The shopping paradigm has drastically changed for Indian consumers in the past few years. With the latest tech-savvy generation becoming the major ‘spenders’ in the economy, the use of online shopping platforms has increased ten folds.
India is a booming economy, which means a large exchange of goods between consumers, sellers and manufacturers. The increasing competition in the market, especially between conventional brick-and-mortar stores and online selling platforms has alleviated the need for quick and reliable warehousing solutions.
With more and more people becoming aware about technology, the time for delivery and return of good to-and-fro from the consumers has drastically reduced. Meaning sellers have to focus more on technologically advanced logistics solutions.
This upsurge in the Indian market can be realized by the fact that: the omni-channel warehousing and warehouse management systems market size is expected to grow from USD 231 million in 2019 to USD 488 million by 2024. At a CAGR of 16.2 % during this forecast period. Which is almost double the size compared to today’s market.
What’s the reason behind this?
There are quite a few reasons for this predicted expansion in the market size. The very first point being the rapid growth of the e-commerce industry in India. People have begun shopping online to the extent that every major e-commerce seller hosts multiple clearance and festival sales each year.
The scope for comparison, low-pricing, regular discount offers, prompt customer service and instant returns has enticed consumers to shift towards online selling platforms. Which has forced e-commerce companies to invest in better warehousing management systems and logistics solutions.
Another factor is the easing of FDI policies by the government. Which has allowed large global e-commerce players, MNC’s and startup to enter this thriving and huge Indian market.
Companies such as Walmart and Amazon have entered the Indian market and are spending billions of dollars to capture it. Which eventually calls for competitors rising from the local audience.
Moreover, other government initiatives like “Make-in-India” has prompted the manufacturing sector to perform even better.
What do these numbers imply?
These numbers are a clear indication of the fact that the consumers are clearly shifting towards faster and easier shopping methods like e-commerce websites. Which means that more and more retailers would be using omni-channels and warehouse management systems for better efficiency and delivery of their services.
If you are a retailer/manufacturers who has not made the shift to cope-up with the latest technology, now is the time. You have to keep yourself prepared to meet the consumer demands, while competing with your counterparts in the industry.
Services like omni-channel warehousing provide sellers/retailers with a unified solution to deliver good on time through all their sales channels. Similarly, a warehouse management system helps you manage your inventory and orders properly to curb loss and delays to the maximum extent possible.
Aaj Enterprises
