The online retail industry in India is likely to be worth Rs 7,000 crores by the year 2015 due to easy availability of broadband services and increasing internet penetration across the country, according to ASSOCHAM (The Associated Chambers of Commerce and Industry of India).
Buying-selling trends received from leading online shopping portals indicate that online retail market currently stands at Rs. 2,000 crore and is growing at a steady annual rate of 35 per cent. India is set to become the third largest nation of internet users in the next two years with a large chunk of youngsters eager to adopt new technologies with rapidly changing lifestyles.
“A booming economy and rising disposable incomes have contributed to the evolution of online shopping,” said D S Rawat, secretary general, ASSOCHAM.
Earlier, most online shoppers used to evaluate options by gathering information on available products and prices or buy low-value items like gift products but finally opted for final transactions at the traditional retail outlets.
“But now the trend is changing fast. Leading companies have gauged the potential of online retail industry and are gearing up fast to cash in,” said Rawat.
The survey conducted by ASSOCHAM Social Development Foundation (ASDF) involved interactions with 500 shoppers in the age group of 16 to 35 years each in ten cities of Delhi, Mumbai, Chennai, Bangalore, Kolkata, Ahmedabad, Chandigarh, Ludhiana, Lucknow and Jaipur.
About 40 per cent of those surveyed across the aforesaid cities said they prefer to shop online considering convenience to shop anytime during the 24 hours and one can collect detailed product information. Besides, one can research a variety of products available and can easily compare prices from different vendors anywhere in the world.
Majority of consumers also said they shop online to purchase products that cannot be found in malls and the local markets.
– IndiaRetailing Bureau