How currency Demonetization will Impact Ecommerce Growth In India?
What is currency demonetization? Currency demonetization is an act of stripping a unit of currency legally. It is based on the fact that old currency will be retired with changes in currency unit.
Why Currency Demonetization It
applies a break on black money.
It
helps in controlling corruption.
It
brings transparency in economy.
It
can stops circulation of fake currency.
Currency demonetization in India 2016 India is going through a great change called demonetization due to which old currency of INR500 and INR 1000 has been banned. After 8Th of November of 2016, when INR500 and INR1000 got banned. A tremendous change occurred in every field whether it is in local market, banking sector, marketing sector, or ecommerce business, and daily life of course.
Impact Of Currency demonetization in India
People were facing more problems of cash and only limited amount can be withdrawn from ATM or bank.
Indian citizen move towards net banking and payment through internet wallet. People hugely move towards internet for most of their needs.
Each and every people are affected by this announcement but it is not an issue for honest tax payers.
Impact On Digital Marketing After Currency Demonetization In India
Demonetization brings tremendous changes in digital marketing with some positive and some negative points as well.
Just after announcement of currency ban in India, there is a great fall in marketing only because of scarcity of cash. People suddenly cancel almost all Cash on delivery order or many of them offering old currency to marketers which led to great loss.
Cash on delivery is changing to card on delivery with aided effect of enhancing customer’s relief.
Future will definitely brings positive change in digital marketing.
Digital Marketing Growth In India 2017-2018-2019-2020
Digital marketing has a bright future in India because of various reasons and demonetization is an added reason. As this will brings an era of cashless India where digital media is being used for selling, and purchasing
Card or E-wallet play vital roles in marketing sector instead of cash all because of lack of INR currency and its limited ace through bank and ATM.
People moving towards Digital India and this is exactly how Digital marketing can be assumed as a great future in In India in coming years.
How Currency Demonetization Will Impact Ecommerce Growth In India
It causes break on cash on delivery payment. Many ecommerce marketers stop cash on delivery payment this brings a sudden falls in marketing because most of the people still have trust issues for online payment.
Marketers stop accepting old currency of INR500 and INR1000 just after demonetization which results in vast number of delivery returns for Cash on delivery order.
This trend emphasize on payment through digital mode. Scarcity of cash forced people to use online payment mode or E-wallet. Special offers are being given on online payments.
Ecommerce going towards offering heavy discounts and drive sale offers to increase sale by online payment.
Sudden increment in use of online wallet likes Mobikwik, pay money, Paytm, etc.
Increase user traffic on even small website, like: Big Basket, Grofers, etc., because these are accepting cards and online payment and scarcity of cash forced people towards these online stores.
Every business man is looking towards ecommerce instead of commerce business because of demonetization. Since people are moving towards digital payment and digital marketing so businessman is also moving ahead accordingly.
Ecommerce growth in India 2017-2018-2019-2020 ď ľ
Demonetization brings so many changes in daily life and online marketing as well because of lack of cash. It can be easily seen that there are some short term effect and some long term effect on ecommerce business of currency banned in India.
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Ecommerce moving towards fully digitalization and people and marketers will fully involve with through digital modes, like: cash on delivery changes with card on delivery, physical wallet changes with E-wallet, people will spend more time on online marketing instead going to local market, etc.
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Ecommerce will have great future in nearby future and it wills obviously a favorite place for most of the need because of its transparency in marketing activities.
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