E-commerce is gaining a huge attention globally for its ample advantage to both the sellers and buyers. It brings the seller and buyers into direct contact while enabling to shop at discounted retail prices compared to shopping at stores nearby. The trend of e-commerce marketing is drastically evolving with its growth rate by at least 30% in next five years, which in turn is expected to boost up the total retail sales. This implies that the overall retail sector will experience gradual growth with the e-commerce sales climbing over $1trillion by the end of this decade 2020. This will be an impressive rate as over the period the online spending of shoppers worldwide is expected to increase by 82%.
Besides these above-said predictions and statistics, it is clearly visible that future of retail is fast emerging and the consumers are becoming comfortable with online shopping day-by-day. There is a huge shift in shopping behavior of people around the globe from in-store to online purchase, which as evidence reflects the fast progressing online shopping trend lines. Today, China is performing as the largest market for e-commerce global wide, followed by the US. In this array, India is one of the fastest growing countries with e-commerce trending rapidly.
According to the Retailers Association of India and Boston Consulting Group, the impact of e-commerce shopping would be more on goods like household items, furniture, consumer electronics, apparel, luxury, food, grocery, and health. However, by 2025 the consumer electronics would experience maximum penetration of e-commerce by 42%, which is currently 15%. With this strategy, India would become the 2nd largest e-commerce market by 2025.
Here they follow:
These factors efficiently drive the growth of e-commerce in the future with huge potential for many new brands and products enter the market.
The change in shopping trend and how people interact, search products and services and shop evidently reflects the growth of e-commerce and its future in 2020 – 2025. The growth and massive reach of portals like Amazon, Flipkart, eBay, Snapdeal and many others the real-time indication of how e-commerce is performing with huge success rate. While at the same time, the emergence of many new shopping portals online further reflects the advantage of choosing e-commerce from the perspectives of both retailers and ultimate consumers.