The online shopping industry has seen an incredible boom in the last decade. As a result, many people all over the world have changed the way they buy and sell items. Moreover, the rising popularity in India is understandable due to the trouble-free offers from simplistic and secure payment methods to convenient doorstep deliveries.
Popular Online Shops in India
Given the boom in online shopping, there is a vast choice of sites to buy from. These range from clothing and homeware to groceries and health care items. Furthermore, the most popular webshops in India include Flipkart.com, Koovs.com HealthKart.com as well as PaytmMall.com.
Flipkart is one of the biggest online stores in India. On top of that, this webshop mimics a marketplace with a variety of items, even mobile recharges and the booking of flight tickets. Another platform includes Koovs wherein many fashion items, both Indian and international brands, can be bought. Koovs includes men's, women's and children's clothing items. The popular HealthKart in India health and fitness webshop offers vitamins, healthy foods, and supplements. In addition, PaytmMall is another platform in which electronics, homeware and fashion can be found. Therefore, these popular shopping sites give many people in India a variety of items to buy within the online shopping platform.
Popular Payment Methods
There are many consumer preferences in India. However, the top digital payment methods within the booming online marketplace include UPI and Netbanking, in addition to E-Wallets. The E-Wallets include payment methods such as Paytm, PhonePe as well as Airtel Money. Furthermore, online shopping makes use of cash on delivery for purchases in India. Besides this, other online transactions, such as Indian online casino withdrawals and deposits can be used.
Unified Payment Interface
Unified Payment Interface, commonly known as UPI is the most popular payment method in India developed by The National Payments Corporation of India. Moreover, this government-sponsored method uses real-time instant payment to over 140 banks in India. This makes online shopping in India efficient and trouble-free. UPI also includes E-Wallets and Netbanking.
Netbanking
A popular payment method is through the widely known banking transfers. The Net-Banking system in India is an electronic payment system that allows many financial transactions through different online portals. Also known as online banking or internet banking, online shoppers in India use their debit or credit cards on an online platform. This, along with UPI, acts as the backbone of the payment methods in India that are used for online shopping.
E-Wallet
E-Wallet is one of the most popular payment methods in India. Included in the E-Wallet is Paytm. This is an Indian company that specializes in E-commerce besides digital payment systems. This is a favourite way to pay among Indian online shoppers with 20.3% ranking it as their favourite E-Wallet payment method. Users of Paytm can transfer money into the wallet through their online banking application via select banks. PhonePe is another top payment method. It is a digital payments company based in India. Users can directly transfer money from their account to the PhonePe wallet and buy goods and services online. Lastly, Airtel is also an Indian digital payments company with multiple features including shopping online as well as purchasing insurance.
Cash on Delivery
This type of transaction allows the online shopper to pay for goods on arrival. There is no need for credit or online banking. Although online shopping is popular and boasts many positives, feelings of uncertainty with products and the risk of fraud have increased the usage of the cash-on-delivery payment method among Indian shoppers. In fact, 83% of online shoppers in India prefer cash on delivery due to online scams. Most of the online shopping platforms within India have a cash-on-delivery option. This offers online shoppers peace of mind and familiarity.
The Boom
The rising popularity of online shopping in India is no surprise given the way the world has shifted around the COVID-19 pandemic. The times have accelerated the sensational shift into a digital world including the online shopping platform. Therefore, with this shift, many payment methods in the digital world of India allow consumers a variety of options to use. This is only speculated to increase with time. India's orders on the online platform of e-commerce increased by 36% in 2020.Furthermore, there is an expectation of online retail to reach 10,7% by 2024 in India compared to 4,7% in 2019. Thus, the boom is only just beginning.
