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As this year comes to an end and makes way for an all new refreshing year, it’s time to evaluate some e-commerce trends that ruled the roost during 2014.
2014 was a year that every e-tailer would be proud of. From a customer base of eight million in 2012 to about 35 million in 2014, ecommerce has definitely set the benchmark higher during this year. By 2016 online sellers expected to reach about 100 million customers!
Another major trend observed during this year was the major contribution of women in the rise and growth of the ecommerce industry. Even though beauty and apparel remained preferred segments, the boom in online shopping is a good sign of ecommerce industry’s bright future in India.
Popular categories
With major boom in the reach of Internet in India, not just limited to desktops but increased availability of applications on every smartphone, has further provided the stage for increased popularity of the ecommerce industry. The categories that were most sought after by women buyers in 2014 included apparel with about 64% growth rate followed by the baby products and beauty products at 53% and 52% respectively and home décor at 49%. The major attractions for men remained electronics followed by sports and outdoor equipment.
Top Players in 2014
With increase in the number of mobile apps and advertising across all major television networks, some of the biggest ecommerce brands became household name in India that resulted in increased penetration of these brands. The top grosser remains the Amazon.in with a penetration of about 15.4%. There remains a stiff competition between Flipkart and Snapdeal with a penetration of about 11.5% and 11.1% respectively. Jabong and Myntra are the other two competitors that are competing against each other with 8.6% and 8.5% penetration respectively. With such good numbers at hand, it is really hard to determine who will rule the ecommerce market in India in 2015.
E-coupon scenario
As per Forrester, between the year 2012 and 2016 the ecommerce industry will account for an annual growth rate of 57% that indicates the rapid development of online shopping in India. With e-coupons, there is increased competition between the major brands of the industry to keep the deals fresh and exciting for the Indian population and at the same time attract their attention by being innovative. In return, the online shoppers are utilizing the benefit, with attractive offers on all the major brands, from within the comfort of their cozy homes. During 2014, more than 95% of online shoppers admitted to have searched for online deals before making a purchase. And 74% of these shoppers surfed couponing sites for best deals and working coupons.
Ecommerce can see a jump of 60% in overall sales in 2015. The reason for the same is awareness amongst shoppers, who more informed than before about the online shopping. They are spending quality time in doing their researches before finalizing a deal. This will further add zest to the competition in the market and every company is required to come up with innovative techniques and highest quality service. According to a survey 91% of shoppers determine low prices an important factor to buy any product. Another trend which will entice shoppers in 2015 will be buying through smartphones, which is convenient, safe and hassle free.
Some more Predictions for 2015
The year 2015 is going to be the year dedicated to the success of the ecommerce industry in India. Major records will be set and there will be an increased reach of ecommerce brands. Here are some predictions for 2015:
- Indian e-commerce will cross the $80 Billion mark.
- 7 out of 10 consumers will shop through mobile. Mobile traffic will account for 70% of e-commerce traffic.
- E-grocers will lead the ecommerce market with over 20 metropolises to be served by these online grocers.
- It will be about the survival of the fittest and small scale retailers will face tough competition from online brands.
- After the epic fail of Big Billion Dollar sale by Flipkart, Government will strictly regularize the ecommerce industry.
Credits – Kulpreet Kaur, Co-founder, Shoppirate.in
