Since last decade, Indian retail market has witnessed drastic changes in the attitude of consumers. Prior to its evolution, consumers preferred purchasing from local retailers after examining the product physically. However, now, they have largely shifted towards online shopping. Introduction of new technology, affordable internet, and value-to-money products are some of the key points on which online retail business is riding.
Future of retail in India is looking bright and significant. Online retail services are expected to take a huge leap in imminent times as experts are expecting this sector to grow from $600 billion to 1 trillion US dollars by 2020. The growth in e-commerce will play a significant part in this uproar. It is expected to get doubled by this time with a potential to reach about $700 billion comfortably.
Rapid urbanization of India has opened the doors for online retail. Indian retail sector is looking attractive to the investors from every part of the world. Also, recent downfall in the internet data prices has increased the number of internet subscribers. Subsequently, robust investment and increase in internet users will make India, the fastest e-commerce market in near future.
Rapid Speed of e-Retail:
Since 2010, the Indian market has witnessed a rapid increase in robust e-retail players and consumer spending. Faster and cheap internet services with extensive reach have managed to connect a large population. This incredible convenience has drastically increased online services and their users. As a result, traditional techniques of retailing have undergone a downfall while sales through e-commerce sites are booming.
Online purchasing has grown manifold in recent times due to a superior value proposition of branded products. E-commerce sites offer maximum benefits to consumers through heavy discounts, broader collections, and customer-friendly facilities. This convenience and extended gratification have attracted more consumers to e-retail and this trend will expectedly continue in the coming future.
New technologies and innovative ideas are found interesting from ‘user experience’ point of view. In fact, reforms and innovation will continue to revolutionize shopping experiences. Technological innovations will be crucial to churn online sales and survive in competitive market.
Professional IT companies are working on competitive intelligence to upgrade online retail sector. Not only they are bringing insights related to consumer needs but also enhancing virtual shopping experiences. A superior platform with cost-effective operations will be the future of e-retail and continuous research on new technology is making this possible.
Advanced Logistic Facility:
Logistic facilities in India have improved in the last few decades. This sector has made commendable progress in its business by providing contemporary services like collecting cash on delivery, accepting payment through different modes and submitting it to the e-commerce site. There will be more innovations in logistics sector with regard to e-retailing for enhancing customer experience and fast transportation.
An increase in smartphone users has also pushed the concept of e-retail in India. In fact, a recent study reveals that traffic on mobile is much higher than desktops or laptops. Hence, e-commerce marketers are advancing their portal on responsive interface. Uncompromised view on any screen size, facility of mobile app, and easy-to-use on mobile phones are key features infused in every e-retail website. Mobile technology is here to stay and IT service industry is working hard to enhance the user experience of consumers using mobile phones for purchasing.
With such huge consumption capacity, India is becoming a hot destination not only for domestic players but leading international brands are also looking to participate in India’s growth story. These developments are ensuring that the future of online retail in India will outperform many other countries. If you have still not explored this landscape, Infognana can be your trusted partner for online retail services spanning across the verticals.