TECI – The E-Commerce Council of India
New Delhi, 13 March 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 ecommerce 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 current ecosystem. It adds to the nation’s growth and help 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 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.