🛒In 2004, I made a presentation titled eCommerce reality and myths in India. It was interesting to compare how many of the points that I covered then have remained or changed in the last two decades. One thing is unmistakable and that is the scale, which has now grown to a level unimaginable then. In this post, let me use the data points from 2004 and 2022 to discuss how online shopping & digital payments have changed & remained the same in the two decades.
🛤️In 2004, IRCTC (Indian Railways ) sold 100,000 tickets per day, today they do more than 500,000 (half a million). In 2021, Swiggy delivered 🚚1.5 million orders a day, during #newyear2022 day alone they took 9049 orders per minute.
🛍️In 2004, eBay bought Baazee, the leader in e-commerce in India then. A decade later eBay India retail doesn’t exist. Flipkart was started in 2007 and Amazon India only in 2012, first as Junglee.
📹In 2004, users didn’t prefer videos, due to the slow connectivity, today there is an entire category of e-commerce that is video only, like Bulbul and Simsim.
💰In 2001, the eCommerce business worldwide was US$600 billion, today it is over US$13 trillion. In 2022, the eCommerce market in India is expected to be $74.8 billion.
💳In 2004 the big concern was the cost of Cash On Delivery (CoD) & the low penetration of Credit Cards in India. In March 2022 UPI (digital payments infrastructure) handled over 5 billion transactions per month and in a year a value of US$535 billion.
I wonder how the shopping world, would change in the next two decades. Will we all be buying in the metaverse? Or will it be only online shopping? Will all the remaining physical stores be turned into experience centres? Share your thoughts in the comments below.
#onlineshopping #ecommerce #digitalpayments #videocommerce #onlinefashion