Online shopping store is an internet platform where people purchased products through various means like Cash on Delivery, internet banking, debit card payment, digital mobile wallet etc. Netmart was the first online shopping store in the world that established itself on the year of 1994, was gradually followed by Amazon and Ebay in the next year. When it comes to India, the online shopping trend was not far enough, Indiaplaza is the first online shopping store that came into existence on the year of 1999 in India and sold products such as Music CDs, books, movies, and watches to name a few. Today, online shopping got its popularity all over the world and India is one of the few countries with highest number of online shoppers, and the potentiality of e-commerce growth has been considered to be very much viable and promising. India comes third after US and China in the terms of e-commerce growth and online traffic engaged in online shopping every consecutive year.
ONLINE SHOPPING PRODUCT POPULARITY
In India, online shopping products started off as Music CDs and books, and gradually shifted to fashion wears, electronic & mobile phones, and even flight booking and doctor’s appointment. Indiaplaza began its e-commerce business in India by selling Music CDs and books, and then expanded its trade with other things that include watches, groceries etc. Even Flipkart, the leading online shopping store in India, began selling books through its e-commerce portal and then turned out to be one of the renowned online shopping stores. Today Flipkart offers more than 150 million products ranging from electronics to furnitures to garments. The trade of fashion wears is gradually followed by electronics and furnitures, which eventually lead to emergence of other things like online flight booking, online doctor’s appointment, and finally online gifting and event related services. Online shopping provided huge amount of benefits to people all over India. For elderly and differently abled people, online shopping proved to beneficial as one can buy products anytime and from anywhere, and there are also exciting discounts and couponchaska opportunities that played an important role in influencing an amazing shopping experience, where branded products could be purchased at affordable prices. The top 5 most purchase product category in India would include fashion wears, smartphone & tablets, electronic products, books, and baby products.
ONLINE PAYMENT METHODS
Online payment methods in India commenced through debit card and credit card transaction, and soon Cash on Delivery gathered popularity which is followed by mobile wallet system introduced by Paytm, Mobikwik, and Freecharge. Other mode of transactions that came in action include virtual card and card on delivery transaction that are used by many people of India. Even today, there are large number of people of India who prefers Cash on Delivery facility of leading online shopping stores like Flipkart, Snapdeal, Jabong, and Amazon to name a few. However, after demonetisation, CoD witnessed a slight decline while digital mobile wallet system attracted huge amount of popularity among people and the abrupt growth of mobile wallet providers such as Paytm, Freecharge etc is deemed to be around 500% more than what it was before. Online payment via debit or credit cards and mobile wallet system have been observed by many to be beneficial as many of the popular online shopping stores offers huge discounts while initiating a transaction through card or mobile wallet of an officially mentioned bank or company. Furthermore, as the government of India is pushing for a Digital India, where everyone would exchange money through digital medium, for this internet banking through credit card or debit card and mobile wallet transaction are becoming more and more close to people, and many of them have already opened account to keep pace with the modern trends of online shopping.
E-COMMERCE MAGNIFICENCE IN THE YEARS AHEAD
Smartphone penetration and evolution of technology have been contributing towards the progressive development of India’s e-commerce growth since last three years. Based on joint ASSOCHAM-Forrester study paper, India’s e-Commerce revenue is expected to reach 120 billion Dollar in 2020, which means that it is certainly growing at an annual rate of 51%. In India, around 60-65 % of the total e-commerce sales are executed through mobile devices and tablets, and the many of the popular e-commerce giants are developing their cross platform mobile apps, the significant growth of online shopping stores in India is indeed evidential as smartphones are reaching far across rural areas and digital transaction is steadily gathering momentum. Other important factors causing wide success of e-commerce stores in India include user-friendly technology, appearance of more exciting offers and coupon codes, and finally the historical decision made by the central government of India towards demonetizing 500 and 1000 rupee notes.