Know the Scope of ecommerce business in india 2018
Ecommerce sector in India rose enormously. After the recession of 2007 ecommerce industry accelerated the Indian market drastically, Flipkart, Snapdeal, Paytm and many more ecommerce giants achieved the remarkable success in a very short time span.
There are 700 mobile users in india and out of these only 300 million people have mobile phone. All thanks to Jio the number of smart phone and internet users increasing rapidly & this creatse a huge scope for ecommerce sector growth year after year.
As per a study report a person can live without a lost wallet upto 26 hours, but cannot stay without smart phone more than 68 Minutes. People spent most of their time on their smart phone and seeks every of their life solution there and digital marketers can take the leverage of this as much as possible. Moreover marketing of products and services is more easy and observable through digital marketing.
Ecommerce industry has opened the door of fast and easy success for new brands/products & services, because on listing on the ecommerce sites, any brand can get the sale from 1st day onwards and take the advantage of huge traffic of these ecommerce websites, also through quality and performance can earn some loyal customers who can later buy from the brand website directly.
However internet speed will still be a big challenge in india. Today when india is very close to become 2nd largest economy in the world but in case of internet speed holds 67th position with average speed of 20.72 mbps in broadband speed and 109 mbps on mobile speed. According to the index, Norway holds the top position with an average download speed of 62.07Mbps and the global average download speed was 22.16Mbps. We are still running behind our adjoining country like Sri Lanka. Additionally, in terms of fixed broadband speeds, Singapore is on the top with 161.53Mbps average download speed. The global average internet speed for broad band was recorded 42.71Mbps.
In spite of many challenges, people globally seek india as a big market and there is lot more scope to grow specifically in ecommerce sector. People of india now prefer to shop online instead of visiting a physical outlet. Ecommerce industry’s expected growth rate year after year is more than 31% and there will be more share from apparel and consumer electronics sector.
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