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Internet Commerce Summit 2023 rides high on UPI wave, charts transformative path for e-commerce in India

The Internet Commerce Summit 2023, held on December 12, emerged as the forum for unveiling transformative opportunities that will reshape the trajectory of e-commerce in the country. With UPI having surpassed 11 billion transactions in the past two months, this milestone signals a transformative wave for the burgeoning e-commerce industry and reaffirms digitization potential and role in urban daily life. As a result, the e-commerce industry stands to benefit from an audience increasingly inclined towards online shopping.

The welcome address given at the summit by Bhavesh Pitroda, CEO of IMAGES Group, set the stage for a day filled with illuminating sessions and engaging discussions.

The summit commenced with a compelling session, ‘Digital CEOs Click on the Future Button,’ moderated by Barathi Srinivasan, Partner at Kearney. A distinguished panel, featuring Ashwini Seth (CEO & Founder, Dennison India), Dhiraj Agarwal (Founder, Campus Sutra), Mahesh Patel (Co-founder, Cloud Tailor), and Preeti Gupta (Chief Business Officer, Nykaa), discussed the potential contained in the Gen-Z online buyers as well as the rising income potential of people in Tier 2 and Tier 3 cities.

Preeti Gupta highlighted the industry’s potential shift from unorganized to organized markets. She also said, “The adoption of digital has been expedited by 3 to 5 years; otherwise, the industry’s growth would have taken much longer. Gen Z, in particular, exhibits a keen understanding of product quality, driving their purchasing decisions.”

Mahesh Patel anticipated significant contributions to the e-commerce landscape from Tier 2 and Tier 3 cities. He noted, “I see Tier 2 and Tier 3 cities having more disposable income and therefore becoming big contributors to e-commerce business.”

Ashwini Seth remarked, “I envision a booming future for e-commerce, driven by the insatiable curiosity of the Gen Z population to explore a myriad of brands.”

In the panel discussion on ‘Money Talks! Digital Transactions Translated for Tomorrow’, moderated by Aditya Kumar, Co-founder & CEO, Niro, industry experts gave insights into the prospects of scaling online payment systems.

Prakash Venkataramani, Senior Director & Global Payments at Flywire. Prakash shared illuminating perspectives on the transformative impact of real-time payments on the global commerce landscape. “The staggering data of 11 billion transactions on UPI in October-November 2023 underscored the profound influence of real-time payments on India’s economic landscape.”

Throughout the day, the agenda was power-packed with insightful panel discussions on pivotal topics. ‘Money Talks! Digital Transactions Translated for Tomorrow’ showcased leaders from Angel One, Flywire, and Swift Money, while ‘Digital Thought Leadership – Game Changing eCom Customer Strategies’ provided a comprehensive view of e-commerce strategies from luminaries across various industries.

The event also featured keynote addresses by industry stalwarts, including Sridhar Hariharasubramanian, Senior Director, Solution Engineering at Salesforce India, and Percy Avari, Country Head at Aramex, exploring ‘Building Blocks of E-commerce’ and ‘Evolving E-commerce Logistics: Trends and Innovations,’ respectively.

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