No one could’ve thought about Indians (the best finance managers and quality inspecting of the world ). Nobody could’ve ever thought about the online shopping. It was about a fifteen years ago when Indiatimes Shopping started and things changed. No one knew that this initiative from India Times Group can open gates to a $100 Billion industry in India (Morgan Stanley).
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This growth may sound amazing but the reason for this shift is actually the basic behavior of any shopper, saving. As Indians we try to get best at the lowest price. This law is universally applied and it doesn’t matter if it the offline store or an online one, people will for surely shift from a high price medium quality place to a medium quality low price place (quality is taken as same here). People are very emotional regarding shopping in India.
What actually helped people to determine the power of online shopping was the youngsters who thought to do shopping in ease while saving money and hence accessed the brilliant world of online shoppers. The basic concept India as a market coming together with a lot of competition drastically reduced price along with return policies and this further helped the industry to bloom.
Now big ecommerce players have a long line of Investors ready to invest millions of dollars in them. Snapdeal recently added that it is not accepting anymore of the funding as it have enough for the years to come. Nearly about ten years ago, no investor were ready to put their money in any ecommerce venture. But now the tides have turned and the ecommerce has shown such potential which never had been imagined. This unprecedented growth is now on exponential increase and the moment the reach of internet which is very low in India increase, the industry will show magical growth.
The thin line of ascension
What is the fear in speculators is that these popular sites are visited by a large number of audience because of the ‘unbelievable’ offers and discounts they give. But what-if the sites run out of money and cannot provide such discounts? Well, Amazon understand this thing and hence it does not make any kind of expense in OOH marketing (out of home marketing) but instead it gives a discount on a few seasonal and demanded products while ensuring the quality of the site. Shopclues has been doing brilliant in this, it has decided two days, ‘sunday flea market & Wednesday super sale’, in which it does not give any extra discount or promo etc. but it give basic products on a very reasonable price. This kind of initiative has kept it alive and ongoing. Market analyst have a fear of repetition of Turtle and Tortoise race. Anyways, for another decade the growth will give shock to the world as according to the estimates by Morgan Stanley bank, the industry will be a $100 billion in 2020.
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