Sunday, 21 October 2018

Essay on Online Shopping in India and Its future

Essay on Online Shopping in India and Its future

Essay on Online Shopping in India and Its future
Today we live in a tech-savvy world which makes our life much better. With use of Internet one can recharge mobile, pay bills, do online shopping and much more while sitting at home in minutes. As competition is the part of any business therefore companies are implementing new techniques every day to beat their competitors. Online Shopping is the way by which one can buy and sell goods and products over digital media. Almost all products from food to clothing are available for online shopping. It is beneficial for both seller and consumer. With the help of internet today one can promote their products at much lower cost through their websites or other online shopping websites and social networking sites. It helps in offering access to a world-wide market resulting in increase of customer value and also builds sustainable capabilities. For customers it is very convenient way to do shopping as while sitting at home they can take their own time to select and order their products. They can also see the reviews given by other customers and give feedbacks for the same. The best thing is customers don't need to roam around to compare products as it is easily done on internet. Many websites help us to compare products price and specification for our ease of selection. For example, the online shoe retailer Zappos.com includes labels for free return shipping, and does not charge a restocking fee, even for returns which are not the result of merchant error.

English entrepreneur Michael Aldrich invented online shopping in 1979. The first World Wide Web server and browser were created by Tim Berners-Lee in 1990 which was opened for commercial use in 1991. After that subsequent technological innovations emerged in 1994 like online banking, the opening of an online pizza shop by Pizza Hut, Netscape's SSL v2 encryption standard for secure data transfer, and Inter shop's first online shopping system. Amazon.com launched its online shopping site in 1995 and eBay was also introduced in 1995.Online shopping also known as e-shopping is business-to consumer type of ecommerce. Nowadays electronic commerce is an emerging concept through which buying and selling takes place via telecommunication and computer networks including the internet. The largest of these online retailing corporations are Alibaba, Amazon.com, and eBay. In electronic market business center is not a physical building but an interworked based location where business interactions takes place i.e. we say it is a site on internet where shoppers and sellers meet. Mobile commerce describes purchasing from an online retailer's mobile optimized online site or application.

Online customers must have access to the Internet and a valid method of payment in order to complete a transaction mostly online shoppers use a credit card or a PayPal account in order to make payments. However, some systems enable users to create accounts and pay by alternative means, such as cash on delivery, debit/credit cards, postal money orders etc. This process is called payment Gateway which encrypts sensitive information such as credit card numbers to ensure that the information passes securely between the customer and the merchant. However, there are many merchants who are involved in fraudulent purchases using stolen credit cards or fraudulent repudiation of the online purchase. Therefore, consumers are at higher risk of fraud than face-to-face transactions. Merchants also risk fraudulent purchases using stolen credit cards or fraudulent repudiation of the online purchase. Secure Sockets Layer encryption has generally solved the problem of credit card numbers being intercepted in transit between the consumer and the merchant. One should be very careful while giving its personal details and payment information on internet and check valid identity of the site and the merchant.

For developing countries and low-income households in developed countries, adoption of e-commerce in place of or in addition to conventional methods is limited by a lack of affordable Internet access. It is seen that 90% of all purchases made are influenced by social media. Each day, over two million buyers are shopping online for jewelry. In a December 2011 study, Equation Research surveyed 1,500 online shoppers and found that 87% of tablet owners made online transactions with their tablet devices during the early Christmas shopping season. The $26 billion worth of clothes sold online represented about 13% of the domestic market, and with 72% of women looking online for apparel, it has become one of the most popular cross-shopping categories. Forrester Research estimates that the United States online retail industry will be worth $279 billion in 2015. There were 242 million people shopping on-line in China in 2012.

There is a broad categorization of Online Shopping in India, divided into services like Travel and Tourism and Online Retail Business. Websites such as Makemytrip.com,  IRCTC.com, Bookmyshow.com, Paytm.com and Yatra.com provide services and tickets. Some of the popular retail sites in India are Flipkart, Amazon, Snapdeal, Jabong, Myntra, Homeshop 18, Infibeam, Shopclues etc.

It wouldn't be wrong to say that Indian online market is still in a budding stage and people in India still hold some inhibition when it comes to sharing their credit card details online. There is a forecast of very significant growth in the coming years.

There is a tremendous growth in the Indian Online Shopping business with India lagging behind only USA and China. India has an internet user’s base of about 450 million as of July 2017 accounting for 40% of the population. Despite being the second-largest user base in world, only behind China (650 million, 48% of population), the penetration of e-commerce is low compared to markets like the United States (266 million, 84%), or France (54 M, 81%). However, it is growing at an unprecedented rate, adding around 6 million new entrants every month.

According to Google India, there were 35 million online shoppers in India in 2014 Q1 and was expected to cross 100 million mark by end of year 2016. According to a study conducted by the Internet and Mobile Association of India, the e-commerce sector is estimated to reach Rs. 211,005 crore by December 2016.

Online shopping is the new way to shop, youngsters and teenagers mostly use online shopping for their requirements and therefore it has become more of a style statement among them. The statement stands true happiness delivered at your door step."

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