The proliferation of digital payment options and platforms is driving and coexisting with eCommerce expansion, given eCommerce website development cost India. Online payment is convenient for busy customers who don’t always have time to go to the bank. You may now pay your electricity bills or even consumer debts using your cell phone. Everything is there at the tip of our finger.
Enabling cashless transactions allows them to reach out to more customers. That’s why many businesses encourage digital payments through their apps or other linked platforms while offering tempting discounts to clients. More people can use it and it is simple to use.
The Indian government is increasingly promoting the widespread use of digital payment methods since they are easy, quick, and environmentally beneficial. This has been critical to the “Make in India” initiative, which encourages indigenous innovators and producers.
Because digital payments are growing more prevalent, they can now make transactions with customers, consumers, and vendors from all around the globe. With the introduction of UPI with Bhim, more consumers are now spending online, resulting in a considerable boost in sales for online shops.
Size of the Indian eCommerce Market
The eCommerce business is flourishing in India, with the technology and fashion/apparel sectors leading the way. According to one analysis, the industry rose from $20.5 billion in 2017 to an anticipated $25.3 billion in 2018 and is expected to reach $62.3 billion by 2023.
It has also been stated that India’s e-commerce business is expected to be worth $40.8 billion by 2020.
According to the same study, urban Indian centers, which have an estimated total of 444 million according to the 2011 census, already have 295 million people utilizing the internet as of December 2017.
As a result, there is a significant chance to increase penetration in both areas, particularly in rural India. Though surveys suggest that rural young are rapidly using the web, a poor infrastructure remains a significant impediment to eCommerce ambitions.
India’s eCommerce Potential
According to a recent PwC and Nasscom report, the Indian eCommerce sector could more than quadruple to $150 billion by 2022, driven by rising earnings and an increase in internet users. The Indian middle-class community is also expanding, implying an increase in potential consumers.
Companies will do well to approach them because there is a vast market opportunity waiting to be unleashed in terms of sheer numbers.
According to the survey, users will almost double to 850 million in 5 years. One hundred fifty million are anticipated to do digital transactions, with the majority residing in tier 2 and 3 cities.
These clients can benefit from various language options for internet browsing, payment methods, and merchandise.
The influence of eCommerce in India
E-commerce has provided businesses and consumers with significant cost savings in searching, labor, marketing, and transport.
It saves both time and money, which helps both customers and sellers, making eCommerce immensely popular.
As a result, the e-commerce industry as a whole has experienced rapid expansion. E-commerce has had a significant impact on both the macro and microeconomic levels.
Rise in Internet Usage on a Daily Basis
People nowadays use the internet 24 hours a day, seven days a week. Internet usage is expanding on a daily basis, and individuals are becoming increasingly influenced by what they see online—they make numerous decisions after researching on the internet. This has also had a significant impact on their purchasing habits.
Active Participation of Middle-Class People
Middle-class individuals make up a sizable portion of the Indian population. E-commerce and mobile app development company in Mumbai is appealing to this generation because it is simple and provides a wide range of products related to their desires. Many middle-class families now choose to purchase online instead of going to the market since, given our busy life, internet shopping is a quick and efficient way to shop.
Cash on Delivery and Online Payments
E-commerce has become more appealing as a result of simple payment methods. People will be paying their bills and rent from the comfort of their own homes. Indians adore this trend since it allows them to avoid terrible traffic, making e-commerce more successful. Cash on delivery is indeed one of the most popular payment options in India; 70% of Indians favor COD, and this characteristic has been shown to instil trust in the customer.