After bagging the tag of the fastest growing major economy, India has once again beaten China this time to emerge as the fastest growing online retail market. India now tops the top global economies in e-commerce growth rates.
As per a report in the Times of India, dated 29th November 2018, India grew at a CAGR of 53% compared to China’s CAGR of 33%. The report was released by the leading global consulting firm, Bain& Company. While China’s base was significantly larger due to the first mover advantage, India’s achievement is no less significant.
The rapid growth has been driven by e-commerce marketplaces, advances in delivery infrastructure and increased smartphone penetration and data usage.
Acute need for E-commerce education:
As the E-commerce era dawns over India, there will be an acute need of professionals with ecommerce knowledge at all levels of seniority. E-commerce is projected to create over a million new jobs by 2021 as per a recent article published by the Economic Times. There is an urgent need for training students, entrepreneurs and executives to fill up these positions.
Situation at existing colleges:
Existing graduate and management colleges have not yet started to offer E-commerce training to students or working professionals. This gap is largely filled by private institutions like the Institute for Global E-commerce (GEC) which offer the Global E-commerce Professional (GEP) and Global E-commerce Marketing Specialist (GEMS) programs.
What will drive future growth:
The unabated growth of smartphones and access to internet at highly economical rates will be a major factor driving the growth. The massive advertisement budgets of e-commerce marketplaces will fuel the customer shift. As more Indians become comfortable with buying online, the day is not far when e-commerce becomes the flagship channel of retail in India.
Contributed by the news team at Institute For Global E-commerce. For further details please visit www.gecentres.org