National, December 13, 2023 — In a bid to unravel the untapped potential of Tier 2 and Tier 3 cities, the Internet Commerce Summit 2023 convened in Bangalore on Tuesday, offering a comprehensive exploration of opportunities that could reshape the e-commerce landscape in India. Bhavesh Pitroda, CEO of IMAGES Group, set the tone for the day with a compelling welcome, underscoring the significance of the evolving market dynamics.
The summit kicked off with the much-anticipated session, ‘Digital CEOs Click on the Future Button,’ skillfully moderated by Barathi Srinivasan, Partner at Kearney. The panel, featuring industry stalwarts Ashwini Seth (CEO & Founder, Dennison India), Dhiraj Agarwal (Founder, Campus Sutra), Mahesh Patel (Co-founder, Cloud Tailor), and Preeti Gupta (Chief Business Officer, Nykaa), took a deep dive into the potential of Gen Z online buyers and the burgeoning purchasing power in Tier 2 and Tier 3 cities.
Preeti Gupta, in a pivotal statement, highlighted the industry’s seismic shift from unorganized to organized markets. She underscored the accelerated digital adoption, suggesting that without this push, the industry’s growth would have been considerably delayed. Gupta noted that Gen Z, in particular, is displaying a discerning eye for product quality, a factor significantly shaping their purchasing decisions.
Mahesh Patel, co-founder of Cloud Tailor, echoed these sentiments, foreseeing significant contributions to the e-commerce landscape from Tier 2 and Tier 3 cities. Patel emphasized that these cities, with their burgeoning disposable incomes, are poised to become key contributors to the e-commerce sector, potentially altering the established market dynamics.
The subsequent panel discussion, ‘Money Talks! Digital Transactions Translated for Tomorrow,’ moderated by Aditya Kumar, Co-founder & CEO of Niro, delved into the potential of scaling online payment systems. Prakash Venkataramani, Senior Director & Global Payments at Flywire, stole the spotlight, shedding light on the transformative impact of real-time payments on the global commerce landscape. Venkataramani cited the remarkable figure of 11 billion transactions on UPI in October-November 2023, signifying the profound influence of real-time payments on India’s economic landscape.
The summit further unfolded with discussions on ‘Digital Thought Leadership – Game Changing eCom Customer Strategies,’ presenting a comprehensive perspective on e-commerce strategies with insights contributed by experts spanning various industries.
Keynote addresses by industry veterans added depth to the discussions. Sridhar Harihara Subramanian, Senior Director, Solution Engineering at Salesforce India, explored the ‘Building Blocks of E-commerce,’ while Percy Avari, Country Head at Aramex, delved into ‘Evolving E-commerce Logistics: Trends and Innovations,’ respectively. Their insights provided a holistic view of the evolving e-commerce landscape.
As the curtains fell on the Internet Commerce Summit 2023, the resonance of Tier 2 and Tier 3 cities emerged as a defining theme, indicating a potential revolution in the e-commerce sector. The summit’s insights, expertly curated by industry leaders and entrepreneurs, not only serve as a compass for businesses navigating the changing landscape but also underscore the imperative of adapting strategies to tap into the transformative potential of these burgeoning markets.
