Thursday, Sep 28 2023 | Time 20:25 Hrs(IST)
image
Business Economy


E-commerce buying to see an uptick from Tier 2 & 3 cities; UPI to dominate digital payments: Instamojo e-commerce outlook 2021 report

Kolkata, Jan 07 (UNI) The year 2020 witnessed interesting business developments, with the pandemic changing the way businesses operate and interact with their end users.
In a country where more than 17% of the population is at an average age of 28 years, digital solutions and technology will define the year ahead. Instamojo, a full-stack solutions provider for MSMEs, conducted a study across its platform to understand the trends and developments in the e-commerce space.
As part of the study, the company launched a report on the e-commerce Outlook for 2021 which draws the experiences of more than a million small businesses across the country including Instamojo’s merchants like LegalWiz, Syrow, Profitbooks, and MSMEx.
The outlook for online businesses is looking sharp. Today’s digital entrepreneur is more aware than they have ever been and with the right kind of tools and support from the Govt. and private sector, India is set to record massive business growth. The Indian e-commerce outlook for 2021 is as follows:

1. New “tech-powered” entrepreneurs emerge from Tier II and Tier III cities –
· Entrepreneurs today understand the power of online presence and digital operations. There has been a 3X growth in unique businesses creating online stores
· Businesses will come prepared with lean and flexible models that operate in an online-offline mix. The focus will be on selling directly to the consumer in 2021.
· Patna, Guwahati, Imphal were some of the many cities that topped the charts.

Speaking on the findings of the report, Akash Gehani COO & Co-founder, Instamojo said, “Small businesses in India are today evolving themselves as per the consumer and industry requirements. They are hungry for growth and much more resilient than we could’ve imagined. Merchants have come to understand the diverse nature of consumers and that innovation is the key differentiator. In fact, at Instamojo, we on-boarded 200,000+ small businesses from tier II and tier III cities during the lockdown period and more than 70% of these entrepreneurs had no prior online presence. Small businesses owners are making necessary changes to their brands, to the way they operate, and also the way they deal with their customers online in order to survive in the growing e-commerce space.”

2. Upskilling becomes a priority for business in 2021
Digitization will make small business owners invest in digital skilling programs
· Across 2020, MojoVersity, Instamojo’s e-learning platform for entrepreneurs saw a 9x growth in enrollments and a 11x growth in the number of merchants getting digitally certified
· Raniganj, Ratnagiri, and Kondotty all tier III cities - among the top 10 cities in terms of traffic on mojoVersity
3. Businesses to become funding ready with Govt. initiatives and positive investor outlook
As more entrepreneurs emerge from smaller towns and cities in India, accelerators and incubators are also expanding their services into markets to help nurture the upcoming businesses. Industry reports indicate that 40% of investors will come from Tier II and Tier III cities.

4. Omnichannel automation to take priority
· Online invoicing and single platform automation becomes mandatory for businesses
· Online accounting, invoicing, and inventory management will emerge as the first preference for the new age entrepreneur.
5. Customer support becomes hyperpersonalised
· For Tier II and Tier III cities, localised customer support in regional languages and dialects will help businesses and brands to gain competitive edge.
· Customer support will be tech driven with automated ticketing, live chatbots, advanced CRM and omnichannel support
6. Instagram becomes a major branding and acquisition channel for businesses
As a large number of businesses went online in 2020, they also recognised the importance of a wide social media presence. The number of businesses updating their social media handles on their Instamojo online store went up an average of 30% Quarter over Quarter.

7. Buyer patterns 2021
· Buying to increase from Tier II and Tier III cities
· UPI will dominate the payments space. On Instamojo, there was a 135% year over year growth
· More affluent buyers will purchase from local businesses


UNI XC-AND
More News

Ninth World of Concrete India expo to be held in Mumbai from Oct 18

28 Sep 2023 | 7:35 PM

Mumbai, Sep 28 (UNI) The ninth edition of the World of Concrete India (WOCI) show, Asia's largest renewable energy expo, will be held from October 18 to 20 at the Bombay Exhibition Centre.

see more..

Dava India plans to expand across M'rashtra

28 Sep 2023 | 6:59 PM

Mumbai, Sep 28 (UNI) Dava India Generic Pharmacy has decided to spread its wings across Maharashtra with a specialised franchise model to provide affordable medicines to the masses while also generating employment and helping generate income across these villages.

see more..
ASLI Ageing Fest to unfold the blueprint to harness $1 tln investment potential

ASLI Ageing Fest to unfold the blueprint to harness $1 tln investment potential

28 Sep 2023 | 6:04 PM

New Delhi, Sep 28 (UNI) The Association of Senior Living India (ASLI) on Wednesday announced a landmark event that promises to revolutionise India's senior care industry, often referred to as the "Silver Economy."

see more..

Tata Steel Announces Winners of the 10th Annual Steel-a-thon Business Challenge

28 Sep 2023 | 5:53 PM

Kolkata, Sep 28 (UNI) Tata Steel has announced the winners of the 10th edition of its flagship annual business challenge, Steel-a-thon.

see more..

HMD Global Appoints Tanuj Patro as CFO for India & Asia Pacific markets

28 Sep 2023 | 5:48 PM

Kolkata, Sep 28 (UNI) HMD Global, the home of Nokia phones has announced the appointment of Tanuj Patro as its Chief Financial Officer (CFO) of the company.

see more..
image