India’s e-commerce market is set to hit US$84 billion in 2021 and $200 billion by 2026, up from just US$24 billion in 2017, making it the fastest market for the e-commerce sector in the world today. The country’s online retail market witnessed a compound annual growth rate of 53 percent between 2013 and 2017, according to a recent report by consultancy firm Bain & Company, and the market shows no sign of slowing down in the near future: in fact, studies have indicated that another $50 billion of online e-commerce could be unlocked by simply opening the internet up to new users.
Facilitated mostly by rapid internet and smartphone penetration, together with increased sales of electronics in the country, it is perhaps one of the most inspiring stories of how the expansion of internet access can transform developing countries. The internet’s user base in India is expected to reach 829 million by 2021, which is brilliant for a country which, according to the World Bank, in 2007 had just 70 percent of its population connected to electricity, and which increased this figure to 93 percent by 2017. As of July 2018, India’s internet user base is about 475 million, around 40 percent of the population. Digital India – a campaign launched by India’s Government to ensure the Government’s services were made available to citizens electronically by improved digital infrastructure and by increasing Internet connectivity – can certainly be held accountable for the radical transformation of the country’s highly-evolved digital landscape in recent years. But so too can the many companies and individuals contributing to the foundation of India’s ecommerce retail model, such as technology, logistical solutions, logistics infrastructure and other e-commerce enablers.
India’s richest man, industrialist and nationwide telecom network owner Mukesh Ambani is one man whose efforts to date have almost single handedly revolutionised the Indian internet. His telecom national 4G network – Reliance Jio – which is among Asia’s cheapest data providers, set off a ‘cheap internet tsunami’ a few years’ back when it opened India’s 1.3 billion person market up to tech retail giants including Amazon. It was a startlingly simple yet effective move – making the internet cheap and available to the masses – but with one venture Ambani has upended the social and economic landscape of the country.
Co-founder and managing director of Nexus Venture Partners, Suvir Sujan, says the foundation of the ecommerce retail model is technology and logistical solutions, and logistics infrastructure needs to be properly established to enable further growth in this sector. His venture capital has invested heavily in ecommerce enablers in recent years, including Delhivery and Unicommerce, and already he has reaped the benefits multiple times over, as well as experienced firsthand the wider societal benefits.
Tech entrepreneur and founder of WebRee Ventures Yash Chaudhary is one such example of an innovator who recognised early on the direction India’s e-commerce sector was heading. Together with co-founders Parth Wadwa and Kartikey Mishra, Yash setup the Uttar Pradesh-based company to leverage the incredible market growth being seen countrywide. Working with a small but talented team, Yash’s company works with national and international clients delivering services including Digital Marketing, Branding, SMM, Consultancy, WebDesign, Web Advertising and of course E-commerce. The team focuses on the four core types of e-commerce: Business to Business (B2B), Business to Customer (B2C), Customer to Customer (C2C), and Customer to Business (C2B).
“We develop innovative and lasting business models that use technology to address fundamental problems. Webree Ventures was born when we realized the success of our Webree Marketing model, and that the market is expanding fast enough to facilitate the rise of more e-comm giants,” Yash said.
“E-com has changed the way we shop. It has created many millionaires and billionaires within our country,” Yash said. “WebRee E-com from the past 10 years is making bigger and bigger achievements every year. We ensure that clients’ products are getting a proper response and are sold in each online store successfully through our marketing strategy.”
Yash also speaks about how his company has worked to merge real life changes with affiliate marketing. “It’s not that marketing exists in a bubble—it doesn’t. We address advertising through what real people are doing in real time. We work on current cultural dynamics while using digital technology to expand how branding operates.”