What is Online Retailing
Online retailing, or e-commerce, refers to selling products or services through the Internet. It involves conducting business transactions online, including browsing, ordering, and purchasing goods or services from online stores. Online retailing has gained immense popularity and become a significant part of the global retail industry, transforming how people shop.
In online retailing, businesses set up virtual storefronts or online platforms where customers can access various products or services.
Factors Fueling Growth and Impact on Other Industries
The e-commerce industry has been crucial in transforming India's micro, small, and medium enterprises (MSMEs) by providing them with financing, technology, and training opportunities. The industry has also positively impacted other sectors, significantly contributing to the country's economic growth. According to experts, India's e-commerce market is set to become the second-largest in the world by 2034, surpassing the US.
The growth of the e-commerce sector is expected to impact employment significantly, revenue from export, tax collection by exchequers, and the customer experience in the long run. In addition, the rise in smartphone usage is also expected to contribute to the growth of the e-commerce industry, with the number of smartphone users projected to increase by 84 percent.
Government Initiatives Propel E-commerce Growth in India
The Government of India has proactively promoted and supported the growth of e-commerce in the country through a series of initiatives and programs. Since 2014, several key industries, including Digital India, Make in India, Start-up India, Skill India, and the Innovation Fund, have been launched to foster a conducive environment for the e-commerce sector.
One notable initiative is the Government e-Marketplace (GeM) portal, facilitating millions of orders and transactions. As of June 25, 2021, the GeM portal has served 6.87 million orders. The platform has registered 2 million sellers and service providers, catering to 52,651 government buyers. This centralized marketplace has streamlined procurement processes, ensuring transparency, efficiency, and accessibility for government agencies and vendors.
Conclusion
The online retailing market, also known as e-commerce, has witnessed remarkable growth and has become an integral part of the global retail industry. With the convenience and accessibility it offers, e-commerce has transformed the way people shop, providing a wide range of products and services at the fingertips of consumers.
The growth of e-commerce is fueled by various factors, including technological advancements and innovations that enable seamless transactions, personalized customer experiences, and efficient supply chain management.
Author's Detail
Supriya R Ghadge, LinkedIn
I am working as a Senior Research Analyst, mainly involved in conducting market research in the Information and Communication, and Technology domain. Skilled in Secondary Research, Primary Research, Data Analytics Research approaches with extensive experience providing first-class results. Highly focused, have analytical skills, and synergetic with positive energizers. Meets job demands and deadlines through diligent work-ethic and dedication to quality. Works with clients to determine requirements and provide excellent service.
Author's Detail:
Supriya Jagtap /
LinkedIn
I am working as a Senior Research Analyst, mainly involved in conducting market research in the Information and Communication, and Technology domain. Skilled in Secondary Research, Primary Research, Data Analytics Research approaches with extensive experience providing first-class results. Highly focused, have analytical skills, and synergetic with positive energizers. Meets job demands and deadlines through diligent work-ethic and dedication to quality. Works with clients to determine requirements and provide excellent service.
