Due to digitization in every segment and industry globally, people are prone to smartphones and smart appliances. This led e-commerce to propagate at an incredibly faster pace. Electronic commerce refers to a business model that allows individuals or companies to buy and sell goods over the Internet and earn online.
E-commerce is a much more feasible option for many merchants who start their business at a much later pace and do not have to worry about retail shops and contracts.
According to the joint ASSOCHAM-Forrester study paper, the e-commerce sector expects to jump to $120 billion in 2022 in revenue with an annual growth rate of 51%, which is the highest in the world compared to other revenues.
Listed below are some of the top ten e-commerce categories that contribute to the fastest growth in our economy. The chances are that you have spent most of your earnings in these categories.
Mobile Phones and Tablets
The number of smartphone and tablet purchases has increased with the continuous innovation phase and a plethora of brands offering smartphones and tablets at affordable prices. The recent significant potential indicates that mobile phones and tablets are among the top 10 most searched products on e-commerce.
According to the International Data Corporation, the Indian market is one of the world’s fastest-growing smart device corporations, with 197 shipments hovering around for purchases. The pandemic has contributed to significant growth due to the need for smartphones for online learning in the educational sector.
Consumer electronics is one of the most popular product categories today, and there are an increasing number of online-only consumer electronics models available in the country. Consumer electronics products are the most important product category in e-commerce, according to eMarketer, accounting for 21.8 percent of total web sales. By 2022, it is predicted to rise to 22.1 percent of the total.
According to the latest industry forecasts, India will become the world’s 5th largest consumer durables market by 2025. Computers, cameras, audio and video devices are the most in-demand electronics for any age as they are readily available through reselling on many multi-market platforms.
With the new ticket booking platforms springing up daily, even Cineplex’s official websites now provide booking services. A moviegoer can purchase tickets, meals, and even seats at the stroke of a button, and these deals are far too good to pass up.
These online platforms also allow you to book popular concerts and shows by numerous artists throughout cities. As a result, it’s one of the newest e-commerce categories. Even though streaming services are most preferred worldwide, subscription costs add into this category as they provide the service.
Fashion is one of the most popular categories searched on numerous e-commerce sites for purchasing clothing and the current fashion trends across the country. With the rise in e-commerce revenue, the fashion and apparel industry is increasing through mobile apps.
The use of retail store apps for garments and clothing has increased dramatically. People conduct their business through Pinterest and Instagram, where the targeted audience spends most of their time. Thus, people can order their merchandise immediately and not wait for long.
Food delivery stats rose during the pandemic when many people were stuck in unknown places and could not get their groceries. The delivery option has saved time and effort for people, thus increasing the demand. There are plenty of restaurants across cities offering various options in food. However, it is impossible to visit every restaurant when these restaurants come to a convincing offer with takeaway or delivery options.
Zomato’s founder and CEO Deepinder Goyal stated that India’s monthly active users were 8.5 million out of which 2.5% had begun ordering online, and Zomato drives 75% of the traffic to maximum restaurants.
There are only a limited variety of books available across nearby streets, and the need to sell and buy books online became necessary irrespective of locality. Libraries are not the priority for the governments to spend their money on, leaving no choice but to build online communities to exchange books and author notes.
Many writers are interested in launching their books on e-commerce, books on entrepreneurs, and various e-commerce sites also took advantage of exciting offers. Out of all the fastest-growing categories, Books will continue to be one of the most valuable categories in e-commerce.
Groceries are a basic need in our everyday life and this segment is expanding faster from the local grocery shops to online grocery marts. We have everything coming from BlinkIt five minutes service to BigBasket’s next-day service, so this Industry is ever in demand. Between 2016 to 2022, India’s online grocery market expects to grow at a compound annual growth rate of 62 percent, where the overall grocery market in the country is already over US$360 billion.
UNICEF declared an estimate of sixteen million babies around 2020- 2021. The population is at its peak, gathering more expansion for the baby business. With the latest trend of online shopping, anyone with baby fever will not survive on their savings. Business standard-reports state that the share of baby products online is expected to become $500 million in 2022.
Reports say that for every five minutes in India, a piece of jewellery gets sold on ecommerce stores. The marriage market has seen a massive surge in its functioning, especially in late 2021, and this has encouraged users all over India to deck up and present their best selves in a happy ceremony.
Online stores even create handmade jewellery with chic designs to appeal to their target market, thus increasing further sales. The online jewellery segment will hit USD 3.6 billion in the upcoming three years in India.
The pandemic has been a rocky period for many businesses, but online stores thrive without much difference. The season has pushed many new merchants to join the online hub and succeed. Every product and service is available through e-commerce transactions like financial services, food orders, banking, etc. If you’re looking to start a new business, look no further, start online store, and join the above categories for real growth and huge sales.