Project report for Ecommerce

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Introduction

E-commerce has transformed the way business is done in India. The Indian E-commerce market is expected to grow to US$ 200 billion by 2026 from US$ 38.5 billion as of 2017. Much of the growth for the industry has been triggered by an increase in internet and smartphone penetration. The ongoing digital transformation in the country is expected to increase India’s total internet user base to 829 million by 2021. The new normal life after the COVID -19 will defenitely make the purchase behaviour of the user at the same time the business models too. people prefer to buy thngs without direct contact and the invent of new cheap devices, people tend to go digitally.Propelled by rising smartphone penetration, launch of 4G network and increasing consumer wealth, the Indian E-commerce market is expected to grow to US$ 200 billion by 2026 from US$ 38.5 billion in 2017.Smartphone shipments in India increased eight per cent y-o-y to reach 152.5 million units in 2019, thereby making it the fastest among the top 20 smartphone markets in the world. We saw the changes during lockdown as people tend to buy mostly through online mediums than direct purchases. Internet penetration in India grew from just 4 per cent in 2007 to 52.08 per cent in 2019, registering a CAGR of 24 per cent between 2007 and 2019. The number of internet users in India is expected to increase from 687.62 million as of September 2019 to 829 million by 2021.

Market potential & Strategy

Owing to the increasing internet user base and favorable market conditions, India has a lot of potential in the e-commerce industry. Growing at an exponential rate, the market value of the e-commerce industry in India was approximately 50 billion U.S dollars in 2018. This number was estimated to reach 200 billion U.S. dollars by 2027. Since 2014, the Government of India has announced various initiatives, namely Digital India, Make in India, Start-up India, Skill India, and Innovation Fund. The timely and effective implementation of such programs will likely support the growth of E-commerce in the country. The behavioral pattern of the user dramatically changed post-COVID-19. So the scope of eCommerce based business is on the higher side. The E-commerce industry has been directly impacting micro, small & medium enterprises (MSME) in India by providing means of financing, technology, and training and has a favorable cascading effect on other industries as well. The Indian E-commerce industry has been on an upward growth trajectory and is expected to surpass the US to become the second-largest E-commerce market in the world by 2034. Technology-enabled innovations like digital payments, hyper-local logistics, analytics-driven customer engagement, and digital advertisements will likely support the growth in the sector. The growth in the E-commerce sector will also boost employment, increase revenues from export, increase tax collection by ex-chequers, and provide better products and services to customers in the long-term. The rise in smartphone usage is expected to rise 84 percent to reach 859 million by 2022. We will market through social media, google, SEO/SEM, etc. The cost of digital marketing is cheap compared with the traditional mode of advertisement. At the same time, the effectiveness comparing to the cost is at the higher side too. By giving catchy ads on social media, people will notice, and also by giving offers and innovative digital marketing techniques, the sales can skyrocket. 

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