With ecommerce changing every facet of the world, the B2C ecommerce market has not been left behind, as per the latest report released by the Indian Institute of Foreign Trade (IIFT) and Federation of Indian Chambers of Commerce & Industry-Confederation of Micro, Small, and Medium Enterprises (FICCI-CMSME), in association with eBay India.
The B2C ecommerce market in India is expected to store a potential of $26 Bn. The study also estimates that $2 Bn in revenues can be achieved by 2020 if the repository of B2C ecommerce is realised and explored.
The report focusses on exploring the opportunity that lies in the amalgamation of B2C retail with ecommerce channels, both Indian and global. It further analyses the patterns of buyers across the world, the products that are the most sought and bought, the most lucrative markets which should be targeted by the SMEs going online. It further highlights the various online marketing platforms and ecommerce enablers, so that an SME can focus their products and markets accordingly.
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Owing to ecommerce, retail products have been able to reach the inaccessible geographies, which were hitherto unexplored. This has opened a new channel of retail, between buyers and suppliers across the world that want to tap into the immense potential MSMEs have. As per the report, MSMEs are responsible for 6% of India’s GDP and employ almost 80 Mn people in the country. With such a hefty market share, it is imperative for the government to develop policies that will foster this growth of MSMEs further, globally.
Commenting on the same, Sanjay Bhatia, President, FICCI-CMSME said, “There is no way we can undermine the contribution of MSMEs to our economy and it is important to continuously explore synergies to integrate this sector with emerging trends.”
As per the report, the ecommerce spend in India accounts for 2% of the total retail spending, as compared to 10%-13% in other…