The Growth of Online Shopping

THE GROWTH OF ONLINE obtain MENTORED BY- MR SUHAIL ANWAR NIFT, NEW DELHI CREDITS- VAISHALI RAI SEMESTER III BACHELOR OF FASHION engineering science NIFT, NEW DELHI 2011-2015 DATE- 21 AUGUST, 2012 CERTIFICATE This is to certify that this promulgate titled THE GROWTH OF ONLINE SHOPPING is based on my, original research work, conducted under the guidance of Mr. Suhail Anwar towards uncomplete fulfillment of the requirement for award of the Bachelor crease of instruction Technology, of the National Institute of Fashion Technology, mod Delhi Center. tinge of Researcher Vaishali Rai BFT-III NIFT, New Delhi Signature of Mentor Mr. Suhail Anwar NIFT, New Delhi ACKNOWLEDGEMENTS Any accomplishment requires the effort of many heap and on that point are no exceptions. The answer for beingness submitted today is a result of collective effort. Although the repositiony has been solely prepared by me with the purpose of fulfilling the requirements of the descent of BF-Tech (Bachelor of Fashion Technology), there are many fortune hands roll in the hay it who have guided me on my way. My sincere gratitude goes to Mr.Suhail Anwar, my mentor for the project, for providing me with his valuable knowledge and guidelines so as to bring divulge this report in a proper manner. I would like to stockpile my gratitude towards my parents for their kind co-operation and encouragement which armed serviceed me in completion of this report. Lastly, I would like to say that this report has been prepared by me and any mistake/error in the report is solely my responsibility. Vaishali Rai BFT-III NIFT, New Delhi CONTENTS 1. INTRODUCTION 2. authoritative ONLINE SHOPPING SCENARIO . EXISTING TRENDS IN ONLINE SHOPPING- GLOBAL AND INDIA 4. WHAT THE FURURE HAS IN STORE 5. REFRENCES INTRODUCTION When it comes to todays Gen Z, simply the internet generation (and the most lazy gen of solely), close everything right from food to things in our bedroom is somewhere or the other the re sult of the tech pinch and internet friendly behavior of ours. A frump and we have the dominoes pizza sizzling angry on our doorstep, a click and we have the current gadget in our hands what else do we hold?Dads credit card of course but that is not a problem at all. Its like a new curl has started, the CLICK has g atomic number 53 WILD and online obtain delirious A report by Forrester, a star(p) research agency indicates that online shop has recently seen an rushing in its realm owing to easy regain to Internet, the world(prenominal) IT boom which has facilitated an exemplary growth of all IT related infrastructure, and the ridiculously busy schedules which leave us too drained to take the trouble of capricious to a store to buy what we need.While its silent nice to stop by a store to touch and see products, the convenience of online shopping trickt be beat. To be precise there are quite a few reasons behind this upsurge, which are menti whizd below- * The e-tailing sites have been pumped with cash for expansion, and theres now a frantic melt afoot to try and scale up as quickly as possible. * The reasons for this surprising consumerism are too attributed to several socio-economic reasons including high disposable incomes and greater focusing on status and reflection of the private tag of all consumer goods. Increase in number of people using internet and their emergence belief in it payable to consumer friendly security gateways etc. * The ultramodern infrastructure and the ease of technology offered is also one of the biggest reasons for the growth of this trend. Of course, India, home to people who are spacious fans of sales, discounts, etc has the gaining popularity of the coupon sites sharing the task of popularizing the growth of online shopping trend in the country. CURRENT ONLINE SHOPPING SCENARIO- grocery store AND THE CONSUMERSThe biggest hindrances to online shopping in the past were the high incidence of identity theft, l ack of consumer-friendly site interface, and the dot-com bust. solely despite these drawbacks, with the help of computer programmers improved software program and adjoind security, investors and businesses rebuilt and redefined online securities industrying. Today, online stores are in the millions, with shops catering to two businesses and direct consumers. * Currently Europe is the largest market for online shoppers in the world. And when it comes to nations, US and UK top the charts. Wherein when its the hurrying ontogenesis regions of online shopping, the APAC region is gaining high popularity, both in equipment casualty of market and the consumers. Recently, it was reported that Asians, particularly Indians and Chinese, are changing their way of shopping and are going online. there are more High Net Worth consumers inside China than the whole of Europe put together. japan leads the global mobile shopping sector due to the existing infrastructure for fast and innovative livery of technology customized for personal consumption.When the rest of the world showed consumers press cutting back on spending, some of the countries of the APAC region, such as India, China and Vietnam, showed a surprising alternate in sales values to the tune of 15 part in comparison to the rest of the world. India alone saying the growth of 18 percentage in its online shopping sector. EXISTING TRENDS IN ONLINE SHOPPING- GLOBAL AND INDIA In the global markets, the move is towards online portals, while in the Asia- Pacific regions, curiously India, there is an equal mix of traditional or wet markets for fresh produce, followed by the online format for life style products, clothing and electronic goods.Trends in Global Online shop * 92 percent of Consumers use websites to compare prices * 76 percent of Consumers use websites to access and print coupons * 75 percent of Consumers purchase at least 1 products or services per month via the Internet * 26 percent of Consumer s spend at least $ergocalciferol per month buying goods/services via the Internet Trends in Indian Online Shopping * In the next one yr, at least eight out of ten-spot Indian consumers go away make online purchases At present, a little more than a quarter users show that they spend 11% of their monthly shopping cost on procurements online. * 71 percent Indians trust recommendations from family when fashioning an online purchase decision. Recommendations from friends stand at 64 percent and online product reviews at 29 percent. * Almost 50% Indian consumers use and trust social media sites to help them make online purchase decisions * In the next 6 months or so, most buyers allow purchase books (41%), airline tickets (40%), and electronic equipment such as TV, Cameras (36%) online. The trend detect is that while shopping, most buyers ideally shop from websites that permit them to select products from many different stores. WHAT THE FUTURE HAS IN STORE Global business-to-cons umer e-commerce sales will good-by the 1 trillion euro ($1. 25 trillion) mark by 2013, and the total number of Internet users will increase to approximately 3. 5 one thousand million from around 2. 2 billion at the end of 2011, according to a new report by the Interactive Media in Retail Group (IMRG), a U. K. online retail calling organization.The study estimates that business-to-consumer e-commerce sales in 2011 increased to 690 billion Euros ($961 billion), an increase of close to 20% from a year earlier. IMRG estimates that growth rates in countries like US and UK (currently the market fiends) will be approximately 10-15% a year. But with Chinas e-commerce sales growing more than 130% in 2011, it is only a matter of time before the Asian giant becomes the single largest market in the world. IMRG, is forecasting that France, Italy, Spain, Russia, misfire and Poland will be the fastest-growing markets in Europe.It also anticipates real growth in Latin America, led by Brazil a nd Mexico, and the Middle East, led by Israel and the UAE. Online retail in India is on fire and will be on it in the near time to come. India to be the fastest growing E-Commerce Market in Asia-Pacific region and its online market is set to grow to $8. 8 Billion by 2016. According to the latest research by Forrester, a leading global research and advisory firm, the e-commerce market in India is set to grow the fastest at bottom theAsia-Pacific Region at a CAGR of over 57% between the years 2012-16. As per the report, while mingled annual growth rates in the get along e-commerce markets of Japan, South Korea, and Australia will run 11% to 12% over the next five years, in the cursorily growing markets of China and India, these growth rates will be 25% and 57%, respectively. This report brings out the fact there has been a stable rise in the sector of online shopping and this rise will continue to take place in the future also.The trend of online shopping is here to stay. REFRENCES http//www. businessreviewindia. in/ selling/web/online-shopping-trends-in-india (Visited on 12 August, 2012) http//www. bigcommercereviewsite. com/online-shopping-statistics-is-your-offline-business-suffering/ (Visited on 12 August, 2012) http//EzineArticles. com (Visited on 17 August, 2012) http//www. asiaonlinemarketing. com/online-potential-in-asia-pacific/ (Visited on 17 August, 2012) http//www. retailresearch. org/onlineretailing. php (Visited on 16 August, 2012)