To give valuable inputs about complexities of e-commerce and to acquaint the prospective retailers how to switch to e-commerce to get the share of online sales, Franchise India, is holding the annual Indian e-Retail Congress at the Claridges, Surajkund for two days. This event is ideally suitable for Indian leading e-Retailers and would be retailers, to understand how e-retail is re-writing and implementing new retail practices over traditional ones.
E-commerce is beginning to come of age in India. Almost half a decade old, in its more popular Avatar in India, this business format is becoming hugely popular, growing almost five times faster than physical retail. Digital retail is fast becoming the most dynamic segment of retailing today as millions of people are relying on the convenience and ease of shopping in virtual world.
On the opening day, over 50 of the industry’s most dynamic, thoughtful and inspirational speakers not only shared their valuable insights but also presented working visionary strategies to help the e-commerce industry merge with the retail business.
On this occasion, e-Retail report 2013 was also launched, which highlights few concrete inputs on e-retail industry like Indian e-Retail is surging at the rate of 40 per cent and will reach Rs. 7200 crore mark by 2015. A survey has found out that 24 per cent Indians are shopping online once a month and the most picked products by them is apparel. Also, an average Indian is spending Rs. 500 to Rs. 2000 in one go. This range is considered to be the appropriate price range to take advantage of free shipping, coupons and deals available.
The maximum online buying is of apparels which account for 17 per cent of the online market. Accessories have emerged as the second biggest product category with 15 per cent market share. The other categories which are doing well are consumer durables with 13 per cent, books with 12 per cent, jewellery with 11 per cent, footwear with 10 per cent, beauty and health care with 8 per cent, home and furnishing with 7 per cent and gifts & flowers with 5 per cent.
The other significant advise given by one of the speakers in the first day was that before venturing into e-commerce space, the prospective e-commerce retailers must first put in place infrastructure, for sustaining the business module of e-commerce. The logistics of e-commerce business should be strong enough to sustain this business and transition from brick and mortars can be smooth if the received orders can be delivered in time and payments can be collected online or through COD basis, which is the most acceptable method in India.
The Indian customers still have apprehensions whether they will get the ordered items as shown on the website and to win the confidence of the customers, the e-retailers must ensure that they must have all policies in place like facility of returning the goods in a time frame, which will bring dividends to the e-retailers in the future.
This show of e-retailing is worth the visit and you must not miss it as today is the last day and it is an annual event!