Gartner report shows the growth of India’s digital commerce market
India is quickly becoming one of the world’s leading mobile commerce markets. Overall, digital commerce is growing quickly throughout the country, with consumers beginning to favor shopping online rather than visit physical stores. This is due to the convenient nature of e-commerce, and more consumers are beginning to rely on their mobile devices to get their shopping done. A new report from Gartner highlights the growing power of the digital commerce market in India.
More consumers are beginning to use their mobile devices to shop online
According to the report from Gartner, the Indian digital commerce market has reached $7 billion. While digital commerce represents less than one percent of total retail sales in the country, this market is growing very quickly. The market is still in a nascent stage in India, with relatively low Internet penetration slowing the adoption of online shopping. The market has grown by 40% year on year, with business to business commerce leading the way. Notably, mobile commerce is the primary channel powering the growth of the market.
Low Internet penetration is slowing the adoption of mobile commerce
Consumers appear to favor shopping with their smartphones and tablets, as they can get their shopping done no matter where they are in the country. In 2014, more than 40% of all digital commerce transactions came from mobile devices. By the end of this year, more than half of these transactions are expected to come from smartphones and tablets, according to Gartner. The convenient nature of mobile commerce is one of its most attractive features, and more retailers are beginning to embrace the mobile space in order to effectively connect with consumers.
Retailers are embracing the mobile world
As mobile commerce continues to grow, retailers are likely to become more mobile-centric, offering new services to online shoppers. Financial institutions are also embracing the mobile space, introducing new applications that allow consumers to manage their finances with their mobile devices. India is expected to become one of the most prominent mobile commerce markets in the world in the coming years.
Bitcoin may become the sixth largest reserve currency in the world by 2030
Digital currency is becoming a more powerful force in the global economy, especially as mobile commerce continues to grow in popularity. A new study from Magister Advisors and International Business Times predicts that Bitcoin, a famous, but relatively controversial digital currency, will become the sixth largest global reserve currency by 2030. Though Bitcoin is quite volatile in value, more consumers and businesses are showing favor for this currency as they become more committed to the digital world.
Digital currency is gaining support in Europe
Bitcoin is currently experiencing a very large increase in value, which is being fueled by a recent decision from the European Union, which has declared that Bitcoin is an actual currency and that it is exempt from value added taxes associated with exchange transactions. The study suggests that banks throughout the world will invest approximately $1 billion into Bitcoin and Bitcoin exchanges over the next two years. Banks are expected to make use of new processes for clearance and settlement in order to make Bitcoin more convenient for consumers to use in the future.
Bitcoin remains somewhat infamous due to its volatility
Digital currencies have become somewhat infamous, largely due to their volatile nature. In the case of Bitcoin, the currency has been unregulated for the majority of its existence. This has lead to major fluctuations in the currency’s value, with crashes in value leading to financial ruin for some individuals and organizations that have heavily invested in the currency. While 90% of Bitcoin’s value is held in speculation, the vast majority of transactions made with the currency are commercial transactions that are occurring in developing economies throughout the world.
Consumers show interest in Bitcoin as mobile commerce grows
Growing in popularity, Bitcoin for beginners AKA: newbies, has been catching on especially for mobile users. This is mainly due to the rising popularity of people taking care of their investment profiles via their phone. More consumers are relying on their mobile devices to do their shopping, both online and in physical stores, and Bitcoin represents a relatively easy way to make large purchases. As this trend continues to gain momentum, more retailers and banks are expected to show their support for this digital currency.
