E-commerce players come together to launch TECI; invites e-commerce cos & digital -first brands to join the council
Hyderabad, Mar 14 (KNN) The e-commerce players including Snapdeal, ShopClues and UrbanClap have come together to launch its own trade association, The E-Commerce Council of India (TECI) to provide a neutral and objective platform for discussion and debate on non-competitive issues relating to the development of the ecommerce sector in India.
The council has invited e-commerce companies and digital -first brands to join the council with a view to building a forum that represents both the depth and diversity of the sector.
The newly formed trade association of e-commerce players expects to collate, crystallize and share the e-commerce industry's viewpoint in this regard, working collaboratively with other stakeholders.
Besides, it also expects to provide thought leadership for the e-commerce sector and articulate the voice of the sector in the media, at industry events and in industry consultations with the government. It will work in collaboration with trade bodies in India and outside to further the objectives of the association.
Speaking at the launch of the council, CEO and co-founder of Snapdeal, Kunal Bahl said "The e-commerce sector in India is an increasingly important part of India's economy, unlocking tremendous value for buyers and sellers. It is catalyzing growth opportunities for allied businesses, and MSMEs and has the potential to create large scale employment across the country.”
TECI is an important industry initiative to work collaboratively amidst ourselves and with the policy makers to help the sector develop to its full potential and in a way that creates lasting benefits for India, he added.
The founding members of TECI include product and services marketplaces Snapdeal, ShopClues, UrbanClap, Shop101, Flyrobe and Fynd along with social commerce platform Shop101.
In addition, digital-first fashion brands like Bewakoof, Breya and Rustorange and online brands like Mamaearth, Superbottoms and Azah, which focus on specific segments like baby care products and women's hygiene products are also part of the group that has collaborated to launch TECI.
According to a February 2019 Morgan Stanley report, India is adding one internet user every 3 seconds and the e-commerce sector in India is estimated to reach US$ 230 billion by 2028, accounting for 10% of India's retail. This will be a result of India's Internet penetration increasing from 41% (or 561 Mn users) in 2018 to 62% (936 million users) in 2028. The online shopper penetration is slated to increase from 25% (or 140 Mn users) in 2018 to 58% (or 540 Mn users) in 2028.
The fast growth of the digital commerce sector, fueled by technology trends, global investments and evolving consumer habits makes it one of the leading contemporary influences, shaping the world of today and tomorrow. The sector is expected to have a significant impact on social and economic landscapes in countries around the world.
Policy makers in various countries, including in India, are engaged in discussion and debate to determine optimal policy frameworks for the sector, which will enable fast growth, while balancing the interests of all stakeholders.
Besides policy advocacy, the council seeks to define and encourage the use of industry best practices relating to data privacy, logistics, payment processes, resolution of disputes, consumer protection, MSME development and other relevant issues. It will also conduct and commission research with regard to issues concerning the e-commerce sector. (KNN/YV)