has made international relations between the businesses which ultimately help in expanding the economic growth of countries (i.e. through foreign currency exchange).
E-Commerce is set to show a tremendous boom especially in developing countries like India. There are a few debates that are enforcing e-Commerce to outburst. Some reasons are listed below.
- Population of Internet Users
There are plenty of people who get added into the list of internet users each day. Not only are these users just increasing in count but also, they are familiar with web services and their facilities. Due to the changes in latest trends, it is expected to grow even more in coming times. Countries like India, which are soon developing, are the ones adopting e-Commerce largely and are showing a greater scope of transforming web users into web consumers.
- Rising Income and Purchasing Power Parity (PPP)
It is said that this is the century with most number of young people like it was never before. And looking at the latest patterns of population, India is a country that has the 2nd highest number of youths after China. The youth are more desirable in fulfilling their needs and has the ability to spend more. They are more educated and can earn their livelihood better. Even they can grab better opportunities. The ability to earn and spend more is called Purchasing Power Parity which provides a better outlook for e-Commerce.
- Convenience and Time-saving
E-Commerce has made the buying and selling processes simple and convenient with no extra efforts involved, minimizing the physical presence. Not only does it offer convenience to the customers, it also does provide a reliable and secure process for concluding all transactions. It has made transactions faster than usual and saves time. The internet companies have started following the best practices to provide better customer services and make their user experience pleasurable.
- Payment Gateways and Infrastructure
Earlier the e-Commerce in India was facing a big challenge due to lack of infrastructure for supporting online businesses and initiating the payments for transactions was difficult. But, the recent advancements through the new payment gateways in e-Commerce have contributed in its growth. The developments for payments like Internet Banking and Cash on Delivery (COD) etc. have made e-Commerce platform even more popular and adaptable.
- Trending Smartphone Usage
Today, on an average, every 2nd person in India, nevertheless what age group and class of society he/she belongs to, owns at least one smartphone. Thus, these devices expose them to online shopping portals where they can shop for an array of products/services matching their choice at any time. This means shopping over e-stores is not only restricted to desktops and laptops. The responsive and mobile-friendly websites encourage smartphone users to shop at one-stop destinations, thus adding to the popularity of ecommerce platforms.
E-Commerce in India has ways to go and its growth will be reaching skies in near future. E-Commerce is more preferred as it helps the customers to gather more information before buying, analyze and compare it with competitor products and thus make them more satisfied. Online shopping is going to be the next big thing with more secured transactions. It will probably diminish the existence of retail outlets. Therefore, it becomes clear that e-Commerce is booming in India and will lead a healthy life.
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