While it’s nothing compared to China, India is a large consumer market in its own right. It’s also growing rapidly.
As is the case all over the world, eCommerce is one of the main sectors of growth in India. You might assume it’s taken a steep decline since the pandemic hit. But the latest data tells a different story.
According to Unicommerce, eCommerce spending across the board has increased dramatically since the start of this year.
eCommerce has seen a significant increase in business in most western countries as a result of lockdown. As of April 21, year-on-year growth for US eCommerce orders was 129%.
But India’s eCommerce figures are even more impressive. According to Unicommerce, eCommerce consumer demand across all major product categories rose between February and June 2020.
In particular, Electronics & Home Automation and Fashion & Accessories saw the biggest rise in demand, growing 145% and 136% respectively. This growth is one of the few positives to come out of the lockdown.
There weren’t many alternatives to online shopping because stores were forced to close. But the demand for goods remained after lockdown ended
The only difference now is that people are used to shopping online, even if they weren’t before. It all comes down to the fact that shopping online is more convenient for the consumer.
The stats above should make it pretty obvious. Selling online will be more important than ever going forward. That’s especially true considering the fact that there’s another lockdown on the horizon.
There have been some high-profile investments in the Indian eCommerce sector recently.
In June, Facebook completed a $5.7 billion investment in Jio Platforms was approved.
The move will allow Facebook to enter the lucrative Indian eCommerce market alongside fellow US giants Amazon and Walmart. Between them these two have invested well over $20 billion in the sector over the past couple of years.
With such big players entering the market, smaller businesses will need to stay competitive.
Luckily, eCommerce and online sales are perfect for getting creative with promotions.
There are all sorts of ways promotions can be used to entice new customers and stay ahead of the competition. Gamification is especially big in Asia, while loyalty programs have become a must-have for any business looking to strengthen their relationship with their customers.