E-commerce has seen shape shifting advancements in payments technology, computing and mobility. As far as the world’s technological landscape is concerned, 2017 has been an incredible year. Now, as once seemingly distant science fiction terms like Artificial Intelligence and Virtual Reality take the podium, we have a lot to look forward to. More so because, a recent report by Morgan Stanley projected that by the year 2020, India will have almost 320 million online shoppers. That’s 6.4 times more than the estimated 50 million shoppers we had back in 2015. E-commerce is the clearly future of retail.
2017 has undoubtedly been the year of wallets and payments. Come 2018 this trend will likely grow as more and more Indians adopt digital and cashless payments. While there may not be as steep a rise in wallet usage as there was in 2017, it will surely become the payment mode of choice for a lot more users. Gone are the days when the Indian e-commerce market was limited to electronics, tech and gadgets. The growth of companies from niche categories like fashion, food and groceries has reached an unseen high. Niche sites such as Nykaa, BigBasket etc. have proved that grabbing a sizeable chunk of one specific market can work better than trying to eat the whole pie. As 2018 rolls in, new entrepreneurs will create, capture and dominate more such categories.