Online Shopping Taking The Sheen Away From Shopping Malls?

eCommerce websites are fast outpacing the brick-and-mortar retail shops shopping this festive season. According to industry body ASSOCHAM, online shopping is expected to surge by 350% as against a rise of 200% in August-September this year, and shopping malls are likely to witness nearly 55% decline in the footfalls this Diwali.

“During Diwali, online shopping is estimated to cross Rs. 10,000 crore. The online retailing will not only continue but it will grow by leaps and bounds. At present, the market is pegged at Rs 12,000 crore and could cross Rs 100,000 crore a year in India over the next three to four years”, suggested the study done by the chamber.

The study reveals that there may be a five-fold increase in the revenue clocked in by the eCommerce websites in categories such as apparel, accessories, jewellery, gifts and footwear among others.

The growing trend is being attributed to the fact that all reputed Indian and international brands have tied-up with these websites and are being offered to the consumers at a much lower price than their retail prices.

Besides, online retail websites also offer convenience and interesting discounts and offers to its consumers.

“A whole new audience is connected 24x7 through their smart phones, tablets and other mobile devices which is leading to a gradual evolution of e-commerce into mobile commerce”, said DS Rawat, secretary general of the association.

He added, “Apart from convenience, rising fuel price, security reasons, online discounts and availability with abundance of choices are keeping consumers indoors”.

According to ASSOCHAM estimates, Delhi-NCR has recorded the highest decline in footfalls at city malls. As per the study, about 250-300 malls were launched in the past two years but close to 85% of the spaces still remain empty.

Image: Indiatimes.com