E-commerce has lately become a keenly watched sector in India and overseas, especially with a handful of home-grown successful ventures being valued at billions of dollars. While domestic players Flipkart and Snapdeal rule the market, the sector has also caught the fancy of global giants like the US’ Amazon and China’s Alibaba — all are competing hard for a bigger share of the cake.
The country’s e-commerce market was worth $2.3 billion in October last year and retail consultancy has estimated its value will increase more than 10 times to $32 billion by 2020. More, since the online market at present accounts for less than five per cent of India’s retail business, there still is a huge untapped space in e-commerce. The $15-billion valuation that Flipkart is eyeing in its next round of funding seems to reflect this potential, and aspirations of the existing and start-up e-commerce ventures.
It increases the IT industry scope here in mobile applications and ecommerce marketplace at place for profitable business horizon.