Online shopping has
changed the way of simple shopping. There are so many online retailers that
offer everything we need. The top 10 shopping websites have the best sales and deals. All
the major e-retailers have shopping sites. If your local store does not have an
item needed by you, you can find it easily on the store's website.
E-retail chains across
the country are looking for professionals in different fields. The history of e-retailing
is a study worth pursuing, especially if your business involves online
retailing. E-retailing has now become a
global event. In India, the e-retailers attained an average higher score than
the mean average for all the retailers listed. It is not surprising that the
online global explosion plays an important role in the success of e-retailing.
The e-retail business
is all set to mushroom across the country. The e-retail sector in India is
expected to witness an upward growth this year. Multi-brand retail is being
actively encouraged across the country. The sector needs to hire a professional
workforce that can multitask and help provide a better consumer experience. A
majority of e-retail chains are hiring
sharper and smarter professionals, who can aid in providing a better consumer
experience.
Challenges
and the Skill Sets
In e-retail, there are
some basic challenges. It is known that the cost of land and real estate are
very high. Also, the operating costs in terms of procurement & related
factors are also considerably higher.The main point of consideration is the
profit margins. It may happen later for the individual players.
Also, each product
category in an individual store may end up with stiff competition from other e-retail
stores. However, the total volume of sales in most stores is far from
encouraging. Flipkart competes without the pressure of Amazon in India. It is
only due to the firm ability that is key to fighting off Amazon and other
overseas giants.
In order to face the
challenges, the e-retail sector needs to improve its profitability. It can only
be achieved when the sector recruits a sharper and more knowledgeable
workforce. The recruited persons must be multi-skilled and well conversant with
the supply chain management &
procurement. The key areas that require more consideration are different
categories of merchandising, supply chain and store operations management.
The e-retail business
in India is all about informality, networks and relationships. Anyone who recognizes
and values this fact can be trained through various programs to become an
asset. There is an acute need for in-store managers who can aid a better
consumer experience. There is a need for people who are well conversant with the
customers’ psychology.
Role
of Smartphones and E-retail in India
India is the second
largest in the world in terms of mobile connections. India’s mobile economy is
all set to contribute $ 400 billion to GDP by 2020. There is hardly a day that
one doesn't see someone using a Smartphone. The role of Smartphones is
considered very important. A majority of people say that Smartphones are
necessary in their daily lives. It can range from normal communication to online
shopping.
Studies by Google have
revealed that people now have Smartphones as their personal shopping assistant.
The most important thing that comes across is the technology that is beneficial
to the consumers. More than 70% are utilizing their Smartphone for shopping today.
It is a good indication that mobile shopping is a breakthrough in the e-retail.
The availability of online stores is increasing in order to help customers
browse through the latest products. The Smartphone sales are growing and mobile
internet is all set for a higher growth in the e-retail sector.
Future
of India's e-commerce business
E-commerce in India jumped by more than 80 percent in 2013.
According to the country's largest e-commerce firm, Flipkart, the momentum is
likely to continue for at least the next five years. The e-commerce business in
India is expected to reach around $50-70 billion by 2020.
➢ On Academia.edu - E-commerce market boom - A boon for indian economy
➢ On CNN iReport - Future of eCommerce in India : 2013 Report
It is due to a fast
growing internet-connected population and improvement in the whole system. The Smartphones would be the biggest online
shopping driver in the coming years. The concept of online shopping is becoming
increasingly popular in smaller cities too.
India’s
e-retail Sector and FDI
India’s e-retail sector
is gaining customers as people become more comfortable with buying things
online. India’s budding e-commerce market is threatened by lack of funding and
confusion over regulations. Online retail still only accounts for approx $600
million (around Rs.3, 600 crore), compared with India’s $518 billion e-retail
industry.
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The government should relax the norms and also allow FDI (Foreign
Direct Investment) for the e-retail business. A good amount of funding represents well for the
bright future. It would help boost the e-commerce business.
➢ On CNN iReport - Indian Prime Minister Singh’s U.S visit - Focus on FDI in e-commerce
The buyer has become
more comfortable with the online transaction. Secure e-retailing is gaining
popularity and web encryption has made this a success for most shoppers. The
history of e-retailing seems certain to have a happy ending in 2014.
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