Kolkata, Mar 3 (FN Agency) Rajeev Kumar, Principal Secretary, Department of Information Technology & Electronics Government of West Bengal on Thursday said China’s e-commerce revenues have raced ahead of the rest of the world, generating US$2.8 trillion sales in a year which is equivalent to the Indian GDP. Speaking at the maiden initiative of CII Eastern Region, eCommerce Conclave: The Road Ahead, Kumar raising concern over the Indian e-commerce numbers opined that though there exists huge opportunity for businesses to grow, India is lagging far behind. According to the Principal Secretary it was important for companies to instill confidence in Indians who were still skeptical to use online mode of payment. Ambareesh Murty, Co-founder & CEO, Pepperfry mentioned that leveraging the spirit of entrepreneurship across India would aid in realizing the dream of Make in India.
Murty, stated that, businesses will have to think through their strategic aspects and embrace the metaverse as an opportunity to expand their brands. According to Murthy, there has been a paradigm shift in the entire gamut of customer purchase and experience and the shift for the internet is already well underway. It seems that big brands from a variety of industries are dipping their toes into the metaverse and its high time Indian companies should prepare for the same, he added. He postulated that for businesses to succeed, it is imperative to achieve omnichannel excellence and focus on value creation. Speaking in the session Vinaya Varma, Managing Director & CEO, mjunction Services Ltd referred to the recent rise in digital literacy which has led to an influx of investment in eCommerce firms, levelling the market for new players to set up their base, while churning out innovative patterns to disrupt old functioning.