Over the last few years, the technology and allied services industry has seen rapid changes, which have created a cloud of uncertainty. Megatrends across the business, technology and socio-economic environments are creating disruptions in the existing opportunities and, at the same time, creating new ones. Companies now need to focus on new client acquisition, strategic alliances, continuous innovation and expanding the range of services in order to become relevant in the current business scenario.
Technology will drive business transformation and will facilitate client engagement with customers by driving quality and speed of service delivery, innovation capabilities, resiliency and reliability of business operations. Technology itself has evolved from hardware to enterprise software to SMAC, internet of things (IoT), and artificial intelligence, and has become an integral part of every industry in this interconnected world. Technology providers are now being rated on their ability to help create digital enterprises for clients, and technology is rapidly moving from an enabler of improved efficiencies for clients to a driver of revenue and business value, resulting in CIOs now being seen as strategy partners.
Additionally, India has seen a host of new start-up firms coming up in the past few years, focusing on high-growth areas such as eCommerce, SMAC, IoT, advanced genomics and vertical-specific solutions. These firms are redefining the market and fuelling innovation.
Rapid growth has also led to a leadership challenge across all levels of the enterprise. Companies are battling problems such as employee attrition, high training costs, and limited time and resources to develop innovative business and delivery models.
As the world’s premier risk assurance, tax advisory and consulting firm, PwC is best equipped to understand and help you grow in an environment of increasing enterprise risk due to global economic turbulence, unsteady demand, unpredictable currencies and new challenges in the predictability of tax regimes. In the Technology sector, PwC works across segments such as IT/ITeS, eCommerce, electronics manufacturing and semiconductors.
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The Indian eCommerce market is expected to grow rapidly as new growth drivers emerge, and there is humongous potential for players, helped strongly by a growing internet user base and advancements in technology. However, in this ever-evolving marketplace, companies will need to address challenges, which range from strategy to execution.
eCommerce companies in India will have to focus on several key aspects of their business, both external and internal. External forces impact how eCommerce companies plan their growth strategy and provide seamless customer experience onsite and post-transaction. Internal forces impact how eCommerce companies can organise to drive and sustain growth.
PwC has a specialised eCommerce team of highly experienced practitioners in all industry verticals that can help eCommerce companies address a wide variety of challenges across all key functions.
This is the first of a series of communiqués, which aims to highlight emerging tax, policy and regulatory issues relevant to the growth of the start-up/eCommerce ecosystem in India.