Indian E-commerce Sales are expected to reach US$ 120 billion by 2020

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According to the Central Statistics Organisation (CSO) and International Monetary Fund (IMF), with various positive factions thriving, including that of E-Retail,India has emerged as the fastest growing economy in the world. As recent as few years, India has noted a constructive rise in people venturing out for online retail. The past year’s ecommerce sales were approximately $16 billion with chances of market expanding up to seven times higher, according to Morgan Stanley. Channelized by this robust investment in the sector and swift increase in the number of netizens, various agencies predict that Indian e-commerce sales are expected to reach US$ 120 billion by 2020. Three of the main driving factors to supplement this rise would be the inculcation of niche players, role of FDI and GST and how e-retail is changing the face of food and grocery for good.

Niche players: a key part of e-growth

The recent rise in digital literacy has led to an influx of investment in e-commerce firms, levelling the market for new players to set up their base, while churn out innovative patterns to disrupt old functioning. Online retailing has had a heady impact on the sales turnover of brick and mortar stores, urging market pundits to rethink business on the terms of product innovation. Consumers have opened up to personalization and unique product offerings, making the adage “one size fits all” redundant in the marketplace. Also, the marketplace is changing rapidly to accommodate a new culture of diversity, with taste being as varied as Chicken Tadka in Sushi. These have allowed niche players catering on specific categories to take the podium. Businesses have realized the shift away from offering everything for a large demography to focusing on just a singular idea executed exceptionally well, is an effective path to success.

The niche business model is flawlessly suited to today’s dynamic personalized economy, where consumers are harking for the kind of expertise that can be facilitated through laser-focused models. The new economy is being driven not only by the consumers who are procuring products and services according to their requirements , but also by entrepreneurs who are gearing to strike the apt balance between fulfilment of passions and progressive financial success.

The government, from their part, has come up with beneficial reforms to promote this rise of niche players.

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