Saturday, June 04, 2016

Online Shopping in India to Grow by 78% in 2016 and 15 Billion by 2017

Online shopping in India is estimated to grow at a superfast rate in 2016 by 78%. The rate at which it is growing is phenomenal. This is probably due to the high competition, wide presence, more opportunities, attractive discounts, and the growth of Internet-ready devices. The e-commerce phenomenon has widened globally with its penetration reaching to suburbs and remote areas, thanks to the internet. People keep searching online for sources of coupons and discounts they can apply to purchases. The retail market is expected to more than double by 2020. The eCommerce industry itself is estimated to grow to 15 billion in value and more than 100 million consumers in numbers by 2017.

Online Shopping in India to Grow by 78% in 2016 and 15 Billion by 2017

Currently, there are more than 230 million internet users in India. The count is increasing at a phenomenal rate and is estimated to reach beyond 600 million users before 2020. It clearly reflects a wider gap in people not using the internet. That itself brings out the scope and a lot of opportunities including a good amount of efforts need to be made by the government and the internet and startup eco-system in India so as to increase internet penetration and usage. With this online shopping in India will automatically increase.

Yahoo and Mindshare conducted a study recently to analyze the shopping behavior of customers. The study revealed that more than 30 percent shoppers prefer online shopping to save their time, energy, and efforts that is required to spend on physically going to stores to purchase the same items. Availability of discounts and promotions is another lucrative reason for customers to buy online. Almost 28% of online shoppers are convinced with this reason. Another 21% buyers prefer online shopping because of convenience to shop anywhere, anytime.

Increasing urbanization and penetration of internet and smartphones in rural India will obviously have a positive impact on online purchases. A higher number of these transactions happen on mobile phones as compared to other electronic devices. Average online purchases were 66 percent in 2015 and are expected to rise to 78% in 2016. The credit goes to aggressive marketing of merchandise on online purchases. These online purchases include clothes, jewelery, electronics, books, health, beauty, groceries, travel, mobile phones, home decor and other items. The study has been conducted by Assocham and international firm PwC (Pricewaterhouse Coopers).

Online Shopping in India to Grow by 78% in 2016 and 15 Billion by 2017

Ecommerce landscape in India is probably the most dynamic as compared to other countries of the world, mainly because of the aggressively evolving smartphone ecosystem. Couponmint, a new website offers fabulous discounts and cashback offers to their online shopping community for online shopping, bill payments etc. All the discounts and offers are validated before placing on the website. The website offers coupons, promo codes, cashback offers, and discount deals from more than 1200 online brands, stores and services in over 80 different categories. These offers are available in 9 Indian languages to increase its versatility and range. It goes with a motto - “No Bargaining, Only Couponing, Saving and Discounting!” The future of online shopping in India is evolving at a faster pace. 

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