According to a recent report published, the Indian ecommerce market is expected to grow by 36 per cent during 2015-20.This growth is backed by huge discounts provided by the e-commerce companies and the increased use of smartphones. A report given by Canada based TechSci Research implies that the growing youth population will be the chief drivers of the predicted compounded annual growth rate of 36 per cent.
Karan Chechi, the Research Director of TechSci Research proposed that India’s workforce mainly comprises of young consumers who have very less time with them for going out and do shopping at regular brick and mortar stores. This scenario has created more potential for online shopping by e-tailers to get established in a market as huge as India. he also added that the great offers and discounts provided by the leading e-commerce players is a promotion tool used by them to increase consumer interest towards their products.
India’s e-commerce market is also dominated by online travel market in the e-services segment. It is emerging as the most preferred medium by people to plan their holidays, make hotel bookings and buy tickets for travel by various modes including air, bus and rail.
As per the reports the increase in the number of high speed internet users encourages the e-commerce businesses to be innovative and offer a diversified array of products and services online to the customers. With the improvements made in the payment structure by companies in e-commerce market, the consumers in India are gradually shifting towards the online space.
Consumer electronics, online travel, apparel and accessories are the main market segments which is exhibiting a promising growth in the e-commerce market. As they have adopted the option of same day delivery of products, online groceries stores are also entering into the country’s e-commerce space.