India has encountered a great increase in its Internet use. The young generation of our country has contributed a lot to this increase. Even we can say the people of age group 15-25 years live and breathe through internet. Buy thing in just few clicks has become the latest trend of shopping, which has not only saved time but also importantly money. Walking to different shopping malls or to cover great lands to buy products to fulfill their daily needs has become outdated.
The India market share is one of the fastest growing E-commerce markets in Asia-Pacific and the industry estimating to grow $8.8 billion by end of 2016.
Factors promoting online shopping in India
In India online shopping is enormously growing and is getting advanced and stronger day by day. The following are the prominent factors, online shopping has flourished in India:
1. Standard of living: Upgraded living standard of the people has made them crooked towards the online shopping. The increased per capita income in India has increased.
2. Internet: After 2005, a faster growth has been seen in the people using internet and currently there are more than 65 million people log-in on to web on daily basis. This is due to advanced internet services and penetration of 3G services that has given faster internet access in India.
3. Availability of wider range: Online market providing a wider range of products than any retail shop.
4. Lifestyle: In this busy lifestyle, lack of time for shopping and congestion of traffic in urban area has led the online shopping market to step up itself.
5. Competition in online market: Competition among the online shopping websites causes to attract more customers to go for online shopping.
6. Discounts and cheap rates: These sites provide offers to customers. Hence, products can be purchased at lesser price than the offline markets and without sacrificing the quality.
7. Good Improvement in online banking services: With bettered and safer online banking services people are now less afraid to make payments online.
8. Cash on delivery and home delivery: Cash on delivery along with home delivery is most prominent reason of inclination of people toward online shopping.
Next in the line of online shopping the concept of virtual mall which is already exist in India at its preliminary stage and is gradually growing exponentially. The market opened up with advanced online shopping opportunities from eBay, Rediff shopping and futurebazaar.com just to name a few.