Prominent ecommerce players in India have come forward to form an official body to voice the industry’s viewpoints regarding policy frameworks for the sector. Named The Ecommerce Council of India (TECI), the non-profit organisation wants to ensure that any regulatory framework will balance the interests of all stakeholders. It will work in collaboration with trade bodies in India and outside to further the objectives of the association.
TECI has members from various fields in ecommerce – online marketplaces Snapdeal and Shopclues among them. Services provider UrbanClap, online fashion rental platform Flyrobe, omnichannel enabler Fynd, and social commerce platform Shop101 too are founding members. Digital-first fashion brands like Bewakoof, Mamaearth, and Rustorange are part of this initiative as well.
According to a press release, TECI members, between themselves, account for more than 7.5 lakh online sellers and service providers. The council stated,
“Every month, more than 100 million users interact with the online businesses operated by members of TECI. More than 30 global and domestic institutional investors have invested more than $2.25 Billion in the enterprises founded by TECI members."
The statement added that besides policy advocacy, the council seeks to define and encourage the use of industry best practices relating to data privacy, logistics, payment processes, resolution of disputes, consumer protection, MSME development and other relevant issues. It will also conduct and commission research with regard to issues concerning the ecommerce sector.
“Digital revolution in India has come of age, and for the first time since our independence, we have within our reach technology to make economic inclusion of ‘Bharat’ possible. This technology and the power that comes with it can be a vehicle of empowerment for Bharat but it can, just as easily, harm the interest of Bharat. Charter of TECI is to provide a forum for collaboration amongst ourselves, MSMEs/SMEs and with policy makers which will put Indian businesses on an equal footing with global competition,” said ShopClues Co-founder and CEO Sanjay Sethi.
According to a February 2019 Morgan Stanley report, India is adding one Internet user every three seconds, and the e-commerce sector in India is estimated to reach $230 billion by 2028, accounting for 10 percent of India’s retail.
With the recent changes in FDI policies, ecommerce models in India are expected to change substantially. TECI is aiming to support this transformation, keeping in mind the interests of various stakeholders. It is inviting ecommerce companies and digital-first brands for building a forum that represents both the depth and diversity of the sector.
Snapdeal Co-founder and CEO Kunal Bahl stated, “The ecommerce sector in India is an increasingly important part of India’s economy, unlocking tremendous value for buyers and sellers. It has the potential to create large-scale employment across the country. TECI is an important industry initiative to work collaboratively amidst ourselves and with the policy makers to help the sector develop to its full potential, and in a way that creates lasting benefits for India.”
Want to make your startup journey smooth? YS Education brings a comprehensive Funding and Startup Course. Learn from India's top investors and entrepreneurs. Click here to know more.