JusTransact Sees E-commerce Retail Explosion in India

New Delhi, India, 2018-Jul-23 — /EPR Retail News/ — E-commerce retail operations in India supported by unprecedented growth of smart phone and internet penetration has made Indian retail industry the most potent, sustainable and fastest growing industry  in 2018 compared to many of the world’s leading economies.

Even in rural regions, where people used to make retail purchases from the nearby mom-and-pop or physical stores for their grocery, electronic, or any other domestic goods, are now flaunting with tablets or smart phones with dependable internet connectivity and make purchases from online stores using debit or credit cards or internet banking or through digital wallets offered by payment companies such as Paytm, Rupay, Freecharge, MobiKwik, Jiomoney, to name a few.

According to market research firm eMarketer, Indian e-commerce sector will show rapid growth of 31 per cent this year to reach $32.7 billion. With the growing internet penetration and rapid usage of smart phones, the report predicted that by 2022, Indian e-commerce businesses will worth a whopping $71.94 billion surpassing the growth of China and other leading economies in the world.

As per the 2017 Goldman Sachs report, the online retailing sector in China will grow from the current 17 per cent to 25 per cent by 2020.

Factors contributing growth

Industry analysts from Millennium India, a leading e-commerce advisory and supplier of advanced POS technology to Indian retailers, say that the E-commerce growth in India has been contributed by the arrival of leading names – Flipkart, Amazon, Paytm Mall, Zomato, Bigbasket, Naaptol, Urban Ladder, etc, which have forayed into newer fields to address the daily needs of customers.

For example, Flipkart, Amazon and Jio are in the process of integrating nearby grocery shops to provide customers the pleasure of shopping daily need items, fruits and veggie from home, says Kiran Bhargava, an industry analyst based in Mumbai.

According to Bhaskar Venkatraman, CEO and Director of JusTransact.com, which is India’s only e-commerce portal for Point of Sale (POS) electronic products, says: “E-commerce in India has seen vertical growth over a decade and is now in the consolidating mode spreading its base to several other fields to satisfy growing customer demands. Customers, who are empowered by mobile technology, want everything online.  Today’s shoppers are highly demanding and tech-savvy which forces retailers to  open all doors – physical, internet, mobile, land-line, desktop/smart mobile/tablets, O2O, cloud- to reach them and vice-versa. No one wants to lose-out customers because of lack of technology.”

“E-commerce is getting further boost due to cheaper smartphones and increased internet users, and this trend is catching up fast in tier II and III cities as well,” adds Bhaskar, who also heads Millennium India.

Not only, groceries, customers can now order their daily needs and essential items such as furniture, electrical and electronic items, hardware, home utility items, laundry services, food from their smart phones, whose penetration and internet connectivity and also overwhelming online presence by young population and expanding middle class are catapulting the number of digital buyers in India.

The online retail space has been witnessing fierce competition in the recent times for the larger pie with market leader Flipkart (which has been taken over by Walmart recently), Amazon and Paytm Mall (backed by Softbank and Alibaba) infusing huge capital for improved logistic and payment system and also planning to woo customers with attractive discounts on competitive products.

Though as of now, no one has emerged clear winner of the e-commerce space in India, one can surely say that coming months will be more crucial for these entities and customers are in for delightful surprises with deep discount offers, concludes Bhaskar.

 

For Media Contact

K Ramanathan

Editor-Media coordinator,

Justransact.com,

Millennium Re-tech Ventures India Private Limited,

G-19,2nd Floor, Block-16, 2nd Main Road,
Ambattur Industrial Estate,Chennai-600 058.

Website: https://www.justransact.com/

E-mail: ram@justransact.com

Ph: +91 9384612789

 

 

GST can be a Game Changer for Indian Economy

Chennai, India, 2017-Jun-29 — /EPR Retail News/ —  When the clock strikes midnight on June 30th, it not only will herald the customary arrival of a new month, but also a historic moment in the post-Independence era as the country will be joining other major powers in the World in adopting Goods and Service Tax (GST), which aims to bring in a uniform tax regime for various Goods and Services traded across the vast nation.

Bhaskar Venkatraman, CEO and Director of Millennium India

The government headed by Prime Minister Narendra Modi has made elaborate arrangements to take the nation to the new tax reform at the Central Hall of the Parliament, and prominent leaders and personalities are going to witness the midnight gala.

But what is GST for the vast and fast-growing retail sector in India? How the Manufacturers, Distributors, Dealers and Retailers are going to be involved in the uniform tax system? Whether the end customers will bear the brunt or going to enjoy the fruits of the single tax system?

GST stands for Goods and Services Tax. This single tax system will supersede all state and central taxes including Value Added Tax, entry tax, octroi and other mundane taxes, and introduce one single tax right from manufacturers, distributors, dealers to local vendors. GST also avoids cascading taxes which ultimately reflects on the prices of the commodities.

How GST will impact the Point of Sale (POS) sector, which has been the bellwether of the BJP government to make the country a cashless economy?

POS is one of the major pillars of the retail sector which supplies hardware components like credit/debit card swiping machines, inventory management tools and POS terminals such as cash registers, barcode scanners, barcode printers, cash drawers to name a few.

Speaking about the impact on the retail sector, Bhaskar Venkatraman, Director and CEO of Millennium India, a group involved in marketing some of the world’s top POS hardware machines to Indian retailers for the last two decades, said: “GST will make the retail sector more organized as more than 85 per cent of the businesses in India are unorganized and need to be regularized. With GST, there will be a single transparent tax structure throughout the supply chain and clear mechanism to calculate the taxes at various levels. Since several daily use items are exempted from the purview of the GST, people will benefit out of it as some of them will witness decrease in price post GST.”

For retail sector, Bhaskar Venkatraman, who also introduced India’s first and only e-commerce shop (justransact.com) to make top branded POS technology products available online to retailers, said it will be a win-win situation for retail businesses as they are now out of the complex tax laws and filing processes.

On the GST’s impact on POS sector, Bhaskar said: “The net impact on the pricing (of POS products) would be very minimal and in fact would boost the consumption. While in the short-term, GST could be perceived as a tough stance for growth, in the longer run, the retail sector would benefit immensely only to gain because of price harmonization and smooth flow of material across the country.”

Then, what is GST for end customers? The burden or benefit would finally be on the end consumers but an overall win-win situation would prevail, concludes Bhaskar.

 

Media Contact:

K Ramanathan

Media Coordinator, Millennium India

ram@justransact.com

India: POS to Scale up Retail Sector Growth in 2016

Chennai, India, 2015-12-31 — /EPR Retail News/ — The fast evolving consumer preferences associated with advancement in technology has made the Indian retail sector one of the most vibrant among the Asian peers with the market indicators forecasting the sector to cross US $ 1 trillion by 2020 from the present $600 billion riding on 13 per cent Compound Annual Growth Rate (CAGR).

While government policies and macro economic conditions act as catalysts, technology plays a pivotal role in revamping the sector towards fast-track development. Thanks to advancement in Point of Sales (POS) technology, sales counters across India are witnessing complete makeover with traditional retail giving way to organized business environment clocking exponential growth. Automating operations by brick-and-mortar businesses with cashless transactions for enhanced customer experience is gaining ground across Indian cities.

Point of Sale hardware products such as barcode scanners, thermal receipt printers, electronic cash registers, barcode printers, Touch POS monitors, mobile/tablet POS and Cloud POS are in great demand with manufacturers expecting good sales in 2016 due to improved market conditions, feel experts.

Bhaskar Venkatraman, Founder and Director of JusTransact.com, an e-commerce portal offering POS technology products to retail and non-retail businesses in India, says: “Indian retail sector has finally taken wings riding on POS technology to make new strides in the coming years. POS is one of the major growth ingredients for retail sector. With government opening up FDI in retail sector and Goods and Service Tax (GST) Bill becoming a reality in 2016, the POS market is expected to witness unprecedented growth by 2020 clocking two million POS installations from the current one million mark.”

However, on global perspective as per a 2014 estimate, of the 250 billion cashless transactions, India accounts for only 0.2 per cent through 1.2 million POS installations. With Reserve Bank of India (RBI) relaxing rules to allow cash withdrawals through POS machines across India, the demand for POS machines are going to go up further in the coming year, opines Bhaskar.

According to RBI Deputy Governor R Gandhi, “If India needs to reach the average levels of BRIC nations, we need to have another 20 million POS terminals from the present 1.2 million machines connecting rural and urban areas. With India having more than one billion mobile connections, the retail payments in the next five years would be increasingly driven through mobile payments, the top RBI official lamented.

Recently, several state governments including Rajasthan, Andhra Pradesh, Orissa and Madhya Pradesh have started introducing POS machines at their fair price shops to reduce pilferage of food items meant for public distribution. These hand-held POS devices with biometric fingerprint scanner will soon find place in thousands of ration shops across the country.

Expressing optimistic about POS market in India, D Bhaskaramoorthy, Vice-President – Sales, Posiflex Technology (India) Pvt. Ltd, one of the leading POS hardware brands in India, says, “With FDI opening up for Retail sector and GST implementation looking brighter in 2016, we can foresee a potential growth for retail segment vis-à-vis POS and peripherals in India as more and more stores are expected to automate their business to enhance sales and back-end operations.”

Implementation of GST will enable easier movement of goods across the nation, thereby benefiting retail operations pan-India, he says.

Media contacts

K Ramanathan,

JusTransact.com
G-19,2nd Floor, Block-16, 2nd Main Road
Ambattur Industrial Estate,Chennai-600 058
t : 91-44-43551366 | e : ram@justransact.com
m: 91-9384612789 | w: www.justransact.com

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Bhaskar Venkatraman, Founder and Director of JusTransact.com

Bhaskar Venkatraman, Founder and Director of JusTransact.com

Indian POS

Indian POS