TECI – The E-Commerce Council of India
New Delhi, March 17, 2019: The rapidly growing e-Commerce sector in India today established its own trade association under the name of TECI – The E-Commerce Council of India.
The founding members of TECI include product and services marketplaces Snapdeal, ShopClues, UrbanClap, Shop101, Flyrobe and Fynd along with social commerce platform Shop101. The founding members also include digital-first fashion brands like Bewakoof, Breya and Rustorange. Online brands like Mamaearth, Superbottoms and Azah, which focus on specific segments like baby care products and women’s hygiene products are also part of the group that has collaborated to launch TECI.
TECI members, between themselves, account for more than 7.5 Lakh online sellers and service providers. Every month, more than 100 million users interact with the online businesses operated by members of TECI. More than 30 global and domestic institutional investors have invested more than USD 2.25 Billion in the enterprises founded by TECI members.
The e-commerce sector in India is witnessing fast growth supported by the rise in the number of Internet users, growing penetration of smartphones and the swift popularity of social media platforms. While nearly 140 million Indians are already shopping online, the expansion of digital commerce into Tier 2 & 3 cities has opened the doors for the next 200-300 million online buyers, who have now started to come online looking for greater choice, convenience and enhanced value.
According to a February 2019 Morgan Stanley report, India is adding one Internet user every 3 seconds and the e-commerce sector in India is estimated to reach US$ 230 billion by 2028, accounting for 10% of India’s retail. This will be a result of India’s Internet penetration increasing from 41% (or 561 Mn users) in 2018 to 62% (936 million users) in 2028. The online shopper penetration is slated to increase from 25% (or 140 Mn users) in 2018 to 58% (or 540 Mn users) in 2028.
The fast growth of the digital commerce sector, fueled by technology trends, global investments and evolving consumer habits makes it one of the leading contemporary influences, shaping the world of today and tomorrow. The sector is expected to have a significant impact on social and economic landscapes in countries around the world.
Policy makers in various countries, including in India, are engaged in discussion and debate to determine optimal policy frameworks for the sector, which will enable fast growth while balancing the interests of all stakeholders. TECI expects to collate, crystallise and share the e-commerce industry’s viewpoint in this regard, working collaboratively with other stakeholders.
Besides policy advocacy, the council seeks to define and encourage the use of industry best practices relating to data privacy, logistics, payment processes, resolution of disputes, consumer protection, MSME development and other relevant issues. It will also conduct and commission research with regard to issues concerning the e-commerce sector.
TECI will also provide a neutral and objective platform for discussion and debate on non-competitive issues relating to the development of the e-commerce sector in India.
TECI also expects to provide thought leadership for the e-commerce sector and articulate the voice of the sector in the media, at industry events and in industry consultations with the government. It will work in collaboration with trade bodies in India and outside to further the objectives of the association.
Co-founders of various companies shared their thoughts on the launch of TECI:
“The e-commerce sector is the most organized and vital part of the current ecosystem. It adds to the nation’s growth and helps small businesses reach nationwide. TECI is one of a kind industry association that would help the industry and will work in line with other trade bodies for the betterment of the e-commerce sector and digital-first brands”, says Siddharth Munot, Co-founder of Bewakoof.com
“We believe TECI will play a big role in making major policy decisions in the e-commerce sector, a more consultative process keeping in mind the larger interest of Indian Economy. We look forward to working with TECI members in a constructive way”, says Pratik Agarwal, Co-founder of Breya.
“For new and emerging businesses like ours, a level-playing and fair e-commerce sector is absolutely critical for growth, and can consequently play a pivotal role in driving India’s economy forward. TECI is an important industry initiative that will help companies and policymakers collectively define, set-up and implement the best industry practices leading to long-lasting benefits for the Indian ecosystem”, say Shashwat Diesh & Aqib Mohammed, Co-founders of Azah.
The digital revolution in India has come of age and for the first time since our independence, we have within our reach technology to make economic inclusion of ‘Bharat’ possible. This technology and the power that comes with it can be a vehicle of empowerment for Bharat but it can, just as easily, harm the interest of Bharat. Charter of TECI is to provide a forum for collaboration amongst ourselves, MSMEs/SMEs and with policy makers which will put Indian businesses on an equal footing with global competition.” Says ShopClues Co-founder & CEO Sanjay Sethi
We believe TECI is a step in the right direction to make the Indian digital commerce industry grow in the right manner and encourage healthy competition in the sector. The collaborative efforts to plan and strategize would bear rich dividends as Indian e-Commerce grows 10x in the next 10 years, says Shashank Agnihotri, Co-founder of Rustorange.
“The e-commerce sector in India is an increasingly important part of India’s economy, unlocking tremendous value for buyers and sellers. It is catalyzing growth opportunities for allied businesses, and MSMEs and has the potential to create large scale employment across the country. TECI is an important industry initiative to work collaboratively amidst ourselves and with the policy makers to help the sector develop to its full potential and in a way that creates lasting benefits for India”, says Kunal Bahl, CEO and co-founder of Snapdeal.
TECI invites e-commerce companies and digital-first brands to join the council with a view to building a forum that represents both the depth and diversity of the sector.
Membership applications may be mailed to firstname.lastname@example.org
Your email address will not be published. Required fields are marked *
Save my name, email, and website in this browser for the next time I comment.
Sign me up for the newsletter!
Notify me of follow-up comments by email.
Notify me of new posts by email.
RCA TV offers never before prices (up to 61% off) on its smart TVs for Diwali
Titan’s Eyewear business brings Ayushmann Khurrana on board as their brand ambassador
Traditional, Modern & Contemporary Indian Art; Online Auction on 7th & 8th November 2019
Forcepoint Delivers Industry’s Most Expansive Global Security Cloud Footprint
Asset quality of MSME loans may continue to face stress in FY20, says Mr. Chowdhury
2014 The Global Indian New Network (TGINN)