New Delhi: E-commerce retail market in India is witnessing a steady growth and experts have predicted that the segment will reach new heights in coming years. Amid all this boom, the modern trade in the country is holding its own. However, the prevalent Covid pandemic has an impact on the way the business is being done and the evolving pattern is key to understand where the e-commerce retail market and modern trade are heading in the near future.
- Earlier in August, a report by Global Management Consulting Firm Kearney had predicted that the value of e-commerce market in India is expected to hit USD 40 Billion-mark by 2030, PTI reported.
- The report titled as “Value e-commerce: the next big leap in India’s retail market” cited that internet user base in India has been increasing and more people have started opting for online shopping, according to PTI.
- Apart from this, the report also stated that digital footprint is growing in tier III and IV cities and town and also in rural areas. The needs and changing attitude of these consumers provide a perfect opportunity for e-commerce, as per the Kearney report.
- “It’s rather heartbreaking to see COVID-19 still being prevalent and transitioning to normalcy has not been fully achieved. It was during these times when we saw a surge in the number of e-commerce websites, and rightfully so. From small businesses catering to just friends and family to the big retail players started to change their business model to reach out to their customers safely,” Rishav Nahata, Pranav Jain – Co Founders of The JUNE SHOP said.
- Modern trade means an organized and planned way of managing the distribution and logistics system. Modern trade includes hypermarkets, and supermarkets.
- In recent times, companies involving in modern trade have shown interests in expanding business to outside of the big cities by setting up outlets in interior areas.
- “In our opinion, whether it is e-retail market or modern trade – only the sector that can adapt to the ever-changing technology will emerge victorious. The future will be revolutionized by tech in a few years, and the ones that can keep up will essentially dominate the market,” Vansikha Nahata – CEO of The JUNE SHOP said.
The June Shop is an e-commerce website that offers a range of stationery, home and decor, kitchen, travel, fashion, gadgets, party props, gifting, personal care, and other products.
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