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BMI Research: India One of Top 5 Consumer Markets in Asia

According to BMI Research, a Fitch group company, India is among the top five consumer markets in Asia offering retailers the strongest consumer spending growth of an average of 6.1% over the next five years. The other four countries are China, Sri Lanka, Vietnam and Indonesia.

BMI Research was founded in 1984 Business Monitor International and later in 2014 was acquired by Fitch Group. The firm performs industry and financial market analysis in 24 industries and 200 global markets.

Salient Highlights

As per the report, the real consumer spending growth in 2017 will be 6.2%.

The factors responsible for increase in consumer spending in India include increase in access to consumer credit, lower inflation and favourable regulatory environment for foreign owned retailers. These factors will continue to boost India’s consumer sectors in the coming years.

India’s thriving e-commerce segment is expected to grow at double-digit rates in the forecast period up to 2021. The report has observed that due to the limitations of activities for overseas retailers, e-commerce has been dominated by local firms like Flipkart and Snapdeal. In India, Bricks-and-mortar retailers have also began to foray into the e-commerce segment supported by the high mobile penetration in the country.

 

 

 

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Infosys unveils Skava Commerce, a modular e-commerce platform

India’s second largest software services major Infosys has launched “Skava Commerce” a new standard for modern, mobile-first and modular e-commerce platform for retailers.

The platform has been developed by Skava, a Silicon Valley-based e-commerce start-up that Infosys had acquired in June 2015 for 120 million dollars.

Key Facts

  • The Skava Commerce platform can help brick-and-mortar retailers to quickly launch new offerings, improve conversion rates of traffic coming from digital channels.
  • It can integrate with existing technologies, while providing a future-ready architecture that will enable next generation shopping experiences.
  • It leverages Artificial Intelligence (AI) and machine learning, natural language processing and virtual reality (VR).
  • It provides suite of e-commerce micro-services that can be used stand alone or in conjunction with others and can be implemented without downtime.
  • Skava Commerce’s modern architecture scales as traffic increases in order to provide a consistent experience across all channels.

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