New Delhi,13th April,2016:The news is spreading like wild fire – India’s ecommerce is on the rise. As per recent industry reports, the online shopping tradein India is currently bagging an annual turnover of $12 Billion; this is likely to become $38 Billion in the next three years.
The e-tail scene in the country has witnessed enough action over the past few months with start-ups like Myntra, Flipkart and Snapdeal being pumped with hundreds of millions dollars. While Flipkart received a funding worth $1 Billion, the biggest any internet retail firm has accounted for till date, big daddies of the retail sector are also swiftly moving up the ladder to claim their share of fame.
India’s e-commerce has indeed entered its golden era. The e-tail market is growing at a compound annual growth rate of 32% and is likely to touch $78 Billion milestone by the end of 2020, as internet infrastructure improves considerably. This will give India’s 200 million online population another reason to opt for cyber shopping. However, this is not the only factor that’s driving the frantic pace of growth.
According to a recent survey conducted by an online coupons site 74% online shoppers said discount and convenience compelled them to shop online. This shows gen-x shoppers are keen on saving both time and money. The same survey highlighted another important fact – 955 e-shoppers searched for coupons and deals online before making a purchase. And 73% of these respondents revealed that coupon sites are the top destinations where they find attractive deals and amazing discounts.These statistics clearly point out towards the role-play of online couponing sites in the growth of e-commerce in India.
Online deals and coupons sites arenot merely a strong pillar supporting the immense success of e-tail in India. They are fast emerging on the web scene, all set to claim their share in this success. Sites like Groupon, Shop Pirate and many more are already a rage amongst shopaholics. These sites not only offer money-saving deals and discounts, but also provide shoppers the convenience of placing orders while sitting on their couch. So no more fighting with the traffic blues or stepping out in the scorching heat.Just sit in the comfort of your home and access alluring discounts available online within a few clicks. Presently, there are six major players on the scene, but the number will surely increase.
However immature the space may be, the future of online couponing sites is bright, and industry experts are equally hopeful about it. “In the coming years, we will see several couponing sites emerging in the e-tail arena. And these sites are most likely to drive a revenue worth $2 Billion towards Indian merchants”, says Kulpreet Kaur Co-founder, Shop Pirate.
With the Indian shopper becoming suave and tech-savvy, the next 2-3 years will surely be action packed for the e-commerce industry in India. From here, there is no looking back.