The term ‘Incredible India’ seems apt when one considers the sheer diversity of languages, cultures and ethnicities across the country. For the retail industry, which contributes approximately 10% to India’s gross domestic product (GDP), the huge consumer market is both an opportunity and a challenge. The challenge is more pronounced in the relatively-untapped rural and semi-urban regions that account for about 65% of the population.
Although the digital transformation of India’s retail industry was already under way in recent years, pandemic-linked tailwinds have accelerated the acceptance of e-commerce among both sellers and consumers. As per estimates, unorganized retail accounts for 90% of the market in India. Of these, online shoppers are said to number 70 million, with only 10 million categorized as ‘digital natives’. Without a doubt, in a nation of more than 1.3 billion people, tremendous scope exists for attracting more online shoppers via personalized products and services, particularly from regional India.
The availability of smartphones and 4G in tier-3+ areas opened up this vast market to e-commerce players. Thanks to the absence of physical stores, online companies offer more value-for-money prices due to their lower overheads. It must be emphasized, however, that value-conscious consumers expect quality products too.
Read More at www.livemint.com/opinion/columns/how-technology-is-transforming-e-commerce-experience-in-the-new-india/amp-11644869628171.html