The burgeoning population of India makes it a larger market of consumers every single day. It comes across as little surprise that the ecommerce sector of India is the fastest growing in the world.
In the period between 2013 and 2017, the ecommerce sector in this country has grown by a staggering 53%.
These are figures stated by the compound annual growth rate or CAGR. The consultancy firm Bain & Company has published this data. There are some obvious reasons for this growth spurt. The most common among them is the rise of the smartphone penetration. Due to an exponentially growing smartphone user base, the number of people having access to ecommerce platforms, like websites or mobile apps, is also increasing steadily.
The aggressive and exorbitant discounts offered by ecommerce sites is also a major reason why more people are choosing to buy online through ecommerce platforms. Add to these factors the aspects of convenience and plenty of options for making an informed choice and you will know why the ecommerce business is booming.
This growing market is an indicator that brands and companies which are yet to have a presence online are missing a major chunk of the profit pie. Even if you have conducted business through traditional models till date, you should always keep this option of online retail open in your mind. Today, there are retail ecosystems comprising of buyers, sellers, payment platforms and delivery chains all functioning on one page. Due to the synergy of all of this diverse fields under the ecommerce platform, it makes sense for a business to test its options through big birds like Flipkart (now owned by Walmart) or Amazon before going solo.