Increased consumer trust spearheading growth of e-commerce in India
30 Nov 2022
Increased consumer trust spearheading growth of e-commerce in India
India's retail industry has undergone a dramatic transformation and a revolutionary development in the last ten years. According to business analysis, e-commerce has been revolutionising the retail scene, empowering numerous sellers and a variety of sectors in the process. It has been made possible in large part by digitization and falls under the ambit of the Government of India's Digital India goal.
There is little doubt that the availability of less expensive cell phones and data packages is the primary driving force behind this adaptive shift. Although the infrastructure has been established in major parts, industry stakeholders still need to provide an environment that is friendly to customers in addition to adapting to the new means of purchasing goods. The confidence generated by e-commerce platforms in the industry analysis and reputable sources has been the most important component in this adoption.
According to a recent report by the Cuts Institute for Regulation and Competition (CIRC), close to 78% of Indian consumers perceive online shopping to be as safe and transparent as offline shopping, with over 80% claiming that products bought from e-commerce platforms meet their expectations, making them feel confident about buying online in the business time.
While this aspect of trust is unavoidable given the rapid adoption of business technology in every aspect of daily life, the level of trust that buyers place in online purchases would not have been possible without the efforts made by e-commerce platforms to assure buyers of predictability and accountability.
Industry stakeholders, including sellers, platforms, and the government, must ensure that this becomes a sound foundation to work on, ensuring sustainable growth in e-commerce to continue rapid digital adoption across Tier 1, 2, and 3 markets in the country.
While the conviction among buyers is apparent, there have been a few major factors that have foreshadowed and enabled the consumers to have substantial confidence and belief while purchasing on e-commerce platforms. These include flexible and transparent pricing, adherence to product quality, providing adequate customer service, and favourable buyer reviews, which add greater credibility to both the platform and the product in the business news live.
E-commerce platforms in the financial news today have made significant investments in their after-sales services in order to provide customers with a much more encompassing experience, avoid any annoyance, reduce risk, and satisfy a growing market. Moving forward, it is crucial for all stakeholders to cooperate and work together to create a cohesive eco-system that is supported by symmetrical information, cutting-edge features, reasonable pricing, and high-quality products.
In order to assist the strengthening of the trust that has been developed by these e-commerce platforms through various initiatives, India's policymakers should also consider creating a hospitable ecosystem based on these principles.
Conclusion:
India business today has a sector with enormous potential to drive the next phase of economic growth and create new jobs. To ensure this, it needs the appropriate nurturing and constructive discourse to sustain its rapid growth trajectory.