What is e-commerce (electronic commerce)?

According to Morgan Stanley’s report e-commerce sector would reach to $230 billion by 2028 in India.

This is enough to predict the upcoming importance of e-commerce in India.

It is expected that by 2022 half of billion of people would come online through mobiles apart from existing one.

E-Commerce market in India was $3.9 billion in 2009 which went to $38.5 billion in 2018 and more is expected. This transformation happened due to transformation e-commerce version.

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Features of E-Commerce – 1.0

1. Consumers were limited to urban > semi urban areas.
2. Websites were not user friendly.
3. There is trust deficit between customer and seller.
4. Different websites were limited to themselves for products.
5. Cash on delivery was only mode of payment was available.

Features of E-Commerce – 2.0

1. Huge reduction in price of products.
2. Online payment option with other payment facilities are available.
3. Websites and Application are user friendly and language friendly too.
4. Many MSME (Micro, Small and Medium Enterprises) and seller can register to sell their product.
5. Exchanges facilities are available.
6. Online sites provide various customer attracting offers like Flipkart Big Billions of Days.

There are various other factors which played in the Growth of E-Commerce in India:

With emergence of E-Commerce various initiatives were also taken by Government.

Some of the Government Initiatives are:

1. 100% FDI in e-commerce sector.
2. Policy or schemes like Bharat Net to rural areas.
3. Digital India initiative.
4. BHIM for direct payment.
5. Draft E-Commerce Policy,2019.

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Though, e-commerce brings various profits and greater boost to economy but if it is not regulated it can become threat for small trading groups. Proper policy regarding E-Commerce need to be ensuredandCustomer Grievance Redressal Mechanism need to be ensured as well.