In recent years, there had been a lot of changes in customer behavior in India. With the pro-digital method and value-added digital literacy, India is now well furnished with the online marketplace. The vibrant shift from a physical marketplace to the online or digital marketplace is continuing and undeniably e-commerce giants like Flipkart, Amazon, Snapdeal, and others have been contributory in the whole procedure.
At present, e-commerce transactions are not only confined to the urban sector, but these transactions have become quite an operative mode in both tier 2 and tier 3 cities as well. It won’t be an overstatement to say that e-commerce is one of the sole reasons that is pushing Indian economy hard with huge employment and a new outlook.
Remarkably, at present, the Indian government is in a spot to worry about the e-commerce transactions in India. The B2C (business-to-consumer) commercial transactions are increasing at a compounded annual growth rate of 34 percent in India. Without any doubt, it can be said that the whole marketplace is furnished by manufacturers, retailers, exporters, and online sellers. It is important to remember that globally too, the e-commerce industry is seeing a huge boost.
In 2016, transactions cost $ 1.9 trillion accounting 8.7 percent of the total retail expenditure was done amidst increased digital usage and enhanced connectivity and speed. Thus at present, the digital space of India deserves special mention with so many young users.
No doubt, India very much needs a national e-commerce policy which will successfully bridge many arms of the government like the Finance and Department, Department of IT of Posts. In other words, a normal framework is necessary to regulate and deliver fair pricing and other requirements relating to digital transactions in India’s digital marketplace. Remarkably, e-commerce field in India has already seen a massive 224 percent growth in the global exports business in 2017. By 2020, all the digital transactions are estimated to exceed $ 4 billion. It won’t be an overemphasis to say if India has to begin ‘Made in India’ as a global brand using the digital marketplace, an amalgamated e-commerce policy is the call of the day.
At present, the vibrant Indian economy is making decent efforts to fight unfairness in income, hurdles in micro and macroeconomic outlooks. Serious concerns like financial diffusion and inclusion are also deliberated to be closely related to e-commerce transactions. It is worth remembering that some of the first world countries have already attained justifiable growth and development of the e-commerce sector. In a way, it is not only to meet growth target demands of internet customer base of India but also to balance the inclusive nature of the Indian market with sensitivity.
Addressing the complaints of the digital customers and the interruptions are also essential to the enormous improvement in e-commerce ecospace of India. At present, investments are being expanded to the e-commerce sector and thus having a national e-commerce policy will be the greatest step forward. It will be in best benefits of the Indian economy, safeguarding a maintainable digital ecosystem proficient of adding monetary arrival to the whole system of the transactions.
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