WHAT IS E-COMMERCE ?
E-commerce in India is reaching new heights with many startups in this field. According to the reposts, India has the fastest growing E-commerce sector with a rise after the government’s Startup program. Even though demonetization might have come in the way but Indian E-commerce sector is still on the rise. New technological advancements easing the various processes involved in E-commerce making it more approachable for the common people to reap its benefits. India’s Foreign Direct Investment policy has defined the meaning of an E-commerce platform very clearly. According to the FDI policy, and E-commerce business platform is one which is involved in the buying and selling of goods and services over a digital and electronic network operating in India. India has hundreds of millions of online shoppers and the traffic of buyers going through a single online shopping portal is huge. The future of retail lies largely in the hands of E-commerce in India given the fact that it is flourishing ever since it set foot in India in the early 2000s. Amazon, Flipkart, Myntra etc. offer selling services from retailers all over India to customers.Most of the E-commerce platforms these days are offering selling services of both the products manufactured by them and also, products made by other retailing business companies.
WHY IS E-COMMERCE ON A RISE IN INDIA
NEW FDI POLICIES
There are many reasons as to why India has such big E-commerce platforms nowadays and all of this progress was made in just a few years. Even the payment methods have become digital. Now you can buy anything and everything online with just a click and then, you can also pay right then and there with your card, UPI etc. Government’ recent policies considering Foreign Investment (FDI) have also boosted the E-commerce sector tremendously. Almost 6-7 years ago, the policies related to foreign direct investment were complex ad that is why, many startups and companies of the E-commerce group had to suffer. In 2014, the Indian government efficiently altered these complex rules related to foreign investment and made them more regulated. Many marketplaces were failing in India due to certain complications in the rules but when they were sorted out, the E-commerce platform flourished a lot. The new rules also made it clear that all those E-commerce companies which have 100% foreign direct investment related to them can now operate without waiting for an approval of the government of India.
PROGRAMS BY INDIAN GOVERNMENT
The initiative of the Indian government called Digital India also helped in improving the growth rate of the E-commerce platforms in India. It has improved India’s digital platform both in terms of E-commerce platforms but also other online retailing websites. Many startups came out with interesting features and they all are contributing in their own unique ways to promote the E-commerce platform of India. Other initiatives by the Indian government like the Make In India program, Skill India etc. are also helping in promoting the E-commerce in India. With a large number of people interested in buying goods and services online and along with the fact that online payment techniques have also become more and more reliable and a safer option. You can make direct payments via your debit or credit card and you can also use various e-wallets like PayPal, Paytm, PhonePe, Mobikwik etc.
The growth of the internet in recent years has also boosted the business of these E-commerce platforms as nowadays, those villages and towns also have access to internet service which were once considered backward. The people living in these areas have easy access the E-commerce platforms and now they use it actively. The program of Digital India by the government of India has also helped in making this possible. E-commerce platforms are on the rise in India and they are the future as we can order anything and everything through them and have it delivered to our doorsteps.