The Past Present And Future of E-Commerce
Bill gate quotes “The internet is becoming the town square for the global village of tomorrow”. The world of business is no exception to this. We have access to almost every knick knack of our lives at competitive prices on the internet. Thanks to E-commerce, we can now carry the globe in our shopping bags.
The first wave of E-business swept across India in the late nineties when IndiaMart, a B2B online market that matches the buyer and the supplier, was established in 1996. However, majority of India interacted with E-commerce via IRCTC, where government came forward with online passenger reservation system. After the success of IRCTC, the online ticket booking system was widely adopted by the Airlines (which included Air Deccan, Spice Jet, and India Airline etc.)
The second phase saw a greater degree of acceptance of E-commerce due to discounted shopping models of Flipkart in 2007. Sharper focus on revenue generation was seen. Urban consumer lifestyle was one of the driving forces of online retail. Amazon, Jabong, Myntra, ebay established a strong presence.
Currently, Investors are willing to trust the various untapped sector in India. The blurry beginning of E-commerce is eventually becoming unclouded and organised. The presence of E-commerce lingers in every aspect of our lives. Want to purchase groceries, just click on BigBasket.com. Need to gift your wife on valentines, caratlane.com is your place. Want to buy a perfect gift for your friend’s birthday, find it at glimgift.com. Want a property to build your dream house; you are just 99acre.com away from it. Now, the perfect place to find your perfect partner is BharatMatrimony.com. Clothes, glasses, shoes, vegetable, stationary, furniture, car, curtains, land, books, television, phones and the never ending list; every commodity is now bought with a click. Dominoes now largely operated through web. Even medical services like Thyrocare works through the web by providing various online packages. Phones like RedMe are extensively sold only through web.
Despite being a developing country, India has shown a commendable progress in E-commerce.The latest trend focuses on mobile shopping. It is speculated that next wave of digital commerce will be through the mobile. Snapdeal and Flipkart get half of its traffic via E-commerce.
Another growing trend in E-commerce includes use of social media, which is a medium for easy log in and purchase. Customers and clients are updated through the posts published on this media. The future of E-commerce will notice innovations in the delivery model overcoming the hitch. For example: Amazon patented its new deliver model called Prime Air which will use high technically embedded drones and helicopter for instant delivery.
Growth of E-commerce will take place in tier-2 and tier-3 cities in the future. Building vigorous supply chain can ensure penetration into this market and also increase employment opportunities. E-commerce industry is expected to experience a major boom and reach up to 260 billion USD by 2025.
E-commerce is constantly being pushed in new directions. New breeds of E-commerce firms are tapping into the market. Innovation has injected aggregator E-commerce model that has paved way for businesses like Ola, Uber, and Zomato. Hassle-free and technology efficient car rental service like Ola and Uber allows customer to access a cab anywhere with a click on cell phone. Zomato and Foodie bay provides a new interface where the customers acquire an idea of online restaurant information service. These businesses are shifting the entire E-commerce ecosystem in new ways that will impact all other business in the space.
Siam Computing aims in providing necessary design and development in order to be a successful online. Innovation feeds evolution; Siam computing helps in shaping the industry and raising a toast to innovation by constantly testing, measuring and refining the E-business for their clients.