The Growth of Online Shopping

THE GROWTH OF ONLINE shop MENTORED BY- MR SUHAIL ANWAR NIFT, virgin DELHI CREDITS- VAISHALI RAI SEMESTER III BACHELOR OF FASHION applied science NIFT, NEW DELHI 2011-2015 DATE- 21 AUGUST, 2012 CERTIFICATE This is to endorse that this Report tit direct THE GROWTH OF ONLINE obtain is based on my, original interrogation work, conducted under the guidance of Mr. Suhail Anwar towards partial fulfillment of the requirement for award of the Bachelor computer program Technology, of the National Institute of Fashion Technology, recent Delhi Center. trace of Researcher Vaishali Rai BFT-III NIFT, im vaned Delhi Signature of Mentor Mr. Suhail Anwar NIFT, New Delhi ACKNOWLEDGEMENTS Any consummation requires the effort of many hoi polloi and thither ar no exceptions. The report world submitted today is a result of incarnate effort. Although the report has been solely on the watch by me with the purpose of fulfilling the requirements of the course of BF-Tech (Bachelor of Fashion Te chnology), on that point are many answering pass on behind 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 companionship and guidelines so as to bring come go forth of the closet this report in a square-toed manner. I would wish well to express my gratitude towards my parents for their kindhearted co-operation and encouragement which helped me in completion of this report. Lastly, I would like to say that this report has been prepared by me and any mis lock/ delusion in the report is solely my responsibility. Vaishali Rai BFT-III NIFT, New Delhi CONTENTS 1. INTRODUCTION 2. CURRENT ONLINE SHOPPING SCENARIO . actual TRENDS IN ONLINE SHOPPING- GLOBAL AND INDIA 4. WHAT THE FURURE HAS IN STORE 5. REFRENCES INTRODUCTION When it comes to todays Gen Z, apparently the network generation (and the most(prenominal) lazy gen of altogether), almost everything right from nourishment to things in our bedroom is somewhere or the other the result of the tech cover and internet friendly behavior of ours. A click and we have the dominoes pizza sizzling hot on our doorstep, a click and we have the a la mode(p) thingamajig in our hands what else do we leave?Dads credit calling card of course but that is not a problem at all. Its like a new impetus has started, the dog has gone WILD and online obtain unsub receivab take A report by For naper, a star research agency indicates that online obtain has recently seen an upsurge in its body politic owing to easy ingress to Internet, the globose IT boom which has facilitated an exemplary growth of all IT related infrastructure, and the ridiculously busy schedules which go forth us too drained to take the trouble of driving to a monetary fund to buy what we need.While its still straightlaced to stop by a butt in to touch and see products, the convenience of online shop cant be beat. To be precise in that location are sooner a few reasons behind this upsurge, which are mentioned below- * The e-tailing situates have been pumped with cash for expansion, and theres now a sore race afoot to try and overcome up as quickly as possible. * The reasons for this surprising consumerism are as well as attributed to several(prenominal) socio-economic reasons including loftyer(prenominal) disposable incomes and greater focalise on status and reflection of the privy label of all consumer goods. Increase in result of people using internet and their ontogeny belief in it referable to consumer friendly security gateways etc. * The ripe infrastructure and the ease of technology offered is also one of the biggest reasons for the growth of this edit out. Of course, India, home to people who are huge fans of sales, discounts, etc has the gaining popularity of the coupon sites overlap the task of popularizing the growth of online shopping trend in the country. CURRENT ONLINE SHOPPING SCENARIO- mart AND T HE CONSUMERSThe biggest hindrances to online shopping in the past were the high incidence of identity theft, lack of consumer-friendly site interface, and the dot-com bust. tho when despite these drawbacks, with the help of computer programmers improved software and change magnitude security, investors and businesses rebuilt and redefined online tradeing. Today, online stores are in the millions, with shops catering to both(prenominal) businesses and direct consumers. * Currently Europe is the largest commercialize place for online shoppers in the world. And when it comes to nations, US and UK top the charts. Wherein when its the swift growing roles of online shopping, the APAC region is gaining high popularity, both in terms of trade and the consumers. Recently, it was reported that Asians, particularly Indians and Chinese, are changing their way of shopping and are termination online. There are more spicy Net Worth consumers within china than the veridical of Europ e put together. Japan leads the world-wide mobile shopping sector due to the existing infrastructure for fast and advanced(a) delivery of technology customized for personal consumption.When the residuum of the world showed consumers cutting back on spending, some of the countries of the APAC region, such as India, china and Vietnam, showed a surprising rise in sales values to the tune of 15 percent in comparison to the rest of the world. India alone saw the growth of 18 percent in its online shopping sector. EXISTING TRENDS IN ONLINE SHOPPING- GLOBAL AND INDIA In the international markets, the move is towards online portals, while in the Asia- peaceful regions, especially India, there is an equal salmagundi of traditional or wet markets for honeyed produce, followed by the online format for lifestyle products, fit out and electronic goods.Trends in Global Online obtain * 92 percent of Consumers utilization websites to comparing prices * 76 percent of Consumers use websit es to access and print coupons * 75 percent of Consumers acquire at to the lowest degree 1 products or function per month via the Internet * 26 percent of Consumers spend at least $500 per month buying goods/services via the Internet Trends in Indian Online shop * In the next one year, at least eight out of go Indian consumers forget take hold online gets At present, a little more than a quarter users reveal that they spend 11% of their monthly shopping expenditure 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 give purchase books (41%), airline tickets (40%), and electronic equipment such as TV, Cameras (36%) online. The trend observed is that while shopping, mo st buyers ideally shop from websites that allow them to choose products from many different stores. WHAT THE FUTURE HAS IN STORE Global business-to-consumer e-commerce sales volition pass the 1 trillion euro ($1. 25 trillion) mark by 2013, and the total number of Internet users will increase to almost 3. 5 one thousand million from around 2. 2 billion at the end of 2011, gibe to a new report by the Interactive Media in Retail assort (IMRG), a U. K. online retail trade organization.The theater 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 giants) 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 in advance the Asian giant becomes the single largest market in the world. IMRG, is forecasting that France, Ital y, Spain, Russia, Turkey and Poland will be the winged-growing markets in Europe.It also anticipates substantial growth in Latin America, led by Brazil and 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 future. 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 within theAsia-Pacific Region at a CAGR of over 57% between the geezerhood 2012-16. As per the report, while compound annual growth rates in the mature e-commerce markets of Japan, South Korea, and Australia will run 11% to 12% over the next fin years, in the rapidly 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 still rise in t he 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/ merchandise/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)