Ecommerce an Emerging Platform to Boost Global Economy

Abstract

One of the Indian economy's fastest-growing sectors is e-commerce. E-commerce is a paradigm change that offers consumers several benefits, including reduced prices, more options, and time savings. Global e-commerce is expanding quickly. Electronic commerce encompasses the entire online process of designing, promoting, selling, delivering, servicing, and paying for goods and services in addition to just purchasing and selling goods and services online. E-commerce is growing and offering benefits not just in rich nations, but also in underdeveloped nations. E-commerce is crucial to the expansion of the Indian economy on a worldwide scale. E- Commerce is amazing platform to Promote and comprehend economic and social progress in Indian economy." Globalization, liberalisation, and the easing of restrictions on imports and exports between countries will lead to higher knowledge and information technology growth in all economies. E-commerce is having a significant impact on the Indian economy by raising income and creating more jobs in the information technology industry in a developing country. With a compound annual growth rate (CAGR) of 52%, e-commerce is India's fastest-evolving business and is expected to reach USD 36.7 billion by 2020. From US$ 38.5 billion in 2017, the Indian e-commerce sector is anticipated to reach US$ 200 billion by 2026. Throughout the next five years, it is anticipated to reach $100 billion, adding more than 4% to India's GDP. The effect of e-commerce on the Indian economy is discussed in this study. The retail industry in India is thought to be worth $600 billion. Just 5% of all transactions are made online nowadays. There is clearly space for development when compared to the 15% market share that ecommerce now holds in the US. Despite initiatives like "Digital India," the accessibility of smartphones, and the low cost of data plans, large portions of India's population have not yet joined the internet. By 2021, there will be 829 million internet users in India, up from 665 million in 2015. So, the market's intrinsic potential is apparent. And yet, with just 50 million online buyers, only 20 million of whom make purchases on a regular basis, ecommerce remains remarkably underdeveloped. If India wants to continue playing a key role in global ecommerce, it must address a problem like this one. To ensure that transitions go smoothly and with little disturbance, the business sector must work with the GoI on this. In order to do this, a comprehensive ecommerce framework must be created, one that integrates best governance principles while meeting the special requirements of this enormous new customer base.