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"Ecommerce is set for rapid growth in India, according to new research. Boston Consulting Group predicts online transactions in India will hit 1.95 trillion rupees (£28.5 billion) by 2005. The study, presented at a software industry conference in Bangalore, says the biggest strides will be made in business-to-business transactions." - Anaonva

I can quote at least a dozen other similar headlines from journals that matter, different words but the same essence. According to earthweb.com, the CEO of CISCO predicted "explosive growth in Internet usage in India." According to him "the equalizer in life will be Internet and education. Going by those figures, by 2004, India will have 50 million Net users, and the country will soon witness the transition of economics, products & services, and technology (voice, video and data. India has the best education system in the world at the university level. It would become a leader in Asia (in Internet technology)."

I feel this time its different from the past. Far from the hype and the obscene money show of the late 90’s the fundamentals this time are strong. Also adding to this is the increased penetration of Internet, adoption of ecommerce as a way of transaction and presence of multiple modes of payment. Further combined with this is the fact that sites like baaze.com seem to have pioneered the "steal deal" model, translating in true value for money for the buyer. Consider this a resident of Munnar in Kerela down south, or Pithorgarh in extreme north of Uttarachal can order a Chinese made MP3/CD player for around Rs.1,500, almost the same price as a resident of Mumbai or Delhi from Baaze.com. Not just the uniformity in price but also value for money. A similar Indian version has an MRP of around Rs.4,000. 

A Few Indian Success Stories

Naukri.com – India’s premier recruitment site has captured around 50% of the recruitment market. Started just 6 years ago Naukri.com is a huge success story.

ICICIDIRECT.com - Stock trading simplified, Icicidirect.com is today the country’s premier trading portal. I started trading on it 3 years ago and its simplicity and ease in transaction has absolutely captivated me.

Baaze.com – I can be a buyer and get the best value for my money. I can be a seller and sell my inventory at best prices. Baaze.com is India’s answer to ebay. The country’s premier shopping site started as an auction site and graduated to be the most popular platform shopping site.

www.rajindraflorist.com - Whoever said small can’t be beautiful is wrong. www.rajindraflorist.com is today a success story and shows the way internet and www is rewriting the history of enterprise in India.

Irctc.com - Railway reservation made easy. I have used it and found it to be very user friendly. One of the best things about this site is that a credit card is NOT an essential requirement for buying tickets here. Instead the site offers a direct debit facility having tied with most of the popular banks.

Growth

E-commerce in India is projected to grow 10 times in value over the next five years, according to a joint study undertaken by the country's main software industry body and the Boston Consulting Group. E-commerce is expected surge to Rs 1.95 trillion by 2005 according to the study released by the National Association of Software and Service Companies (NASSCOM) and the Boston Consulting Group.

It seems to be a good time for ecommerce in India. No hype, simply strong fundamentals. Eyeballs and venture funding are no longer important, instead value and getting the numbers right seem to be new mantra. That’s good news in itself because this mantra hasn’t failed in the last 200 years of corporate history I know of.