E-Commerce industry is growing at an astounding rate in India and is expected to account for 1.61% of the global GDP by 2018. The Asia-Pacific region is currently the largest E-Commerce market in the world, surpassing Europe. While China continues to lead the race, the Indian E-Commerce Industry isn’t far behind. According to a joint report by ASSOCHAM and Forrester and other report by SOKRATI.COM, here are 9 interesting facts about our e-commerce industry.
- Men in India shop 3X more than women!
Surprised? While women continue to dominate the in-store markets, men with disposable incomes have taken it upon themselves to play the larger role in online shopping.
- 71% of shoppers believe that they will get a better deal online than in stores. Also, a product with good number of likes on Facebook is approached by more than 1 out of 3 customers.
- The amount of product sales through online digital mediums has come around to be 16.08 billion US dollars for the year 2016 and is expected to grow by 45.17 billion dollars for the year 2021.Flipkart , an eCommerce company in India reached the mark of 100 million users in the September month of the year 2016 but witnessed a fall of 38% in its overall valuation.
- 60% of online purchases happen during business hours. (9AM – 5PM)
This proven trend is a myth-buster, that shows how integral a part online shopping has become in our day-to-day lives. Marketers can use this fact to schedule their promotions across advertising channels accordingly.
- “Around 33% of the consumers shop online for at least once a month through the use of their mobile phones”.Similarly, a considerable amount of 28% people shop once in a week and another 25% shop once for every three months. While, only 14% of the people shop online once in a year.
- 70% of the consumers feel that brands are motivated by a self-centered desire to increase profits rather than by a sincere commitment to their customers. Also, 86% of users are more likely to visit a business after it has been recommended by a friend.
- Cash-On-Delivery (COD) remains the most preferred online payment method.We Indians love the Cash-On-Delivery option; it gives us more control over online transactions since we don’t have to pay until the product is at our doorstep. COD option during checkout has also been proven to boost impulse purchases.
- Clothing and accessories remain at the top of the purchased index of customers with 35% of the total pie followed by mobile accessories at 27%. Computer accessories stand at 3rd position with 8% sales cover.