Video Shopping In Multilingual And Pictorial Language, The Future Of Ecommerce- - "Wat Summit 2012 - Dawn Of The Digital Age 2012"
WATSummit 2012 the most anticipated digital media summit organized by WATBlog presented a mirage of the future of digital media in India.
- (1888PressRelease) February 01, 2012 - The Summit ended on an ambitious note with each speaker and audience taking back a retrospective thought on their businesses and professions.
• 2050 WILL SEE E-COMMERCE AS THE SECOND NATURE TO INDIANS
• GST is a must where FDI should be allowed in wholesale and not in multinational retail
The various panel discussions on day one were eye opening. The panel discussing on E-commerce - The New Digital Frontier with Anisha Singh (Founder & CEO - Mydala.com) Kashyap Deorah (President - Futurebazaar.com) Siddharth Puri (Business Head - Tyroo Direct) and Rahul Narvekar (Co-Founder - Direct Brand sourcing at Fashion and You) gave a clear insight that e-commerce is not only about internet but it is about convenience of shopping anywhere at any time. MuraliKrishnan B (Country Manager - eBay India) moderated the session.
It's no news that business-to-business dealings play a significant part in e-commerce market as E-commerce provides multiple benefits to the consumers in form of availability of goods at lower cost, wider choice and saves time. People can purchase merchandise with a click of mouse button without stepping out of their house or place of work. Likewise, online services such as banking, ticketing (including airlines, bus, railways),hotel booking etc. have been of wonderful benefit for the customers. Most professionals judge that overall e-commerce will increase exponentially as business to business connections will stand for the largest revenue but online retailing will also enjoy a drastic growth.
Global as well as home grown brands are liberating e-commerce opportunities making it imperative that by 2050 e-commerce will be second nature to Indians as it will be integrated in their lives. "The success of e-commerce depends on bargain hunting as that is what a consumer in reality is seeking", said Mr. Kashyap Deorah. Mr. MuraliKrishnan B highlighted that "E-commerce is not bound by geographies although language plays a crucial role. The future of e-commerce will see video-shopping which will be multi lingual and also pictorial - a language that is understood universally. This development will evolve e-commerce phenomenally. "
In the e-commerce industry in India Amazon.com is the largest in terms of traffic whereas 15% - 20% overlap in various peers like Myntra and Flipkart. When the panel began to address the issues within the industry it was unavoidable to mention the black economy issue that arises with respect to e-commerce. Mr. Siddharth Puri specified that "the cost of development in the process of establishing the business goes up to 70% which is difficult to stomach in the process of surviving in the industry." Discussing government policies it was stated that a few stiff regulations by the Government on GST and FDI policy will go a long way in making the industry a sort after business opportunity. Since it is one nation there should be unification in Tax. GST is a must where FDI should be allowed in wholesale and not in multinational retail, as per the ideas of the panelists. When taxes spread across categories it should be necessarily balanced.
Moderating the discussion Mr. Rajiv Dingra, CEO - WATConsult concluded that, "E-commerce is the next big thing in the digital media industry. This industry will not just grow but will change habits of Indian consumers. This in return will affect every retailer who needs to make strategic changes in his business and in this marketing. E-commerce is the space to be in!"
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