The Covid 19 forced lockdown saw many people shift to online shopping, video chats, online payments, and even online classes. Today eCommerce has become one of the fastest-growing sectors and will continue to grow. The possibilities are endless!
As all the world’s major economies have taken a hit during these tough Covid19 times, there is another side to the whole economic scene. Despite specific business sectors being negatively impacted, certain other industries have been forecasted to do very well, one of which is the eCommerce sector.
While some of India’s major players, such as Amazon and Flipkart, are yet to hit the standard high-value transactions, there has been a lot of demand for low ticket transactions. People avoid venturing out to the local markets & shops due to the pandemic situation and place their orders online for all low-key items as well.
According to financial experts, India’s eCommerce industry is forecasted to increase threefold to $90 billion by 2025. Customer behavior plays an essential role in gauging economic growth patterns. People are moving away from the conventional way of purchasing from retail outlets and moving towards online transactions.
The eCommerce market players collaborate with many offline stores and facilitate them to go live with their inventory on their platform. Online retailers have focused on enabling their platform to cater to the regional population to shop in their native languages. Industry reports suggest that Indian language internet users account for nearly 75 percent of India’s internet user base by 2021.
Online money transactions.
There is a significant digital transformation happening, and online retailing is the new normal. As we shift our shopping habits online, there are many more online payment and money transactions taking place. To remain safe from online money transfer frauds, excessive delays, and high transaction fees, switch to Lycaremit.