My Experience at Shiprocket’s SHIVIR Event: Unveiling the Future of Indian eCommerce
Today, I recently had the privilege of attending the Shiprocket SHIVIR event in New Delhi, where I gained some fascinating insights into the future of Indian eCommerce. As an entrepreneur, I was excited to share these key takeaways with fellow entrepreneur, as they offer valuable information about the rapidly evolving landscape of online shopping in India.
Indian eCommerce Projection:
One of the most eye-opening revelations was the projected growth of the Indian eCommerce industry. According to Shiprocket’s report, the industry is set to soar from $75 billion in 2022 to an astounding $350 billion by 2030. In fact, there are indications that by 2034, it may even surpass the United States to become the second-largest eCommerce market in the world.
The Rise of Digital Payments:
The shift towards digital payments was another significant highlight. Shiprocket’s survey indicated that by 2026, cash transactions are expected to decrease by 34 per cent, while digital payments are anticipated to surge by a remarkable 88 per cent. This surge is primarily attributed to the increasing popularity of Unified Payments Interface (UPI), which has emerged as a preferred payment method for 57 per cent of consumers.
Logistics and Supply Chain Challenges:
Efficient logistics remains a major challenge in the eCommerce sector, as agreed by 38 per cent of the brands surveyed. Timely delivery plays a crucial role in determining the efficiency of the entire system. This has led to a rising demand for suitable eCommerce enablers that can strengthen supply chains, enhance logistics efficiency, and ensure secure payment ecosystems. Shiprocket has emerged as one of the top three enablers in this space, as recognized by the brands surveyed.
Direct-to-Consumer (D2C) Market Potential:
The report shed light on the significant potential of the Indian D2C market, which is expected to experience a substantial growth spurt. Projections indicate that it may increase fivefold, from $12 billion in 2022 to an impressive $60 billion by 2027, with a growth rate of around 40 per cent.
The Game-Changing ONDC:
Another intriguing aspect discussed at the event was the Open Network for Digital Commerce (ONDC), which has the potential to be a game-changer in the Indian eCommerce market. Once it achieves a certain level of scale, it could trigger a price war among eCommerce players, opening up new possibilities for consumers and businesses alike.
Consumer Behavior and Preferences:
Shiprocket’s survey also delved into consumer behavior and preferences in the Indian eCommerce landscape. It revealed that 76 per cent of Indian consumers prefer to prepay for their online orders, resorting to cash-on-delivery (COD) only when uncertain. Brands can potentially convert a significant 88 per cent of consumers to prepay by offering attractive discounts. Among the prepay options, UPI emerged as the most favored choice for 57 per cent of consumers, followed closely by credit cards at 31 per cent.
Source: https://www.shiprocket.in/shivir-report/
Categories and International Expansion:
Fashion and accessories emerged as the top category preferred by online shoppers (48 per cent), followed by electronics (32 per cent), and grocery (30 per cent). Surprisingly, the survey also revealed that 72 per cent of Indian brands do not sell internationally, despite a keen interest from both Indian and international consumers in purchasing Indian products abroad. This presents significant opportunities for expansion.
Sustainability and Environmental Consciousness:
An encouraging finding was that a considerable percentage of consumers and brands prioritize sustainability and environmental consciousness in their business practices, reflecting the growing awareness and responsibility towards the planet.
The Promising Future:
In conclusion, the Shiprocket SHIVIR event provided a wealth of information about the promising future of Indian eCommerce. With the projected growth, rise of digital payments, and potential opportunities for businesses, it’s an exciting time to be part of this dynamic industry. As a blogger attending the event, I couldn’t wait to share these insights with my readers, and I hope this blog post gives you a glimpse of the future that awaits the Indian eCommerce ecosystem.
Report Source: https://www.shiprocket.in/shivir-report/
Event: https://shivir.shiprocket.in/