Getting our hands on any product has just got a mouse click away with the unprecedented growth of Ecommerce In India. With increasing penetration of internet, e-commerce sector is projected to cross $80 billion by 2020 and grow further to $300 by 2030 according to a report released by Snapdeal and KPMG.
The report mentioned that patchy internet connectivity due to underdeveloped infrastructure, lack of awareness about the benefits of e-commerce among people and lack of trust among organizations to go online, are few of the challenges faced by the e-commerce sector.
The report further added that now more and more people are becoming aware of the benefits of e-commerce as more than 85% of the SMEs are taking the route of e-commerce to sell their products to the customer and earning handsome profits.
In fact, SMEs, which has gone online have seen 51 percent higher revenue and 49 percent more profit. As per the report, 73 percent SMEs have felt that going online has helped them understand their customers well which in turn helps them to deliver a better product and service.
Speaking to the reporters, Snapdeal co-founder and CEO Kunal Bahl said that e-commerce sector and its unprecedented growth has presented this growing economy with great opportunities which need to be tapped and explored further.
However, there are many lacunae and challenges which need to be dealt with, if this growth rate has to be sustained. Financing challenge is one of them as many SMEs and MSMEs, approximately 41 percent, do not have access to the bank loans or other products offered by financial institutions.
Mr. Bahl said that Snapdeal with its ‘Capital initiative’ program, launched in august last year, is helping online sellers to raise 1000 crores in loans.
With the launch of Digital India initiative, e-commerce can scale new heights as its customer base will grow many folds in coming years.
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