Application of E Commerce in Indian Textile Industry
Electronic commerce or e commerce refers to a wide range of online business activities for products and services. It also pertains to "any form of business transaction in which the parties interact electronically rather than by physical exchanges or direct physical contact." A more complete definition is: E commerce is the use of electronic communications and digital information processing technology in business transactions to create, transform, and redefine relationships for value creation between or among organizations, and between organizations and individuals. Today, the market place is flooded with several e commerce options for shoppers to choose from. A variety of innovative products and services are being offered spoiling customers for choice. Online shopping is no more a privilege enjoyed by your friends and family living in the US or UK. Today, it is a reality in India. In the last couple of years, the growth of e commerce industry in India has been phenomenal as more shoppers have started discovering the benefits of using this platform. There is enough scope for online businesses in the future if they understand the Indian shopper's psyche and cater to their needs. Diverse e commerce applications are being implemented in the textile and apparel supply chain. This paper includes use of e commerce, with analyses of the use and impact of e commerce in textile industry in India. Benefits of e commerce include global marketing opportunities for products and markets. However, a key limitation of e commerce is the risk of channel conflict between existing customers and new profile customers. With the continued globalization emphasis of the textile and apparel supply chain, analyses and creative implementation of e commerce applications may offer unique product and market opportunities.