The online commerce industry is projected to reach $188 billion in 2025 from $64 billion last year, with growing consumer preference to buy on the digital marketplace, according to a report by Ficci. The report 'A progressive shift from transactions to trust' was released on Wednesday.
"Now, consumers are no longer turning to online commerce as an alternative buying channel - its massive growth, projected to reach $188 billion in 2025 from $64 billion in 2020, is signalling to its solidification as the default, primary buying channel for many," the report said.
Addressing the inaugural session on Building Customer Trust in a Pandemic Era at the Customer Trust Summit 2021, Consumer Affairs Secretary Leena Nandan said that trust and transparency have never been more important than now.
Elaborating on how brands and companies can provide experiences that meet customers' needs during these stressful times, Nandan said the various initiatives of the BIS are focused on industry needs. "There is a need for a continuous dialogue with the industry players and BIS and to understand what it is that they are doing in the area of creating a quality ecosystem.
"We are trying to educate consumers about the standards and value of ISI mark and industry collaboration and participation is the key to reach out to safeguard the interest of consumers," she was quoted as saying in a Ficci statement.
Nandan also spoke about the role of government to protect the interest and changing nature of the transaction in the country. "Our goal is to continue to focus on a consumer-centric approach to developing innovative newer products and solutions," she said.
The government, Nandan noted, will fail in its task if it is unable to make an ecosystem of competition so that the right value of goods and services can be offered to the consumers. The Consumer Protection Act has opened up avenues for consumers in such a way that it is of benefit to the industries as well, the secretary said.
"Our ultimate objective is that the consumer must be able to exercise their choices and that is when the country will be able to grow, as consumption is key for the vibrant economy to be in place," said Nandan. "If we keep our end of the bargain, satisfy the consumer needs, and adhere to genuine grievances and respond within time, we will retain the trust of the consumers," the secretary said.
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