Indian e-commerce: not your regular online marketplace anymore
E-commerce is ever evolving and customers to are not shying away from this progress.In fact, taking into consideration the plethora of products and services now available online, the acceptance from online customers is more than overwhelming.
The gradual but assured shift of customers from a brick and mortar retailer to e-tailers is evident from their online usage behaviour, and easy access to necessities or luxuries through online selling.
From cosmetics to electronics to houses! e-commerce Industry in India seems to now sell them all! Let’s look at a few brands, who took the online space and triumphed.
Tata Housing and Amazon India:
Take Tata Housing recently came in the news for possible association with Amazon India for showcasing its premium properties across Eight Tier 1 cities in India. This move comes in after they sold over 2,000 apartments (priced around 5 crores) through an online platform in the last two years, previously partnering with Snapdeal and Housing.com. Why was this a success among online customers? With real estate facing a huge slowdown for the last 2-3 years leading to huge delays of about 7-8 years in project delivery, real estate players are increasingly taking the online route to sell their flats at a discount.
July 2015 saw the niche bike maker’s newly launched product get ‘sold out’ in a matter of minutes, literally! The entire inventory of 200 units of limited edition Royal Enfield motorcycles(priced at Rs 2.16 lakh) was purchased, within 26 minutes of opening on its online store. The bikes inspired by the ‘despatch riders’ of the World Wars, were launched exclusively online. This can be attributed to the brand’s immense popularity in India and aggressive publicity on and offline.
Chevrolet and Amazon India:
Chevrolet has currently launched a new brand of SUVs called the Trailblazer and have teamed up with Amazon India to sell the premium four-wheelers to the Indian Audience. Leveraging social media and auto portals resulted in 8 bookings for Chevrolet Trailblazer (priced 26.4 lakh) via Amazon India in flat 5 days. The multimedia approach enabled the creation of buzz around the brand and generated positive conversations around the strategic partnership with Amazon.
Still wondering whether or not to enter the e-commerce industry? Here are a few facts to help you decide:
It is said that Indian e-commerce Market is likely to reach $100 billion, growing ten-fold in next 5 years owing to increase in penetration of internet, smartphones, and spread of digital network in rural areas, as per industry body Assocham.
Buying trends during 2016 will witness a significant upward movement due to aggressive online discounts, rising fuel price and wider and abundant choice will hit the e-commerce industry in 2016.
There would be over a 5 to 7 fold increase in revenue generated through e-commerce selling as compared to 2015.
With statistics like these, any business would be at a losing end if they do not explore the digital space right away.