Indian e-commerce Industry is disrupting
By MYBRANDBOOK
The e-commerce industry in India is disrupting to the next era of transformation like who can take maximum attention of the prospective buyer by using various technology tools. The war is among two super powers - USA and China. To make the shopping more convenient, bricks and mortar developers are focusing on enhancing the convenience of shopping centre automate mode. Experts say that India is poised to be one of the largest and fastest e-commerce growth markets in the next decade. The Government of India is also supporting by permitting foreign retailers to own stakes of as much as 51% in multi-brand retail ventures, after securing government approval.
The online retail sector is expected to grow at 30% a year to reach a gross merchandise value of $200bn by 2026. With 1.3 billion population, India sees a rapid growth of internet users, with 430 million people in India having access to the internet, which is a third of the South Asian country's population. It is the most promising market in the globe and no one want to miss the bus.
India's retail boom is being driven by resurgence in the economy. Modern retail still has around 6% share of the total retail spend in the country, that is estimated at around US $400 billion. Thus, the potential for modern retail growth in India is huge. Currently, leading retailers in mature markets occupy the top three slots by turnover, employment and value creation.
Post-acquisition of Flipkart by US retail giant Walmart 77% the industry fears that Walmart will penetrate the retail trade through e-commerce and indulge in predatory pricing and deep discounting, thereby creating an uneven playing field for others. It will source globally the cheapest material and will dump in the country to wipe out the competition. As of now, no rule or law exists which can put restrictions on such practices of any company.
With the recent launch of Flipkart's 2GUD to target the pre-used products/ refurbished products that includes smartphones, laptops, headphones, watches, small appliances and many more, the pre-owned devices market can be said to be slowly opening up in India. The refurbished goods market in India will be worth an estimated $20 billion in the next five to six years.
Some say that Old is Gold but very Old is Roll Gold. Here we need to understand whether the old devices are from inside the country or they are imported from other country and are sold in India through on-line and off-line.
It will be a very difficult task for the authority to maintain the check and balance to understand either the new or old products are getting shipped into the country. Can we say that there is no grey market; rather when you buy the pre-owned devices online, it will become legal. The policy makers have already formalized the draft accordingly, but the eCommerce player has to show very clearly in its website, whether it is a new or old product.
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