Standardization would allow parties to transact any qualified commodities and services at any location and time said Parul Gupta of Bureau of Indian Standard (BIS) at the Internet Commerce Summit 2022
Bengaluru: The surging e-commerce space in India is compelling India’s standards body – Bureau of Indian Standard (BIS) to engage stakeholders in the e-commerce space to establish standards with the objective of self-regulation, said Parul Gupta, Deputy Director, A&F, BIS, Tuesday when delivering the keynote address at the sixth edition of the Internet Commerce Summit (ICS) in Bengaluru.
Gupta spoke on ‘Standardisation initiatives in e-commerce industry and framework for managing online reviews’
“Standardization would allow parties to transact any qualified commodities and services at any location and time,” said Gupta.
BIS had recently come up with standards for e-commerce players, travel portals and food delivery platforms, that publish consumer reviews online as part of the government’s efforts to curb fake reviews, Gupta said.
The objective is to monitor solicited and unsolicited views about their products by the manufacturers themselves, Gupta said.
Over the last few years, there has been a steady rise in reviews to influence purchase decisions by consumers that are both solicited and unsolicited reviews calling for intervention by the regulator.
India’s e-commerce market is surging in leaps and bounds with current estimates at about USD 50 billion in 2022 and would grow at more than 25 percent per annum to scale to USD 150-170 billion by 2027.
This would be fueled by fashion, grocery and general merchandise and account for up to two-third of e-retail by 2027, said Anurag Mathur, Partner – Consumer Goods & Retail, Bain & Company earlier in the day at the conference.
Earlier, in his presiding address, Manish Tiwary, Chairman of the Internet Commerce Summit and Vice-President India Consumer Business, Amazon said that India’s transition toward digital economy has made the country the second major digital adapter among digital economies globally.
“Though e-commerce is at nascent 3-4 percent of India’s total retail sector, it is playing a vital role in the D2C revolution with digital first brands doing well and the shopping experience becoming highly personalized,” Tiwary said.
In addition to Gupta and Tiwary, ICS 2022 saw the participation of over 100 business and thought leaders over two days. Leaders and experts from the emerging industry of internet commerce convened at ICS 2022 to share their valuable thoughts about the massive cross-channel transformation and what challenges and opportunities are available to woo the connected customer.
The only event of its-kind for the country’s e-commerce and m-commerce industry ICS 2022 is a convergence of new-age retailers from online retail, brick-and-mortar stores, product and services commerce and omnichannel.