The buyout of Flipkart by Walmart for a mammoth $16 billion, the biggest eCommerce deal globally, is a clear indicator of the value eCommerce platforms command. As per an India Brand Equity Foundation (IBEF) report, India’s eCommerce industry is growing at a healthy 51 percent year on year. Expected to touch the $120 billion mark by 2020, India’s eCommerce industry is growing faster than any other in the world. Statista, a statistics portal, points the eCommerce penetration in India stands at 28 percent. An approximate seventy percent of India’s population has still not warmed up to eCommerce thus presenting a market and opportunity worth exploring. No opportunity is bereft of challenges and it’s the same for the eCommerce industry.
India is a diverse land that boasts of 22 official languages. She cannot be conquered through the English language as a meager 12 percent of the population is comfortable using the language. It is here that the need for localization arises. With approximately half the population using Hindi followed by Bangla and other regional languages, eCommerce platforms must consider serving this set of users in the regional language of their choice by localizing their website.
A Redseer Consultancy study states that 110 million internet users have made purchases online, at least once as per data from 2018. The number of active internet users in India is expected to catapult to 830 million by 2021 buoyed by the rapid adoption of internet-enabled smartphones across rural and tier 2 cities. The major share of revenue generation expected in the coming years will be driven by rural and tier 2 city dwellers. While the urban environment in India requires and encourages the use of the English language, it is not the same as the rural or tier 2 city populace. Data on language preference indicates that 73 percent of internet users by 2021 will prefer to use languages other than English, up from 57 percent in 2016. With 40 million users joining the online user base every year there is a huge potential for the eCommerce industry to capture and benefit from new customers. Serving native language content to customers is a sure way to keep the user engaged and active.
Sensing the urgency and opportunity that lies in the use of native languages, Amazon on the 5th of Sep. 2018 launched a mobile website and app in Hindi for android users. It aimed to connect and encourage 100 million additional users comfortable using the Hindi language to use their platform.
While Amazon has made the first move in time to capitalize on native language user’s other eCommerce platforms have to soon follow suit and give website localization some serious thought. KeyPoint Localization with more then 3000+ linguists around the globe has been in the business of localization for more than a decade. It has through its language corpuses and futuristic language technology-powered enterprises, small and medium businesses and start up’s to easily connect with their target audience. KeyPoint’s contextually relevant translations have helped businesses develop and present distinctive content for the consumption of the larger native audience, positively impacting revenue and profits.
To understand how KeyPoint can propel your business to become a game-changer, write to us or call.