How E-Commerce Solutions Have Revolutionized Indian Economic Growth

The story of the Indian economy has been one of steady progress. With a population of over a billion people, the Indian government faces a ready formidable challenge in maintaining consistent growth in spite of global financial turmoil. An effective tool that has added value to the Indian growth story and made a positive impact on people’s lives is e-commerce.

E-commerce is basically the paperless exchange of goods or services through the use of electronic data. With growing internet usage, it is easier for people to network with each other as well as with institutions through this common medium. All it needs is an interactive website, proper security and a payment gateway. Many Indian web design companies offer cutting edge solutions in this area and as such, India is a software powerhouse.

A case study of the Indian railways shows how implementing e-commerce solutions made a positive impact on people. About half a decade back, the Indian railways started to sell tickets online. Initial response from the major metros was encouraging and soon people realized the convenience of online ticket booking and payment. This success of the system soon inspired people from tier 2 and tier 3 cities to follow suit. Today, booking an e-ticket for travel is the universal norm. By utilizing e-commerce, middle men were eliminated and the booking system was made more transparent. Anyone could access the portal at anytime from anywhere and the system was constantly updated on a real time basis. It helped customers save time and all hassles related to ticket booking. The trial experiment had won the hearts of the people and it was there to stay. Soon private airlines followed suit and the story continued.

Simultaneously, other websites like job search websites, retail, and matrimonial websites clocked steady growth and gained more customers by word of mouth and by effective advertising. The services delivered to customers where at par with a physical brick and mortar setup and sometimes even exceeded customer expectations. Customers could feel the convenience of getting amazing service just by a few mouse clicks and they felt pampered. Further, customers in any area within India were served their products at their door step and the cash on delivery concept revolutionized retail. Service providers were able to offer better deals and lower prices to customers since they had a central warehouse with minimum overheads. They could easily manage their business and a physical company setup was avoided. Customers could shop any time they wanted. Comparison shopping gave them the best deals they were looking for. Indian customers were particularly happy since they could avoid the heavy traffic when going shopping, could find any product they wanted 24/7 and could buy and sell easily.

Presently, the Indian e-commerce market is estimated at about USD 18.4 billion and is heavily tilted towards travel and leisure sites. 80% of the share to the e-commerce pie is constituted by travel portals while the rest is contributed by job portals, matrimonial sites and retail sites. Online retailing is estimated to have a potential of over USD 2 billion and with it is poised to grow at about 30% over the next 5 years.

Overall, the future of e-commerce solutions and the related service industry looks bright. This is not a prediction but is a fact based on ground realities. The solutions have truly touched the everyday lives of the common people and with increased internet penetration into the rural areas, e-commerce is set to positively remodel the Indian economy.

Mayuri Infomedia is a leading Web Design and Development Company in Chennai, India. We working for various types of E-commerce websites for retail business and corporate companies as well. For any eCommerce website solutions visit our Website here.

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