Impact of Digital Marketing on eCommerce - Final Report

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Impact of Digital Marketing on E-Commerce

Dissertation Report

Submitted By

Atul Jain

in partial fulfillment for the award of the degree

of

Master of Business Administration

in

International Business

Batch 2013-16

Under the guidance of Dr. Ashim Singla

Indian Institute of Foreign Trade New Delhi

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Indian Institute of Foreign Trade

Research Project

Declaration

This is to certify that I, Atul Jain, a student of Master’s in Business Administration in

International Business (2013-16), at Indian Institute of Foreign Trade, New Delhi,

have submitted this research project titled, Impact of Digital Marketing on E-

Commerce to IIFT in partial fulfillment of the requirement for the MBA (IB) Degree.

This is an original piece of my work and is neither copied (partially/fully) from any

other scholastic work nor is it submitted to any other institution for any other degree

or diploma. I remain fully responsible for any error and plagiarism. Student Signature: ______________________ Date:

Guide Certification

This is to inform you that Atul Jain, student of MBA (IB), Year 2013-16 has

completed research project on the topic Impact of Digital Marketing on E-Commerce

under my guidance. I am pleased to forward the same to be considered as final

submission and the viva. Guide Name: Dr. Ashim Singla Guide Signature: ______________________

Date:

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Table of Contents

INTRODUCTION................................................................................................................................4

OBJECTIVES.........................................................................................................................................5

RESEARCH METHODOLOGY.....................................................................................................6

E-COMMERCE IN INDIA...............................................................................................................7

USAGE OF E-COMMERCE IN INDIA...................................................................................10

TYPES OF E-COMMERCE BUSINESS MODELS IN INDIA.......................................13

DIGITAL MARKETING STRATEGIES IN E-COMMERCE........................................22

RESEARCH FINDINGS.................................................................................................................25

FUTURE OF DIGITAL MARKETING IN INDIA...............................................................31

CONCLUSION...................................................................................................................................32

BIBLIOGRAPHY..............................................................................................................................33

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INTRODUCTION

What is Digital Marketing ? Digital marketing is a term for the targeted, measurable, and interactive marketing of

products or services using digital technologies to reach and convert leads into

customers and retain them. The key objective is to promote brands, build preference

and increase sales through various digital marketing.

It is the practice of promoting products and services using digital distribution channels

to reach consumers in a timely, relevant, personal and cost-effective manner. While

digital marketing is a part of mainstream marketing activity in the more developed

markets, but in India it is still in a nascent stage.

In this rapidly changing global scenario, Digital Marketing has revolutionized the

world as never before.

The field of digital marketing includes a whole host of elements such as Email

Marketing, SMS Marketing, Social Media Marketing, Search Engine Marketing,

Search Engine Optimization, Paid Banners Ads, etc. Previously seen as a stand-alone

service in its own right, it is frequently being seen as a domain that can and does

cover most, if not all, of the more traditional marketing areas such as Direct

Marketing by providing the same method of communicating with an audience but in a

digital fashion. Like traditional marketing, Digital Marketing also has 2 forms, each

of which has their pros and cons.

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OBJECTIVES

The present study revolves around the following objectives:

⇒ To study the concept of Digital Marketing.

⇒ To analyze the digital marketing strategies in India and its impact on E-

Commerce.

⇒ To study the future of digital marketing sector in India.

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RESEARCH METHODOLOGY

Primary data: Internal MIS and Google Analytics of an e-

commerce company

Secondary data: Internet, Reports, Business magazines

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E-COMMERCE IN INDIA

Over the last two decades, rising internet and mobile phone penetration has changed

the way we communicate and do business. The e-commerce penetration in India may

be comparatively lower than the US and other European markets, but it continues to

grow at a rapid rate with many new entrants. Though e-commerce is relatively a new

concept in a developing country like India, it is heavily leaning on the internet and

mobile phone revolution to fundamentally alter the way businesses reach their

customers.

As per a study conducted by IAMA, online travel dominates the e-commerce industry

with 70% of the total market share, followed by e-retail.

In 2009, the e-commerce market in this country was worth around US$2.5 billion, in

2011 it was US$6.3 billion and in 2012, $14 billion. This number is expected to reach

$15 billion in 2016, up from $35 million in 2014, according to a new report by

Google and Forrester Research.

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With millions of Indians shopping online, the e-commerce industry is witnessing a

massive boom and will continue to see exponential growth. The number of online

shoppers in India is expected to reach 100 million by the end of 2016.

In e-retail, electronics segments currently leads the segment in terms of online sales

followed by Apparels and accessories. Other segments like Home and furnishing and

baby products, though currently account for smaller proportion of the online sales, but

are rapidly growing in the e-retail space.

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E-Commerce has emerged as a trade medium in the era of globalization, which offers

a convenient way of transacting over the internet without any restriction of

boundaries. With the advent of e-commerce, retailers have the ability to reach the

customer’s home.

The physical delivery of goods has now been converted into electronic delivery and

one can experience the entire range of products on offer on the website itself. With

options of paying online through debit and credit cards, even the transactions

have become purely electronic. The focus of online promotions revolves around the

great discounts, deals, coupons, convenience, etc. offered by the e-commerce

websites.

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USAGE OF E-COMMERCE IN INDIA

In India, internet usage is still driven by email and information search. However, the

interesting part is that out of the 13.2 million internet users across 26 cities covered in

I-Cube 2006, (Syndicated Research of e technology group @IMRB International),

14.2% use the internet to buy travel tickets; 5.5% people do online shopping

especially products like Books, Flowers, Gifts etc. and 5% people deal in stocks and

shares through the internet. It is worthwhile to note that the number of Internet users

using E-Commerce is growing rapidly year after year. Thus, E-Commerce is surely

being adopted by the Internet users in a major way to shop. They are buying a variety

of products online and visiting various websites to buy products from.

The below chart shows the number of internet users and their key activities in India :

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Triggers for the Growth and Barriers of E-Commerce Market in India

In addition to the industry size, it is important to understand the reasons behind the

growth and barriers of E-Commerce industry in the country. This section elaborates

the triggers that impact the adoption of E-Commerce by the Internet users.

As evident from the table above, time saving is the major reason that drives Internet

users to shop online. It is followed by convenience of shopping anyplace at anytime.

Since the e-commerce websites do not have space constraints, thus companies can

display whole range of products being offered by them. This further enables the

buyers to choose from a variety of models being offered and allows the users to

compare the various features of all the products before taking a final decision. To

attract customers to shop online, e-Marketers are offering great deals and discounts to

their customers.

Apart from the favorable triggers, there are also a few roadblocks for the growth of e-

commerce in India. Absence of touch-feel-try creates concerns over the quality of the

product on offer. Another roadblock in the way of E-Commerce is lack of

interactivity, ie, the buyers and sellers cannot negotiate with each other. Moreover,

consumers do not feel safe in using online payment modes, which is also a cause of

worry for online marketers. Increasing rate of cyber crimes has made customers

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apprehensive of revealing their credit card details and bank details online. Moreover,

the duration of selecting, buying and paying for an online product may not take more

than 15 minutes; however, delivery of the product to customer’s doorstep may take

about 1-15 days. Thus, E-Commerce has to bank on the convenience and discount

platform as there is no way that they can compete with the offline platforms on the

experience that they provide. There is no doubt that Internet shopping has a number of

benefits to offer. With fast changing lifestyles of people in India, E-Commerce is

surely the most appealing and convenient means of shopping with convenience. Thus,

addressing these issues have become critical for e-commerce companies to expand

beyond the current user base.

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TYPES OF E-COMMERCE BUSINESS

MODELS IN INDIA

The meteoric growth of Internet based E-commerce at the turn of the last century is

truly baffling. During the last one decade, this market space has grown in several

directions. In its first generation, it saw the emergence of portals and search engines.

However, in due course more and more organizations began to cater to the Business

to Customer (B2C) market as well as started creating special platforms to enable

Consumer to Consumer (C2C) transactions.

As several organizations began to operate in the Internet market space, they innovated

unique propositions to create value in the process. These were either not found or

difficult to replicate in the traditional brick and mortar operation.

Types of Consumer Centric e-Commerce Business Models

There are various kinds of B2C and C2C e-Commerce business models that have

flourished in India over time and each business has its own set of characteristics.

Apart from just categorizing the business models as B2B and B2C, one can also

categorize them on the basis of their business objectives and their unique selling

proposition to their customers.

In this section, I will mention about the various business models categorized as per

their business objectives and their USP to their customers.

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Source (My Personal Blog): http://www.atuljain7.com

DEALS WEBSITES

There are many e-Commerce websites committed at providing the best deals to the

consumers and strive to lure the customers by offering various incentives like price

discounts, freebies, etc. These Deals e-Commerce sites normally operate at relatively

thin margins and their primary objective is to win a customer and are thus battling in

the over-crowded e-Commerce space using discount as their main USP to offer to

their customers.

We can further categorize these websites as :

1. Flash Sales Sites

A Flash Sales e-Commerce Website is a B2C type business model where the website

sells the products directly to the end customers. They normally manage the entire

process of the e-Commerce lifecycle on their own or through their partners and the

consumer makes the payment directly to the business owning and managing the

website.

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A flash sales website typically offer products at a huge discount to its customers.

They generally buy old stock from the brands / manufacturers or their distributors and

liquidate the same through their website. Many brands do partner with them to

liquidate their dead stock and thus it is often termed as a liquidation business model.

The consumers take the benefit of these huge discounts, which at times ranges from

50% to 90%, and prefer to buy the products they always aspired to own. They are

normally unaware or do not really care even if the product they are buying from such

websites are obsolete or no longer in fashion.

The best example for this kind of a website would be FashionAndYou.com.

2. Daily Deals Sites

A Daily Deals Website also operates as a B2C website and typically showcases a very

lucrative sale on a single or a set of products for the customers. Unlike the Flash Sales

website, such a deal is time bound (usually for a day) which compels the user to make

immediate decisions for that product purchase.

Such sites normally negotiate and get a great bargain from the manufacturers or their

distributors against a minimum volume commitment. In case they are not able to sell

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the entire lot of the discounted product on the day of sale, they tend to offer the same

product on sale again after a few days. Thus, they keep on shuffling their daily

merchandise on sale and try to maximize the sale on that day itself.

3. Group Buying Sites

A group buying website is quite a unique B2C business model where the website

invites the buyers to buy the products / services at a discounted or at a wholesale

price. Like the Daily Deals site, the products advertised on the group buying sites are

also time bound, but usually not limited to a day.

In this concept, the website honors the transaction only if the minimum number of

buyers (as fixed by the website) buy a particular product, else they refund the

customer’s money.

In this case, the customer is constantly made aware that he will get the advertised

product only if a minimum number of people buy this product and this in a way,

makes the buyer refer his friends to buy the same product at the earliest.

The best example for this kind of a website would be Nearbuy.com formerly known

as Groupon.

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ONLINE SUBSCRIPTIONS

An online subscription website works in a similar manner like an offline subscription

for any kind of service. Such websites showcase the entire catalogue of subscription

options for the users to choose from and subscribe online.

The customers can avail the services by paying for the service online and can continue

to keep availing the services regularly by making the recurring payments through such

websites itself.

The main objective of such a website is to provide convenience to its customers by

providing them with an online facility to make recurring payments for the services

they wish to avail. Website offering convenience of utility payment services, also

come under the same category.

A good example for the same would be IndiaMags.com which offers magazine

subscriptions online.

E-RETAILING (Also known as eTailing)

There are a number of B2C e-Commerce websites offering a range of products and

services to customers across different brands and categories. Such websites buy the

products from the brands or their distributors and sell to the end customer on market

competitive prices. Though their modus operandi is same like a flash sales website,

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but their business objective is to offer the latest products to the end customers online

at the best possible prices.

A good example of this kind of website would be AmericanSwan.com

MARKETPLACE

Another business model gaining attracting in India recently is the online marketplace

model which enables the buyers get in touch with the sellers and make a transaction.

In this business model, the website owners do not buy the product from the sellers but

act as mediators to facilitate the entire e-commerce transaction. They do assist the

sellers in various services like payment collection, logistics, etc. but do not prefer to

hold inventory in their own warehouse.

Thus, an online marketplace are merely facilitators enabling an e-commerce

transaction and do not buy from the sellers directly.

It is interesting to note that more and more of the Deals websites and e-Retailers are

now moving into the marketplace model because of various advantages that this

model has over their respective current business models.

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There are various sub-categories under which an online marketplace can be

categorized :

1. C2C Marketplace

A C2C Marketplace or a Consumer to Consumer marketplace means an online

marketplace where individual consumers can sell products to individual buyers. As a

seller, even if you do not run a business, you are free to sell your product through

such marketplace to the end customers.

The website protects the interests of the sellers as well as buyers in numerous ways

and also helps the buyers choose the sellers based on their ratings and past selling

history.

Best example of this kind of a website would be Ebay.in

2. B2C Marketplace

A B2C Marketplace or a Business to Consumer marketplace means an online

marketplace where only business owners can sell their products to the end customer.

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The process is more or less the same like that of a C2C Marketplace with the

exception that it does not allow individual users to sell their products online.

Another significant difference in this model is that unlike a C2C marketplace where

anyone can become a seller, this is a more managed platform and allows only selected

sellers to sell their products. Though there can be multiple sellers for the same

product, but the site only permits legitimate sellers to sell through their website.

They prefer to work on a drop shipment model where the website’s logistics partner

picks the product from the seller and delivers it to the buyer. This gives them an

advantage of not blocking their inventory and reduces their warehousing costs.

Best example of this kind of a website would be SnapDeal.com which has now

become a B2C Marketplace.

EXCLUSIVE BRAND STORES

This is the latest business model of its kind recently started in India. In this business

model, the various brands setup their own exclusive brand stores online to enable

consumers buy directly from the brand.

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The website showcases the entire catalogue range of the brand and reflects the look

and feel that of the brand itself. It also offers the same promise and policies to the

customer, which the brand offers through their physical retail outlets.

These websites generally prefer to sell the products at MRP and because the

customers are sure that they are buying genuine products directly from the brand, they

do not mind buying the products at MRP.

Though the website represents that it is the brand selling to the end customer directly,

but many a times the entire operations of the store is managed by another licensed

operator who manages the entire operations and billing to the end customer. This is

also done to keep in line with the FDI laws in India where multi-national companies

are not allowed to sell directly to the end customers.

Though the number of brands operating through an Exclusive Brand Store online are

very limited in the country as of now, but this segment is fast growing and brands

increasingly are moving towards this concept.

A few examples of brands operating through an Exclusive Online Brand Store are

Lenovo, Canon, Timex, Sennheiser, HP, Samsung, etc.

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DIGITAL MARKETING STRATEGIES IN

E-COMMERCE

The digital marketing avenues provides marketers with the unique opportunities to

reach out to consumers in numerous ways. When exploited well, it results in

significant increases in revenue and profitability, specially when we use the same in e-

commerce websites. Simply launching a web site and hoping the search engines will

pick it up or that someone will stumble upon it isn't a very effective strategy. A good

Digital Marketing strategy involves the use of multiple marketing strategies in parallel

to reach out to customers through various channels.

PULL

In Pull Digital Marketing, consumers will actively seek out a brand for its products or

services because they are already aware of its reputation. In terms of marketing,

through intensive advertising, the aim is to establish a brand that becomes inherently

linked with customer satisfaction, as products provide value for the end user.

Therefore, what’s required from a digital marketing perspective is that consumers will

be influenced by effective Search Engine Optimisation, Pay Per Click strategies,

blogs, content marketing and Social Media campaigns and so come to the company of

their own volition. Overall, pull marketing relies on the generation of brand loyalty

and therefore growing rates of repeat custom.

PROS:

No restrictions in terms of type of content or size as the user determine what they

want.

⇒ No technology required to send the content, only to store/display it.

⇒ No regulations or opt-in process required.

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CONS:

⇒ Considerable marketing effort required for users to find the message/content.

⇒ Limited tracking capabilities – only total downloads, page views, etc.

PUSH

Push Digital Marketing defines a promotional strategy in which businesses attempt to

take their products to the customers – consumers are not actively seeking a product or

service, but are introduced to it through active promotion such as Paid Ads,

Promotional Emails, SMS, etc. in the hope that they will develop a desire to engage in

purchasing said product or service.

PROS:

⇒ Can be personalized -- messages received can be highly targeted and specific to

selected criteria – like a special offer for females, 21 years old or over and living

in specific parts of the country.

⇒ Detailed tracking and reporting – marketers can see not only how many people

saw their message but also specific information about each user such as their

name as well as demographic and psychographic data.

⇒ High Return on Investment (ROI) possible – if executed the right way, push

messaging can help drive new revenue as well as brand reinforcement.

CONS:

⇒ Compliance issue – each push messaging technology has its own set of

regulations.

⇒ Requires mechanism to deliver content – the marketer has to use an application to

send the message, from an email marketing system to RSS feeders.

⇒ Delivery can be blocked – if the marketer does not follow the regulations set forth

by each push message type, the content can be refused or rejected before getting

to the intended recipient.

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While digital marketing is effective when using one message type, it is much more

successful when a marketer combines multiple channels in the message campaigns.

For example, if a company is trying to promote a new product release, they could

send out an email message or text campaign individually. This, if properly executed,

could yield positive results. However, this same campaign could be exponentially

improved if multiple message types are implemented. An email could be sent to a list

of potential customers with a special offer for those that also include their cell phone

number. A couple of days later, a follow up campaign would be sent via text message

(SMS) with the special offer. Push and pull message technologies can also be used in

conjunction with each other. For example, an email campaign can include a banner ad

or link to a content download. This enables a marketer to have the best of both worlds

in terms of their marketing messaging. Overall, most companies benefit the most from

a balanced use of both strategies.

To analyze the effective usage of integrated digital marketing strategies, we did a

primary research on the various digital marketing strategies adopted by an e-

commerce company.

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RESEARCH FINDINGS

As part of this project, we did a primary research for an e-commerce company who

relies heavily on various Digital Marketing strategies to drive its monthly revenue.

The research was conducted using primary data from web analytics of a Premium

Online Fashion Store operating in India and targeting the youth in Tier 1 and Tier 2

Cities. The company has positioned themselves as an aspirational brand among the

youth and offer an extensive variety of products like Topwear, Bottomwear, Footwear

and Accessories suited for both men and women audience. Being a premium online

store, they are using a good mix of digital marketing channels to spread awareness

and drive there daily sales. The major digital marketing channels the company uses

for its daily operations along with their spends and Return on Investments are detailed

below :

Facebook

The company uses Facebook as one of the mainline advertising platform to spread the

word across their daily offers and have been creating paid campaigns on a daily basis.

The campaigns are a combination of various kind of advertisements possible on

Facebook like Post Boosts Right Hand Ads, Multiple Product Ads, Carousel Ads,

Custom Audience, Look Like Audience Targeting, Remarketing Ads, etc.

The overall campaign spends and returns over a 4 weeks period were as follows :

Week 1 Week 2 Week 3 Week 4 Spends 5,98,817 4,72,301 5,64,829 4,98,234 Revenue 6,76,996 5,86,955 6,78,712 4,50,597 ROI 113% 124% 120% 90% * All figures are in Rs.

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Instagram

Instagram is an online mobile photo-sharing, video-sharing and social networking

service that enables its users to take pictures and videos, and share them on a variety

of social networking platforms, such as Facebook, Twitter, Tumblr and Flickr.

Instagram as a social platform, though not as popular as Facebook, but is a popular

destination for users willing to share pictures through Mobile and is an attractive

platform for Fashion category.

The company, though not very aggressive on Instagram yet, has been doing some bit

of marketing spends on Instagram as well.


Week 1 Week 2 Week 3 Week 4 Spends 10,572 29,027 27,615 41,859 Revenue 1,610 9,051 19,283 13,941 ROI 15% 31% 70% 33% * All figures are in Rs.

Google

Without doubt, Google is the most important platform for any marketer to be visible

to target users searching for specific products. Google demands a premium price

when it comes to Advertising spends since the affinity to buy for the users searching

on Google is much higher as compared to any other platform, since the need is pre-

established.

The company has been investing a lot of money and efforts in optimizing the website

to increase its visibility on Google search results when users search for relevant

keywords. The efforts were put in to increase the website rank on organic as well as

on paid Google Listing.

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The company used various types of Advertising opportunities on Google for the paid

campaigns as explained below :

1. Google Search Ads

They were spending money on Pay per Click Advertising (PPC) on Google Search

and optimizing the Ads and spends so that our text ad gets displayed on Google

Search results, whenever a user searched for a relevant product on Google.

2. Google Display Network

They were also creating image ads and spreading the same across multiple websites

using the Google Display Network (GDN) to maximize our visibility across multiple

genres of websites, where our target audience would be present.

3. Google Product Listing

They also experimented with the Google Product Listing Ads (PLC) such that our

product gets displayed along with the price and Buy Now Link in the Google Search

Results, the moment a user searches for a relevant product or product category.

However, this type of Ads turned out to be very costly and were not ROI driven, thus

we did not continue these Ads for a longer duration.

4. Google Remarketing

The company was spending a lot on Google Remarketing where in our Image Ad

follows the user once he exists our website and goes to any other Google Partner

Website. This not only helps in brand recall, but also keeps the user informed about

the product or category he showed interest in and eventually persuades him to make a

purchase.


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Email Marketing

Email marketing is known to be one of the most cost effective and ROI driven

marketing channel for all e-commerce companies. We heavily rely on Email

Marketing campaigns for our daily sales and keep innovating with the communication

to increase the conversion rate.

Email marketing is best when used effectively. We segment the users based on

multiple parameters like Geography, Gender, Purchase Behavior, etc. and then send

them personalized communication to make it more relevant to them.

The fundamental concept of personalization as a part of the Digital Marketing mix

lies in the need of recognizing, identifying a certain customer in order to establish

relations. It is crucial to be able to identify our customers on individual level and

gather all possible information about them, with the purpose of sending the customers

more specific and need based communications, which would result in better results

through this particular marketing channel.


Week 1 Week 2 Week 3 Week 4 Spends 77,860 1,39,690 88,051 85,417 Revenue 1,49,882 1,64,639 2,22,516 1,25,457 ROI 193% 118% 253% 147% * All figures are in Rs.

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SMS Marketing

SMS marketing is a permission based marketing program where in we can send

promotional SMS to users who have opted in to receive promotional SMS from the

company.

Though it is considered not a very ROI driven marketing channel for e-commerce

players, but it goes a long way in brand recall and plays an important role in

increasing the repeat purchase rate of the customers.


Week 1 Week 2 Week 3 Week 4 Spends 6,48,975 5,04,831 94,348 3,76,562 Revenue 81,454 1,10,470 1,19,918 64,656 ROI 13% 22% 127% 17% * All figures are in Rs.

Affiliate Marketing

Affiliate marketing is a type of performance-based marketing in which a business

rewards one or more affiliates for each visitor or customer brought by the affiliate's

own marketing efforts.

Affiliate Marketing has proven to be the most effective and ROI driven marketing

program in the entire Performance Marketing Plan for our online store and accounts

for nearly 35% of the overall Revenue every month.

The company has been working with multiple affiliate partners as well as Affiliate

Networks on multiple marketing campaigns like Cost per Visit (CPV), Cost per Lead

(CPL) as well as Cost per Sales (CPS) campaigns.


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Thus, if we calculate the cumulative data for all the channels above, then a

comparison of the effectiveness in terms of ROI of every channel can be depicted in

the following chart :

Thus, looking at the above data, it is clear that Email Marketing remains to be one of

the most cost effective and ROI driven Digital Marketing channel for e-commerce

companies as on date.

However, since every channel has its own limitations, we need to deploy an integrated

channel marketing approach to drive the growth of e-commerce business in India.

149%112% 101%

40%

169%

23%

0%

50%

100%

150%

200%

Af/iliateMarketing

Facebook Google Instagram EmailMarketing

SMSMarketing

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FUTURE OF DIGITAL MARKETING IN

INDIA

Digital Marketing will continue to remain the most powerful and measurable way of

Marketing in the future. Some of the key observations on the changing trends of

digital marketing are as follows :

⇒ Content will continue to be the most important aspect of Digital Marketing. Marketers

will move on from creating generic content to personalized content and hence

Personalized Content Marketing will hold the key in future.

⇒ General techniques like SEO, SEM and Social Media will continue to exist. However,

the key will be to target specific set of audience and influencers will be the need of

future.

⇒ Automation in marketing will emerge more effectively and will be predominant in

future.

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CONCLUSION

In summary, Digital Marketing is still an evolving process for many e-commerce

companies in India and shows a huge growth potential in the coming years. A

marketer has multiple avenues of marketing in the digital space but since every

channel comes with its pros and cons, one needs to be prudent in choosing the right

mix of channels and use it effectively.

There is no single channel that can be used in isolation for any e-commerce company

and multiple channels needs to be deployed to have a comprehensive integrated

marketing approach.

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BIBLIOGRAPHY

1. Google Analytics Report and MIS Reports of a fashion e-commerce portal.

2. Personal Web Blog : www.atuljain7.com

3. PWC Report : https://www.pwc.in/assets/pdfs/publications/2014/evolution-of-

e-commerce-in-india.pdf

4. CRISIL Research

5. Internet and Mobile Association of India (www.iamai.net) reports.

Impact of Digital Marketing on eCommerce - Final Report

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