E-Commerce Have Revolutionized Indian Economic Growth

1. E-Commerce Have Revolutionized Indian Economic Growth The ecommerce sector is changing the retail landscape in India. This means it is looked upon by many as a monster which will ultimately end up demolishing the brick and mortar retail industry. E-commerce is basically the paperless exchange of goods or services through the use of electronic data. With growing internet usage, it is easier for people to network with each other as well as with institutions through this common medium. All it needs is an interactive website, proper security and a payment gateway. Many Indian web design companies offer cutting edge solutions in this area and as such, India is a software powerhouse. E-commerce is the biggest thing that happened to India since the mobile revolution. This change has an all pervading impact on the economy and has the potential to reshape the Indian economy by the next decade. Through E commerce one can relax, sit back and order organic beauty products and get it delivered at door step. Let’s see how growth of ecommerce would impact various spheres of Indian economy: 1) Faster Financial development- The e-commerce boom has given a boost to manufacturing, transport, sales and other related activities. This is fostering an overall environment for financial growth of various sectors. 2) Markets in unreachable pockets of India- Online retail is no longer limited to the big towns and cities. The unreachable pockets and 2nd and 3rd tier towns are now being targeted as the largest untapped potential audience by e-commerce companies. They are overcoming

2. infrastructure barriers by creating warehouses in the most remote locations. E commerce like Galwaykart are enabling easier access of goods and services to the remotest corners. 3) Providing Employment- Currently e-commerce is providing 1 million jobs to the Indian work force. Indian ecommerce industry statistics forecast a massive growth in employment opportunities in this sector which would create 12 million new jobs in coming decade. 4) Increased exports- Startup environment has seen a positive growth with the rise of e- commerce. SMEs operating from home or garage are able to sell on popular marketplaces and cater to global audience. This is contributed to increased exports even from the unorganized sectors. 5) Changing the face of retail - Retail market has been revolutionized by e-commerce. Online stores are offering better choices, deep discounts and convenience of shopping. It has become easy to buy herbal healthcare products without going to any physical store. Brick and mortar shops account for only 10% of total retail sales. Overall, the future of e-commerce solutions and the related service industry looks bright. This is not a prediction but is a fact based on ground realities. The solutions have truly touched the everyday lives of the common people and with increased internet penetration into the rural areas, e-commerce is set to positively remodel the Indian economy.