The staggering size of the industry corroborates optimistic scenario for the industry in the days to come. According to latest statistics available, globally, the industry is worth about $700 billion. Indian e-commerce market is sitting pretty well at $10.3 billion. Fuelled by the demand, the domain is soaring at a striking rate of about 35% to 40%.
There are a plethora of web portals or websites catering to a wide array of requirements of people from almost all the segments of society, ranging from a jeans loving teenager to a book loving professor and sports loving college guy to a fashion aficionado girl. Having shared that I would like to categorically admit, there are challenges too to fuel the growth and capitalize on the augmenting net users. Here I am sharing some of the challenges the e-commerce domain is encountering:
The way forward
Considering industry size many new players are lured to enter the domain. Foraying into the domain may not augur well for some small and novice enterprises as not all have the capability to survive in the long run. Here comes the significance of pre-commerce. If you are planning to venture into e-commerce, follow the ‘PIME’ strategy:
Leveraging state-of-the-art digital technology
Keeping abreast with the latest e-commerce technology will solve many of your woes. How to do that? When your business is thriving, you want to move further ahead to sustain your strategic objectives. Leveraging state-of-the-art technology, you can accomplish your goals. Forge an alliance with the industry leader to keep pace with the market dynamics. Employ the simple, feasible, reliable and affordable technology. Don’t hesitate in investing on technology front reason being it’s the technology, which influences decision making process of the prospective customer.
So, what are you waiting for, streamline your technology as per market dynamics and be a leader but a follower.
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