Several e-commerce industries launched a trade association named The E-commerce Council of India.
The council is focused on payments, logistics, data privacy, and several other issues.
TECI has more than 7.5 Lakh service providers and seller as its members.
The e-commerce industry is enhancing at a great pace as each and everything is becoming digital. Several e-commerce industries including Urban Clap, ShopClues, and Snapdeal have together launched a trade association named The E-commerce Council of India. The association is crafted to focus on providing Policy advocacy and to motivate all to provide best practices in Indian E-commerce industry. The council is focused on payments, logistics, data privacy, and several other issues.
According to Kunal Behal, CEO Snapdeal, “The Indian E-commerce industry is enhancing rapidly and is playing a crucial part of Indian Economy. A number of buyers and sellers are enhancing tremendously. The E-commerce Council of India is a great initiative by us all to work collectively amidst policymakers and us to assist the sector in nourishing to its high level for long-lasting benefits of India.”
This move came into action because revised FDI E-commerce rules have shaken business models of E-commerce giants including Amazon India, Flipkart, and several others. Many e-commerce companies who are members of TECI have initiated tweaking rules as it going to decide the growth of homegrown E-commerce buyers and sellers.
TECI was launched in 2017 when Flipkart co-founder Sachin Bansal and Ola co-founder Bhavik Aggrawal united to form IndiaTech, an industrial budget to represent local ventures and fight against global rivals.. Flipkart has quit from the group and messaging app Hike, Japanese Conglomerate Softbank, Matrix partners a capital venturing firm, Kaalari Capital and Quikr are still part of the group.
TECI has a wide spectrum of membership including more than 7.5 Lakh service providers and sellers.
According to a Morgan Stanley report, “The resounding Indian e-commerce market is expected to reach $230 billion by 2028, accounting for 10% of India’s retail.” There are several lobby groups working for the wellness of e-commerce sector these include All India Online Vendors Association (AIOVA), Venture Capital Association (IVCA), Confederation of All India Traders (CAIT) and Indian Private Equity.
The E-commerce Council of India also has few of the online brands such as Mama earth and Bewakoof as its founding members. The motto of the association to build a unified voice for the e-commerce sector.
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