Every other revolutionary idea comes with a
baggage. Sometimes, certain drawbacks of those ideas remain veiled behind the
glitzy appearance of the entity itself. The path-breaking online business idea
of purchasing through the World Wide Web or www has broken down the physical
barriers between the sellers and the buyers, making every other item available
to people from all over the world at the click of a mouse. Internet has made a
massive expansion and a technology boom has unleashed upon the world since
2000. In countries like India though the trend of online shopping took some
time to develop, its growth pace is getting unimaginable with each passing day.
Online shopping or e-shopping is a form of
electronic commerce which allows consumers to directly buy goods or services
from sellers over the Internet.
While the paragraphs ahead will shed light on how
E-shopping volumes have grown in India and how its pace this festive season is
mind-boggling one, we will also
discuss the merits and demerits of this revolutionary idea. What is mind-boggling
is the all time record of online shopping estimated to cross Rs.10,000 Crore
during this Diwali season alone. The online retailing is seeing the biggest
flip ever in the history. This trend will not only continue but it will grow unimaginably
according to many market analysts.
A few days back I was chatting with some industry experts and became surprised to learn that presently this market
estimated at Rs. 12,000 Crore and could cross Rs. 1,00,000 Crores a year in
India over the next three to four years.
As per Associated Chambers of Commerce and
Industries, Indian e-commerce industry expected to spend around 500 to 1,000
million USD in the same period on Infrastructure, Logistics and warehousing,
leading to a cumulative spend of 950 to 1900 million USD till 2017-2020.
e-shop store warehouse
India online shopping may increase by 350
percent during Diwali festival time as against the jump of 200% in
August-September. As a result of this shopping malls have started feeling
jittery as the footfall in malls is likely to go down by 50-55 percent. With no
government regulations existing to check a level playing retail market, the
situation is quite indifferent.
This festive season, shopping on ground appears
to have taken a back seat. With abundance of choices people are avoiding the
usual hassle of traffic and queues at shopping malls along with the
convenience, rising fuel price, security reasons and online discounts are
keeping a large section of the consumers indoors.
The Associated Chambers of Commerce and
Industries survey shows besides major cities like Delhi-NCR, Mumbai, Ahmedabad,
Chennai, Kolkata, Hyderabad, Chennai, Bangalore, Chandigarh and Dehradun but
even smaller cities are fast coming in grip of the online shopping fever.
Market analysis show Delhi-NCR has recorded the
highest decline in footfalls at city malls. Shopping spirit in malls is lowest
among residents of Delhi-NCR (49.5%), followed by Ahmedabad (48.2%), Chennai
(46%), Mumbai (42%) and Hyderabad (39%). Around 250-300 malls came up in the
country in the last two years but 80-85% of the spaces in these malls still lie
vacant as per various surveys.
The online shopping has not only proved harsh
for big shopping malls but even the traditional markets here are also facing the
brunt of this phenomenon. Needless to say what the small time shopkeepers are experiencing
or would experience in the coming time.
It is also learnt that there is more than a
five-fold increase in revenue generated through e-commerce as compared to last
year with all branded apparel, accessories, jewellery, gifts, and foot-wear being
available at a cheaper rates and delivered at the doorstep within days of
order. Buyers are turning internet savvy because of the fast and simple payment
and delivery service.
There is a growing feeling among the retailers that
this season the ‘first online Diwali’ may be observed with practically every
item needed for the festival is up on the net for a grab. With services like
click and collect growing in popularity, retailers are also adding to the
options available, enabling their customers to shop online with convenience of
collecting in store.
In fact a whole new audience connected practically
round the clock through their smart phones, tablets and other mobile devices
which are leading to a gradual evolution of e-commerce into mobile commerce.
While there are some disadvantages of online
shopping where you get delivered something, which is a distant-cry from what
you were expecting it; likewise online shopping does not offer the liberty to
bargain and we are bound to buy the item in the quoted price. Quality of
products sometimes varies from that shown and delivered is also an issue. Many times
description of the product varies from the product. As a result you might end
up with inferior quality product. Returning an item is difficult in online
shopping. Although seller accepts sells return, they usually want the item
within a short period and you also have to pay for the shipping charges. One
also needs to guard of to whom to share your debit/credit card and bank account
numbers. There have been incidences when people duped and cheated monetarily
while trying to grab a product at un-imaginable low prices.
On the other side of the coin there are some
products which you don't want to buy publicly. You can buy any kind of product
from online web store anonymously to keep your desired privacy.
Well what ever be it, e-commerce is bound to
emerge in the coming time. The only thing is the government should make and
make fast adequate regulations for e-shop sellers for a level playing field with
the traditional market sellers thus making sure the market does not lose its
balance.
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