E – commerce in India has taken the form of a revolution. It started with a handful of players and the regular everyday house hold customer having apprehension and reservations about the online system of payment and delivery but currently it is going hard with over 10 million total online customers and more being added on a daily basis. Credibility came slowly to the operators but as they gained repute in terms of variety and service, the game picked up with a lot of players joining in. Companies across the technology landscape with their innovative business models, technological superiority and quality of human resources have managed to ride the wave of economic growth whilst being resilient in the face of economic downturns.
One such ecommerce website that is making waves in the online recharge space is Rechargeitnow.com. It is one of the fastest growing comapnies in the web space and it is recognized by firms like Deloitte and Nasscom. It is ranked among the top 5 in Asia Pacific (only Indian company in the top 10) centric report by Deloitte and also bagged the Nasscom emerge out conclave award in 2012. It recently crossed the milestone registering 60% of the total online shopping population while growing over 5227% in three years. I am sure the investors are happy and the company is running free of any pressure of meeting a quarterly revenue standards.
There are other websites like Paytm.com and Freecharge.in (the top 10 Indian list is here). These portals are the testimony that mobile commerce and ecommerce is going places in India. Garnering funding is not a big deal for any new company operating in the space with a credible team and technology USP. E-commerce companies like Homeshop18 are experimenting with mobile commerce by creating virtual shopping spaces at public locations.
If we were to break down the reasons why this change occurred over the last three to four years, the answer will be the smartphones boom plus greater internet speeds (3G). There is an app for every company/business that exists on the internet and has any kind of transaction happening. An international forecast predicts the total balloon of online markets to go upto $31 billion by 2016. For now, startups like Rechargeitnow.com and Paytm.com are going great with respect to returns and value addition. Technology in this domain has really changed the lives of everyone associated with the business.