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Start-ups in e-Commerce by Prof Dr. Uday Salunkhe, Group Director, WeSchool

Introduction of E- Commerce in India

India has about 260 million internet users with around 6 million new entrants every month. This makes India the third largest internet user base in the world.

According to Google, quantity of the online shoppers is expected to cross 100 million by end of year 2016. These are great statistics that boost the e-commerce industry in India making it a great opportunity for companies to showcase their products and services online.

Boom of E- Commerce in India

The E-commerce boom in India has been a catalyst for start-ups in the country. With more people buying online and preferring to pay online, the need for innovation, creativity and technology is growing immensely. A lot of start –ups have figured this and are launching themselves as problem solvers to the e-commerce market.

With user behaviour and customer loyalty changing rapidly, the scope to enter the market is really positive for start –ups. A lot of start-ups are offering the same products with some value additions to lure the customer away.

Various forms of start-ups

In the e-commerce segment, there are various forms of start-ups. From offering clothing,jewellery, insurance, food, e-commerce is booming from all angles and so is the number of players. There are various players that offer customization, payment related services (PAYTM), real-estate and hospitality services and various others who work on the technological aspect of the regular e-commerce offerings

Common problems faced while starting up in E-Commerce

Generally people put features above strategy. It is easy to be impressed with your own website, but having a proper e-commerce site is not a strategy. What market need do you fill in?

The major problem is they are not focused. It seems easy launching an e-commerce portal, it is always critical to know exactly what you are trying to sell and what you are  not. Most of them think they can do it all at the launch and offer more and more products. Too many products confuse customers, decrease your store’s core value, and can strain financial and management resources.

 

Personal growth for a person

There are new business models and collaborations within and across the industry. The spirit of entrepreneurship is the fuel of the digital economy. The recent growth in mobile evolution of 4G and smart phones will transform e-commerce into mobile-commerce, adding another dimension to the already volatile field.

How to Succeed in E-Commerce

To succeed in e-commerce, one needs to have a strong foundation in business domain, business acumen, entrepreneurial spirit, personal leadership, team working, creativity, adaptability, good understanding of internet, deep understanding and also ability to continuously track the changing nature of e-commerce.

It is quite apparent that irrespective of any academic background and experience, in order to succeed one must successfully go through a formal course or program  covering all corners of e-commerce.

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