In an era when masses prefer time to money and luxury to time, nobody wants to be pushed into putting ‘extra’ effort, even while making a purchase. So, with expanded budgets and a splurge of luxury products online, population of e-stores is on a rise.
A NEW breed of consumers has emerged. Products of all categories and for all markets have become parity. Everything is available everywhere. In such a scenario, where do you think a consumer will go to buy his desired commodity and how? An inevitable fact is that people in present times value time over money and luxury over time. Be it booking an air ticket or buying grocery from the local store, nobody wants to push himself in putting that ‘extra’ effort. Therefore, web is the home for this new genre of people. With expanded budgets and a splurge of luxury products online, population of e-stores is on a rise.
This brings us to talking about the headways the online retail industry is making today. The offline Indian retail accounts for ten per cent of the country’s gross domestic product (GDP). Mall space, from a meager one million square feet in 2002, is expected to touch an estimated 60 million square feet by end-2008. Well, if this made shivers run down your spine, catch this – the population of online consumers (potential and real) in India has reached 100 million by 2007-08! By 2004-05, 55 per cent of Internet users were already shopping online. And with industry growth figures multiplying cumulatively, more and more businesses are investing on e-retail industry doesn’t seem any surprising.
According to co-founder and director of Rupiz Infotech, a leading conglomerate of online business ventures, including e-retail, the challenge lies in tapping a significant 45 per cent of online population that forms a large segment of potential buyers in the online Indian retail circuit. These buyers have high net-worth, are educated, well informed and intelligent. Luring this segment into transacting on web therefore doesn’t seem an easy task. An insight into their minds via a survey carried by IAMAI reveals that despite being net savvy, they do not have faith in the security measures taken by various e-stores.
An upcoming retail store needs a special mention here. Deepak Mehta, co-founder and business head of Retails Direct (www.retailsdirect.com), a Rupiz Infotech venture, confirms that they employ 256 BIT digital encryption to ensure that all the monetary transactions are safe with site seals. But how many e-stores truly employ such measures is a question that certainly can’t be ignored. So, with the assortment of the most desirable products, best discounts, best product deals, best brand combos, easy payment options and faster delivery of products, let’s hope to soon see e-market places integrate better online security measures and come up as the most secure shopping junctions in times to come!