03 Dec 2021
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E-commerce: The Next Frontier
Author: Ishan Goenka
By: Diamond World News Service
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Oct 11 2013 12:49PM
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Reference: 8363  

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E-commerce is one of the biggest and the most rapidly growing industries in the world; and a practically unavoidable part of our day to day lives. It is estimated that over 16 million gigabytes of new data is generated every day and this will grow by 800% during the next 5 years. The demand for luxury products online is also growing quickly as reports mention that the rich are all online and are gladly making online purchases.

Change is a continuous process; these changes are largely due to the speedy growth of E-commerce. The unpredictability in customer behavior seen during the past few years as customers reduced spending and only recently are back shopping will seem inconsiderable in the long-run by the swift changes caused due to the rise of E-commerce.

As per Forrester Research online shoppers are on an average wealthier, more educated and have an affinity to shop more often than the general U.S. customer. The report states online purchases of jewellery as a steadily increasing category, accounting for $6.1 billion in sales in the U.S. According to 2012 US B2C E-Commerce Report, online sales of jewellery and watches are the 3rd fastest growing category in the U.S. suggesting that the U.S. shoppers are now comfortable buying even expensive items online which they don’t get to see physically.

In India, currently less than 1% of the total jewellery sales are made online, but the opportunity is big. With better pricing, larger product varieties, 3rd party certifications, easy payment options (EMI), try at home services and liberal returns policies the customer is gaining trust and confidence in the online channel which will result in increased customer traffic and sales. Also, China with the World’s largest online population with over 591 million internet users and over $210 billion in E-commerce sales in 2012 is growing rapidly. With a 40% internet penetration the market has shown a CAGR of 120% from 2003 – 2012.

E-commerce is a vital and complementary distribution channel and it is important that jewellery retailers make note of the shifting consumer buying trend and focus efforts towards maximizing the opportunity on hand.

Author: Ishan Goenka

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