NASSCOM predicts India's e-commerce industry to grow at 5% per year, Parliament informed

Throwing light to the growth of e-commerce in the Nation, the Union Minister of State for Consumer Affairs, Food and Public Distribution, Ashwini Kumar Choubey on Tuesday informed that as per the National Association of Software & Services Companies (NASSCOM), India's e-commerce business advances to grow at the rate of 5% with an estimated revenue of USD 56.6 billion in the financial year 2021.

The Department for Promotion of Industry and Internal Trade (DPIIT), however, has notified that no countable evaluation has been done with respect to the increase in online procuring and e-commerce business during the past two years.

National Consumer Helpline for customer complaints

Responding to a Lok Sabha query regarding complaints in the e-commerce trade, the Ministry stated, "Complaints relating to payment, quality and quantity issues, manufacturing defects, non-providing of services, are lodged by consumers on the National Consumer Helpline run by the Department of Consumer Affairs."

"The complaints by consumers are transferred through the Integrated Grievance Redress Mechanism software to companies concerned for redressal. In cases where consumers are not satisfied with the redressal, they are advised to approach the Consumer Commission of appropriate jurisdiction for redressal of their grievances," the ministry added.

The e-Daakhil portal allows consumers to register their objections online, in the Consumer Commission. The Consumer Commissions are authorized to provide support of a specific nature and award, wherever appropriate, compensation to customers.

The Ministry also informed that a countrywide multimedia "Consumer Awareness" campaign titled 'JagoGrahakJago' is being conducted on various issues related to consumer rights and interests and that States along with Union Territories are also undertaking activities and campaigns on consumer awareness.

India's favourable e-commerce market

Owing to the increasing internet user base and favorable market conditions, India is considered to have a lot of potential in the e-commerce industry. Growing at an exponential rate, the market value of the e-commerce industry in India was approximately 50 billion U.S dollars in 2018. This number is expected to touch 200 billion U.S. dollars by 2027.

Escalating growth in the e-commerce industry in India is associated with a number of factors. Digitising the economy and providing cheap internet to the people are a few of the many reasons that have boosted the growth of digital sales in India. In 2018, e-commerce sales across India were estimated to increase by 25%. The growth rate, however, was predicted to observe a slight dip in 2022. Consequently, the revenue-generating potential has also developed. The average retail e-commerce revenue collected per user in India in 2018 was more than 50 U.S dollars. It was estimated to cross 75 U.S dollars by 2024.

IMAGE CREDITS: PIXABAY