Ecommerce in India set for high growth

April 26, 2012 - PRLog -- If you are looking to start a business, ecommerce is the one; if you are considering getting into ecommerce business, now is the time, and if you are looking for a market, India is the one. Why? Forrester, the global business consulting firm, has predicted that among all the markets in the Asia-Pacific region, India is set to be the fastest growing one.
Figures such as those expounded by the Forrester study in question point to a combination of vast potential and impressive growth percentages. With a projected CAGR of 57 percent over the next four years, it looks like it is time to think that website ecommerce is the business of the future.
The most striking aspect of this optimism is that this rate is set to be sustained till at least 2016, according to the study. If this is good news, what does it translate to in terms of figures? The report, Asia Pacific Online Retail Forecast, 2011 to 2016, rolls out impressive figures.
Promising growth rates
Ecommerce online will jump to a whopping $ 8.8 billion by the end of the study period, as compared to the measly $1 billion projected for the end of 2012. Of course, the projected figure for 2016 comes nowhere near being close to China’s projected total ecommerce business market size of $350 billion during the same period, but what makes India’s prospects more exciting is that China’s CAGR is hardly a third of India’s, at just 20 percent.
India’s CAGR compares far favourably with even mature markets such as Japan, South Korea and Australia, which all have a CAGR of 11-12 percent for these upcoming five years.
The contributing factors
What factors will propel India’s projected spurt in growth in the e-retail sector? The main ones, according to Forrester, are an increase in adaption to technology, growing urbanisation and subsequently, changing consumer preference for this mode of shopping.
Look for these when starting an ecommerce business
So, when you consider ecommerce business as an option, what all do you need to succeed? Since it enjoys the advantage of not needing a big physical space, a sound e commerce software is the most important need. It should coordinate and synchronise all the functions of ecommerce websites. You could also incorporate important elements such as ecommerce website design, ecommerce shopping cart and a functional ecommerce site.
Take professional help
You could also think of adding features that augment sales. Multichannel retailing, consisting of eBay integration and Amazon integration; website optimisation, social media marketing and social media services help push up sales. While SEO specialists make use of social media tools, flexible E commerce software is a must to help you carry out your business efficiently.