e-commerce In India Rides The Tide

With more smaller cities coming to the party with rising penetration of the internet, the Indian e-commerce market is staring at the prospects of a phenomenal growth.

According to a study conducted by Internet and Mobile Association of India (IAMAI), online transactions are projected to jump 300% from Rs 570 crore in 2004-05 to Rs 2,300 crore by 2006-07.The estimated market size of the Indian online recruitment industry has already touched 6.5 million in 2005-06 recording a rise of 71 % over last year.

The second wave of internet, which is expected to throw up a whole new range of business opportunities, will also open up fresh avenues for organizations.

A recent survey ‘India Online 2006’ by online research and advisory firm JuxtConsult has shown that the number of Indians shopping online has grown 42% over the last year. Books, electronics goods, clothes and gifts are some of the products high on the net-consumers’ basket with credit card and cash-on-delivery being the biggest mode of payments with 38% and 32% online shoppers using them for payments.