With the festive season settling in full peak, retail in India is witnessing a boom in_ the e-commerce business. As per India Brand Equity Foundation, India’s e-commerce market is expected to reach US$ 111 billion by 2024 and US$ 200 billion by 2026. The rampant increase in smartphone users and easy accessibility to the internet are some major boosters for this expansion. Keeping in line with the Digital India movement, more and more companies are building a presence online to reach the masses.
The country is now going beyond traditional payment methods with the easy adoption of ePOS, UPI, and others. The RBI states that total digital payments have increased by 216% and 10%, in terms of volume and value, respectively, for March 2022 compared to March 2019.
Online Payments and Apps
Nowadays, everyone prefers online payments because they are easy and seamless. This shift in consumer behavior has been fueled by the growth of digital payment options. Different payment methods such as credit cards, debit cards, net banking, UPI payments, and e-wallets allow customers to make payments anytime, anywhere. Consumers don’t need cash or cheques anymore to purchase online.
This story is from the January 2023 edition of Images Retail.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the January 2023 edition of Images Retail.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Here's How India Shops Online
Over 60% of people prefer shopping via apps over websites with a clear preference for marketplace apps
Why Are More And More Retail Brands Advertising Online?
Returns on investment ranging from 2%-10% from their digital ad spends is just one of the reasons why brands and retailers across categories are taking to online advertising
Mini Mall, Mega Experiences
Lulu Group’s first mini mall brings the best of retail to the aspiring consumers of the tier 3 town of Palakkad in Kerala
How Daalchini is Spicing up Micro Retail in India
Through its smart vending machines, the Noida-based company is offering 24/7 convenience to customers, reach to over 200 brands and new business opportunities to entrepreneurs
AI, Cloud and SaaS Play a Pivotal Role for Banjaaran Studio
Banjaaran Studio’s founder Meera Dureja on the brand story, business model and adding a modern touch to traditional shoemaking
How Myntra, Amazon, Shoppers Stop, Peesafe & Indiamart are Using AI for CX
From improving product recommendations and personalised fit suggestions to delivery, here’s how retail biggies are using artificial intelligence to offer delightful customer experiences
Store Launches Surge 23% in Feb
While the number of store openings increased, fundraises in the month dropped significantly
The Government Realises the Importance of Domestic Market
Rahul Mehta, Chief Mentor of CMAI on Indiasize, the government’s focus on domestic retail, industry’s asks and more
In 3 years, PepsiCo India Doubled its Previous 30-year Capacity
As the director of channel, customer and go-to-market (GTM) development for PepsiCo India, Anand Mohan Sharma has anger on the pulse of India’s consumption story—especially in the food and beverage segment.
A Look at the Indian Athleisure Market Play
The dimensions, driving forces, and potential of the Indian athleisure market