Why is it the right time to be part of Indian E-Commerce Industry?

The internet has reached every house where people use smartphones and with it heightened the number of online buyers. Where there is no denying that people are still wary of buying things online, but the increasing number of profit statistics of sites like Amazon and Flipkart can't be denied. The e-commerce industry is growing like a weed in the wild, and it will progress forever as the world is set to see some great technological advances. India too is a part of this growth rate, and it's time to tighten your belt and take this digital ride.

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E-Commerce Market is Expected to Grow US$200 Billion by 2026

Propelled by rising smartphone penetration, the launch of 4G networks and increasing consumer wealth, the Indian e-commerce market is expected to grow to US$ 64 billion by 2020 and US$ 200 billion by 2026. The statistics clearly support that the e-commerce models are a good choice for entrepreneurs who are looking forward to starting a new company. This is also a right time if you wish to start an e-commerce business as it is growing day by day.

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Online Retail Vs Total Retail in India

As of 2016-17, online retail made up only 1.5 per cent of the overall retail market in India. Electronics is currently the biggest contributor to online retail sales in India, followed closely by apparel. Again, this fact clearly supports that e-commerce industry has a lot of potentials. By 2020, the online retail out of total retail in India is expected to increase to 5%.

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The Growth of Internet Users

The number of Internet users in India is approx 446 million as of December 2017, growing at a Compound annual growth rate of approximately 25% per cent between 2007-2017. There are a lot of opportunities for e-retailers in India to capitalize upon with the gradually growing internet penetration in India.

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Government Initiatives

As per new guidelines on FDI in e-commerce, 100 per cent FDI under automatic route is permitted in marketplace model of e-commerce. Since 2014, the Government of India has announced various initiatives namely, Digital India, Make in India and Start-up India. The timely and effective implementation of these programmes will definitely support the e-commerce growth in the country.

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Easy Entry

In e-commerce, you can easily set up a store online and start selling your products. You also don’t have to have multiple online stores by region and have just one which can support multiple regions. There are lots of e-commerce tools which are now readily available. From creating platforms for digital marketing tools to advanced technology to improve the workspace, everything is easily available. There are even tools which are subscription based so it doesn’t require huge investment at the start. The most challenging aspect of getting set up is “Product”, but if you are passionate about a specific line of products, it makes much easier for you.

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The Ability to Earn from Home

Looks appealing, but this business really requires a lot of hard work to increase brand awareness and bring traffic to your site. Customer acquisition and Customer retention is the biggest challenge. E-commerce has a certain "passive" appeal to it, and while it is certainly possible to earn from home, business owners should leverage technology at every turn to expand their businesses.

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Conclusion

There are many great reasons to start an e-commerce business in India. If you're interested in being your own boss and selling products you are passionate about, it's something worth considering. If you want to speed up the process, you can take help from the e-commerce technology platform providers who not only provide the e-commerce portals on the subscription basis but also provides the guidance along the way.

Encashme.in was launched in India in the beginning of 2018 offering Best Deals, Offers, Coupons plus Cashback on all the online purchases. As of May 2018, Encashme is affiliated with over 300+ online stores in India.