[31/01/17] Our Q3 2016 industry report on Indian E-Commerce trends is now live! View the full report here.
[25/10/16] Our Q2 2016 industry report on Google Shopping trends is now live! View the full report here.
India is a massive E-Commerce marketplace now with every age group comfortably transacting online – more often preferring shopping online instead of visiting offline stores for a bigger gamut of choices and offers. The West shops online 10X more than India, but then India has the world’s 2nd largest number of smartphones and growing!
E-Commerce industry is growing at an astounding rate in India and is expected to account for 1.61% of the global GDP by 2018. The Asia-Pacific region is currently the largest E-Commerce market in the world, surpassing Europe. While China continues to lead the race, the Indian E-Commerce Industry isn’t far behind. According to a report by Forrester, India is set to become the fastest growing market in the Asia-Pacific region with an expected growth rate of over 57% between 2012-2016.
To better understand the Indian market, we at Sokrati put our mining caps on and started digging data from across 100+ retailer clients, through 1.4+ million purchases, from over 2+ million transactions. A first of its kind in India, this study is unique in its findings about the booming Indian E-Commerce industry. Online marketers of every size are benefiting from these findings, with the stats adding up to assist their online success stories.
The aim of this report was to bring an exhaustive set of data-driven insights to the online marketers and advertisers of the country, including the much-coveted customer’s perspective.
The Report for Q1 2016 uncovers:
1. Men in India shop 3X more than women!
Surprised? While women continue to dominate the in-store markets, men with disposable incomes have taken it upon themselves to play the larger role in online shopping.
2. Cash-On-Delivery (COD) remains the most preferred online payment method.
We Indians love the Cash-On-Delivery option; it gives us more control over online transactions since we don’t have to pay until the product is at our doorstep. COD option during checkout has also been proven to boost impulse purchases.
3. 60% of online purchases happen during business hours. (9AM – 5PM)
This proven trend is a myth-buster, that shows how integral a part online shopping has become in our day-to-day lives. Marketers can use this fact to schedule their promotions across advertising channels accordingly.
Apart than these current trends, a section in our report is devoted to Insights on the best practices to use these trends, with expert tips. For instance, now that we know of Indian men shopping more frequently than their fairer counterparts, retailers are recommended to tailor two different messaging strategies for the two separate genders. Our research shows Click Through Rates (CTR) are higher for men when Ads have darker backgrounds with price-oriented messaging, among other amazingly relevant insights on our report. Marketers can readily use these suggestions to develop a deeper understanding of the industry and promote their businesses better.
The published report has garnered recognition and praise by renowned media houses including The Economic Times, MediaNama, NextBigWhat and Inc42. With feedback from our valued clients, we have decided to make this a quarterly research, with the Q2 2016 edition coming up soon. Until then, here is the Q1 version in all its glory, and a quick visual version below. We hope these serve you well!
Industry report Infographic
We would love to hear back from you. If you have any queries related to this Industry report, feel free to start a discussion in the comment section!