AUTHOR: SHIVANI GAJBHIYE
LITERATURE REVIEW
1. India is experiencing a considerable increase in e-commerce and online buying as a result of increased internet usage, rising educational levels, changing lifestyles, and the nation’s economic prosperity. Opportunities for the remaining market segments are being further boosted by a flexible shopping experience and the swift development of transaction facilities. The largest benefit of e-commerce is its capacity to offer safe online buying transactions together with nearly immediate verification and validation of credit card transactions. (Rashmi Vashishtha & Dr. Sudhir Kumar, 2016)
2. Demonetization has improved digital payments and increased online shopping among consumers. This will undoubtedly present an opportunity for e-commerce operators to encourage the use of cashless instruments among consumers and to reevaluate business models to do so. Electronic commerce, also known as e-commerce, is the exchange of products and services as well as the transmission of money and data via an electronic network, most commonly the internet. These commercial exchanges can be between businesses, consumers, other businesses, or consumers and businesses. When Prime Minister Narendra Modi Ji announced the demonetization of the Mahatma Gandhi series Rs 500 and Rs 1,000 currency notes on November 8, 2016, India came to a standstill. After that day’s midnight, 86% of the cash in use ceased to be accepted as legal tender. Demonetization attempts to encourage customers to use digital payment methods, promoting a cashless society. (Dr. Harmeet Kaur, 2017)
3. Development of a Dynamic Innovation Ecosystem: Over the past two decades, the rapid adoption of digital technologies has sparked commercial innovations in both established companies and start-ups. India ranked among the top four nations with a thriving startup environment and 36 unicorns by the end of 2020. Confluence of Enabling Factors: The expansion of start-ups during the introduction phase (2006–2010), early growth phase (2011–2015), and accelerated growth phase has been facilitated by a confluence of enabling elements, including technology, talent, capital, and a supportive policy environment (2016-2020). (Joffi Thomas & Dinesh Tiwari, 2021)
4. Individual Internet adoption and usage research in the past have mainly been empirical and have taken place in affluent nations or in developing countries’ cities. They have mostly looked at socioeconomic characteristics that influence adoption and use, like age, earnings, and education. Several of the earlier research were conducted while the Internet was still a novelty and was mostly seen as a resource for information aimed at advancing understanding. With advancements in social media and e-commerce, the Internet has come to be seen as a useful tool for social networking, facilitating the creation and sharing of knowledge, and boosting economic gains. Understanding the motivations behind Internet use from the perspectives of outcome expectations and self-efficacy along the social, economic, and knowledge axes requires the use of social capital and social cognition theory. Our findings suggest that while a user’s adoption of the Internet may be influenced by their basic level of education, once they begin utilising the Internet with a goal orientation in terms of outcome expectations and self-efficacy, their level of education is irrelevant. Age follows a similar logic. Those who are digitally literate have a tendency to expect good things from using the Internet, therefore they may gain far more than those who are not. Public policy must also include initiatives to improve digital literacy in addition to its primary focus on expanding Internet access, particularly in rural regions.( Jain, Rekha, 2016)
5. Both the retail industry and retail business models have seen significant development in India. Retail business models are created with the goal of reaching customers, delivering value through exceeding their expectations, and dominating the market. Innovation in business models is necessary to meet the changing needs of the client. The corporations are now able to create new models thanks to technological advancements. The growth of e-commerce has given rise to several new means of communicating information, which has opened up numerous entrance chances for businesses with innovative business models based on electronic platforms to engage with consumers. By studying current practises that illustrate the study’s claims, the study’s goal is to comprehend the importance of business models in the retail industry. (G. Satheesh Raju & Sardar Parminder Singh, 2018)
6. Every corporation needs to alter its marketing mix strategies by adding some innovations and innovative strategy modifications to keep up with the always shifting, dynamic business environment. These changes are crucial for the expansion, survival, and growth of the organisation. These changes could be necessary at the moment or a calculated step towards a better future. In order to reach a wider market and allow customers to try the product before buying, several ecommerce players are already expanding their offline presence. In order to promote its own brands, Myntra intends to become one of them by opening physical storefronts around India. The case aims to investigate the elements that led Myntra to go against the flow Despite reaching such heights in the internet world in such a short period of time—just a decade—Myntra is still unconvinced about the contentment of its customers and has returned to traditional retail.. (Himanshi Agarwal & Shailja Dixit, 2020)
7. Electronic commerce (EC) and mobile commerce (MC) are leading edge technologies-based practices for doing global, local and context-based business but percentage of retail e-commerce sale in India in 2018 is expected as 1.4% (Retail Ecommerce Sales in India 2014-2018 which is very low as compared to total commerce transactions, and it shows that it is not ubiquitous, though wide penetration of ICT (internet and PC, mobile penetrations) (IAMAI, 2016). So, the aim of this study is to find the ways and means to make EC-MC-based practices pervasive and ubiquitous to improve national productivity in India. This study is an attempt to specify mathematical equations using regression modelling, to describe the relationships between factors to make EC-MC-based practices ubiquitous and pervasive in India and productivity improvements as proposed by theory. The design methods and procedures used in this study are based on statistical theory to obtain representative samples from the real world. (Sujata P. Deshmukh et al 2019)
8. Online purchasing is expanding at an exponential rate as a result of the Internet’s invasion of geographical boundaries and varied demographic strata. India’s ecommerce business has emerged as one of the most anticipated destinations for both international and domestic retailers, with a projected growth of 45% to $7.69 billion by the end of 2015. It is important for them to understand Indian consumers’ attitudes and behaviours about online shopping in order to estimate the potential for online sales in India because their success will depend on their ability to draw customers to make purchases online. The success of marketing and promotional strategies and action plans will also need to be based on the market’s potential. This empirical study investigates the recall, accuracy, and precision of four different categorising algorithms used in online purchase prediction. (Sanjeev Prashar & S.K. Mitra, 2015)
9. E-commerce, to put it simply, is the sale of goods and services through the internet, a practise that has been there for at least the last 20 years in the form of fax or phone. This clearly has a post-Y2K mindset. According to Merill Lynch, for the economy of scales on the IT front, they would essentially cue in on e-commerce. By 2002, according to Forrester estimates, the B2B market might be worth over US $ 842 billion. Because of happy customers, e-commerce has experienced tremendous growth. The 4 Ps of marketing have been impacted in a unique way by it. In a nutshell, commerce offers a wide range of potential. Through the Webster listings, it is certain to have a revealing impact on the pricing practises. There is no denying that e-commerce will continue to rise in India. The many elements must be in harmony and time with the varied circumstances. It takes a sincere and thorough examination to take advantage of the upcoming prospects.( N S Bisht & Amit Joshi & Rakesh Belwal, 2000)
10. The official figures revealed that the country’s GDP growth in the third quarter of 2019 was a meagre 4.5%, marking the sixth consecutive quarter in which growth fell short of the psychologically significant 5% threshold. According to a report by consulting firm RedSeer, the e-tailers in India, primarily Amazon and Flipkart, achieved a record $3 billion (roughly Rs 19,000 crore) in Gross Merchandise Value (GMV) during the period. The effectiveness of business models needs to be assessed in the context of innovation used and technology adoption, regardless of whether they are in e-tailing (amazon, flip-kart, etc.), transportation (Uber, Ola Cabs, etc.), or online ordering from restaurant apps (Ubereats, Swiggy, Zomato, etc.). (S, Suresh Kumar et al)
CONCLUSION
Due to increased internet access, rising educational levels, changing lifestyles, and the country’s economic prosperity, India is seeing a significant surge in e-commerce and online purchasing. Demonetization has enhanced digital payments and raised consumer internet buying. An expansion of India’s e-commerce industry will take it to a new level where innovation, customer focus, and good business practices—instead of just customer relationships—determine success. As banks, software companies, and credit card companies are collaborating to increase Internet security, security won’t be a problem anymore.
REFRENCES
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