Introduction
With the recent surge in internet users given the improved
access to smart phones, and the convenience of the world wide web
at our fingertips, the e-commerce market in India is witnessing an
unprecedented growth spurt. One of the most promising sectors of
the Indian market, the annual revenue of the e-commerce sector is
projected to cross USD 16 billion by the end of 2015.1
The Indian e-commerce market includes travel, financial services,
real estate and other classifieds, online retail and various other
services. Although online retail occupies less than 1% share of the
overall retail market in India,2 it is growing rapidly.
The success of the online retail start-ups is expected to achieve
annual revenue of USD 7 billion in 2016 with a compound annual
growth rate of over 60%.3 With such exponential
projected growth rate and investments pooling into online retail
start-ups, various market regulators have frowned upon the lack of
regulations in the
