Shopping now has a new address: www.
With 100 million internet users supporting the e-revolution, the total number of transactions in India is set to take a leap from the present 8-10 million to 40 million by 2015.
IntelligenceNODE studies this phenomenon that surely spells success for retailers –especially those using ecommerce to market products or services.
E-Commerce has seen tremendous growth in the last 12 months. These are still early days, though, as the e-Commerce industry in India is set to boom further, perhaps reaching $260 billion, by 2025, according to a report by First Data Corporation and ICICI Merchant Services.
Online retail has seen a heavy overlap with social networking and search due to aggressive marketing and strong inclination towards social commerce. India is positioning itself as one of the fastest growing social networked user base.
The Internet revolution in India is definitely making its impact felt with more users realizing its potential and importance. FITCH has carried out a global study, looking at current attitudes to shopping in the US, UK, UAE and the BRIC economies.
According to their findings, there are three customer mindstates that are relevant across geographies, typologies, income and socio-economic groups and retail categories. Those states are Dreaming, Exploring and Locating. Retail is definitely a state of mind.
According to findings by FITCH, 85% of shoppers in the lower income bracket are happy with their typical fashion etail experience. This figure rises to an astonishing 93% within the upper income bracket.
Retail is changing slowly but surely. The Indian Ecommerce retail sector is growing by leaps and bounds. The trust factor, that was previously absent in the Indian consumer, as far as ecommerce is considered, is evolving and increasing. IntelligenceNODE predicts that this spells an upward spiral for etailers in the very near future.