e-commerce is a fastest growing sector in India even in the world too. China is leading in the front in internet shopping, after China, the USA comes in the second position before India. In India 48 crores people use internet on mobile but according to TRAI(Telecom Regulatory Authority of India) report by 2021, Mobile penetration to increase from 48 crores to 82 crores. Mobile internet penetration average growth in the world is 19% but in India, it is growing by immense numbers 90%. It is a prediction very soon India will overtake the USA in the e-commerce business.
E-Commerce industry in Electronics
Electronics are high in demand on e-commerce platforms, 47% of electronic goods sells grows every year. Electronics selling in e-commerce industry growing gradually year by year. As we can see new inventions are coming in electronics on the frequent basis. Over the period of time, new innovations are coming in electronics.
E-Commerce industry in Apparels
Apparels are also in high demand on e-commerce platforms, Apparel goods market grows 33% every year. New designs in apparels are coming on the frequent basis. New designs create curiosity in the customer’s mind. Through online shopping platform, customers can easily access brand new designs, which is quite difficult in the physical marketplace.
- Fast selling goods and services/ Transmitting funds and data
E-commerce is a platform where goods or services sold so fast. If online e-commerce marketing is good enough then the goods sold so quickly. Funds transfer happens in the fraction of seconds.
- Electronics fund transfer
In the online marketplace, there is an option of electronic fund transfer. It makes transactions easy between customer and marketplace.
- Fast supply chain management
Supply chain management becomes so fast on online shopping. Product travels from warehouse to customer that comes in supply comes in the supply chain.
- E-marketing online transaction processing
In the e-commerce, we can execute marketing digitally.
- Automated inventory management system/ Automated data collection system
In the online shopping, we can automate our inventory as well as data collection of our customer.
Benefits of E-Commerce
- Your online presence will help you engage with your customer.
- Windfall game of new customer.
- Saving on operational cost.
- Data-driven selling.
- Digital branding is fast and cost-effective.
- Digital sales pitching vs physical sales pitching.
- Re-marketing & Re-targeting in a boundary-less market.
- 24*7 potential retail income.
- International profitable scalability.
- Affordable employees and Affordable IT infrastructure.
Challenges in E-Commerce
- Site Crash.
- The customer can’t try before they buy.
- The customer can be impatient if there is limited information.
- Shipping delays can be irritating.
- Constant upkeep of technology and inventory.
- High competition low margin and marketplace fee.
- Limited control in somebody else’s house.