New Delhi, Dec 31 (KNN) Posing challenge to the small shopkeepers, India's e-commerce market is expected to touch USD 56 billion in the next decade, with many small companies also going for online stores, according to a survey.
 
According to an ASSOCHAM survey, many small companies have also established online stores for group buying, which enable customers to obtain goods at a discount so long as a certain number of people make the purchases.
 
Factors like spiralling inflation and slower economic growth could not dampen the online shopping trends of Indian consumers. The trend has witnessed a significant change in 2013.
 
“The increasing Internet penetration and availability of more payment options boosted the e-commerce industry in 2013. Besides electronics gadgets, categories like apparel and jewellery, home and kitchen appliances, lifestyle accessories like watches, books, beauty products and perfumes, baby products  have witnessed a significant  upward movement in last one year”, said ASSOCHAM. The year 2014, looks more promising for the online industry.

According to the ASSOCHAM paper on “Online Shopping - Review & Outlook in 2013, India’s e-commerce market was worth about USD 2.5 billion in 2009, it went up to USD 6.3 billion in 2011 and to USD 16 billion in 2013 and is expected to touch whopping USD 56 billion by 2023 which will be 6.5 per cent of the total retail market.

As per feedback received by 3,500 traders and organized retailers in Delhi, Mumbai, Chennai, Bangalore, Ahmedabad, Kolkata etc in this regard, the buying trends during 2013 have witnessed a significant upward movement due to aggressive  online discounts, rising fuel price and wider and abundant choice etc. 


The survey reveals Mumbaikars have left behind all other cities in India shopping online. While Delhiiets ranks second, Kolkata ranks third in their preference for online shopping in 2013, adds the survey. 


The reasons for online shoppers number multiplying are because of factors such as home delivery which saves time, secondly ’24×7′ hours shopping with ease and availability factors for product comparisons.


Seeing this bold consumer behaviour, more companies are collaborating with such daily deal and discount sites. Even traditional retailers like Shoppers Stop, Westside and Pantaloons are looking at the online shopping space for growth, adds the paper.

With more India's online shopping registering a phenomenal 100 per cent annual growth, many retail chains and consumer durable companies are joining the Web bandwagon to tap the e-shopping market, adds the ASSOCHAM paper.

The products that are sold most are in the tech and fashion category, which include mobile phones, ipad and accessories, MP3 players, digital cameras and jewellery, among others, points out the paper. (KNN Bureau)