In recent years, India has witnessed massive growth in terms of technology adoption across the country. According to the Indian Startup Ecosystem, India has the third largest startups ecosystem in the world, with projected year on year growth of 12 to 15 percent per year.
Startups
In 2018, India had more than 50,000 startups, of which between 8,900 and 9,300 were technology-based. In 2019 alone, 1,300 new tech companies were established, which indicates that 2-3 new tech companies are founded every day.
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This adoption has enabled the growth of various sectors making it accessible to both service providers and consumers. Post-pandemic, one such sector is e-commerce, which has seen massive growth both in terms of the number of consumers and profits, and all of this has been possible only thanks to the adoption of technology and digital transformation during the pandemic. pandemic, especially during lockdown.
We have witnessed several large companies reach new heights and several small e-commerce businesses are started and established among consumers and in the market. The industry as a whole is being transformed by emerging technologies and tech startups. They are influencing the way modern consumers interact with brands. These developments provide online store entrepreneurs with new business prospects and accelerate the growth of the industry.
Market predictions
The e-commerce market in India is projected to grow to $188 billion by 2025, up from $46.2 billion in 2020, according to a report by IBEF. It is estimated to reach (US) $-350 billion by 2030. Increased use of the internet and smartphones has driven most of the industry’s expansion. Due to the ‘Digital India’ campaign, the number of Internet connections expanded dramatically to 830 million in 2021.
Digital payments, hyper-local logistics, analytics-driven consumer experience and digital marketing, all enabled by advanced technology, will no doubt help further expansion of the sector.
Indian tech startups have grown to have skilled and experienced staff to develop, build and deliver technologies. These include mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange EDI, inventory management systems, automated data collection and many more services. They build and hone their workforce and skills in line with market trends and demands.
A number of new platforms have emerged to aid in the expansion of how tech startups are helping small e-commerce businesses in India. Many software-as-a-service SaaS-based technology startups offer automation, orchestration, and management of many types of operations essential to small e-commerce businesses, such as inventory platforms to manage inventory and financial services platforms to manage accounts and ledgers. accounting
Growth of e-commerce business in India
Today, India is a hub for nearly 2,027 logistics technology startups. Small e-commerce businesses can now offer all-India shipping with a transactional cost model, as well as supply chain services, tracking systems, subscription-based policies, and other features that make businesses sustainable from the point of view of business. from cost and performance point of view.
After demonetization and increasing digital adoption in the finance and banking sector, India today has about 6,636 FinTech startups, making it one of the fastest growing Fintech markets in the world. Payments, Lending, WealthTech, Personal Finance Management, Insurance Tech InsurTech, Regulatory Tech RegTech, and other sub-segments make up the Indian Fintech business ecosystem.
New innovations happening every day are impacting the entire industry in general. Many startups are reaching out with market research on the latest technology adoptions and new services that will help small eCommerce businesses grow, such as assistive technology, chatbots, automated campaign management, personalized user experience, artificial intelligence and many more.
The introduction of these modern technologies and the rise of new companies that create and offer them has strengthened the roots of e-commerce companies in the digital age. Regardless of how far we advance, technology will always play an important role in e-commerce.