Retailers Are The Biggest Competition For Ecomm: Prabhkiran Singh, Bewakoof.com
The sharp growth of the ecommerce and D2C market in the last few years has provided immense opportunities for companies to build their brand and expand their customer base. Ecommerce was instrumental in enduring the difficulties of the COVID-19 pandemic and will stay vital in the new normal.
Speaking at BW Golden Cart Awards 2021, Founder and Chief Executive Officer of Bewakoof.com, Prabhkiran Singh, said, "The present world is not going to be just about ecommerce marketplaces or about D2C entirely. There will be new emerging business models that will come out, amid the disruptions caused by COVID-19."
According to the study, Indian consumers are increasingly adopting new technologies to buy products online. According to a report published by IAMAI and Kantar Research, Indian internet users are expected to reach 900 million by 2025 from 622 million internet users in 2020, increasing at a CAGR of 45 per cent until 2025.
However, Singh notices that Indian ecommerce online penetration has not exceeded 10 per cent. "Now all the ecommerce industry understands that consumers are still going offline and buying from the retail. The biggest competition for ecommerce companies is not among themselves but the retailers," he asserts.
Ecommerce and Direct-to-consumer (DTC) companies are of course ruling the Indian marketplace. However, according to the experts, the emergence of new trends is likely to swell competition in this sector.
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