Growing penetration of internet including skyrocketing real estate prices, online retail will increase significantly – this is the consensus that comes out from e-tail community gathered at IIM-A, campus – Confluence 2011, with this year focused session on ‘Entrepreneurship in E-Retail’.
With already more than 100 million Internet users, out of which 40 percent access internet via mobile (smart) phones, online retail is set to grow the fastest, reiterate e-tail community gathered at confluence.
Speaking at the Annual Business Summit, Confluence 2011 at the Indian Institute of Management, Ahmedabad (IIM-A), Sachin Oswal, COO, Infibeam said, “Even if the e-commerce and especially e-retail players don’t advertise, by sheer word-of-mouth, the vertical has been fastest in India. Moreover, since the country is in the middle of the technology boom, e-retail will increase tremendously in overall Internet usage in India.”
Oswal was speaking during a session that focused on Entrepreneurship in E-Retail along with other speakers like Kartik Taneja, MD, Verisign, Rohit Bansal, MD, Snapdeal and Kashyap Dalal, MD, Inkfruit. Stressing on reasons and advantage of e-tail over organized retail, Bansal said, “Currently India is the third largest Internet market after China and the US. Soon we will overtake US in Internet usage. At such a time, more than the tangible stores that require huge investments, it is e-retail that will grow rapidly.”
Throwing light on challenges before e-tail Kartik Taneja, MD, Verisign, said that it is the low bandwidth and low Internet infrastructure that are some of the challenges for e-retail. “Moreover, over 95 per cent of Indians prefer to communicate in their own language. Hence, there is a language barrier for Internet market as well,” added Taneja.