The E-Business Council of India (TECI) is an industry association of e-Commerce Companies that have forayed into many new and aligned businesses, including digital-first brands, social commerce, fintech, logistics, SME lending, content and much more. TECI is a not-for-profit, membership-driven professional organization.
Given the fast growth of the sector and rapid innovation in product and service offerings, a need was felt to broaden the scope of TECI, formed in March 2019, to cover a wider range of online businesses. In line with this approach, it was proposed to rebrand The E-Commerce Council of India as The eBusiness Council of India (TECI).
TECI members, between themselves, account for more than 7.5 Lakh online sellers and service providers. Every month, more than 100 million users interact with the online businesses operated by members of TECI. More than 30 global and domestic institutional investors have invested more than USD 2.25 Billion in the enterprises founded by TECI members.
Anchored by the deep linkages of existing corporates and propelled by the energy of countless new start-ups, e-businesses are the engine of future economic growth for India. The sector holds within it the transformative potential to create countless new enterprises and large-scale employment opportunities for India.
TECI’s mission is to help organize and support e-commerce industry initiatives, which will lead to inclusive and broad-based growth of the e-commerce ecosystem in India. TECI will continue its exclusive focus on online businesses covering both physical and digital goods and services and related businesses
The founding members of TECI include product and services marketplaces like Snapdeal, UrbanCompany, Mjunction, Pumpkart, Shop101, Flyrobe and Fynd along with social commerce platform Shop101. The founding members also include digital-first fashion brands like Bewakoof, Breya and Rustorange. Online brands like Mamaearth, Superbottoms and Azah, which focus on specific segments like baby care products and women’ hygiene products are also part of the group that has collaborated to launch TECI.
TECI’s lens on India’s Internet sector will not just be about the growth of the sector, but development in a way that maximizes gains for India.
It will strive to operate as an “India-first” trade body & think tank that will look at the growth of a robust “Made-in-India” Internet Sector, with the objective of working towards “inclusive growth” of India’s digital economy.
TECI seeks to work collaboratively with private and public stakeholders with the aim to help develop a robust digital commerce sector that is aligned with India’s economic, social and strategic interests.
Executive Committee: the affairs of TECI are directed by an Executive Committee, which comprises the President, (up to) three Vice Presidents, the Secretary
TECI members belong to the following sectors:
E-commerce marketplace is an online technology platform, which connects buyers and sellers. The marketplace provides a platform for independent sellers and service providers to list their products and services and for buyers to evaluate and purchase the same. The transactions are processed by the marketplace, which may also assist in the logistics and collection and remittance of payments.
Social Commerce is the use of social networks in the context of e-commerce transactions. Social commerce enables shoppers to get advice from trusted individuals, find goods and services and then purchase them. The social networks of the buyers are integrated into the e-commerce platform allowing customers to seek inputs from their social circle as they discover, research, compare and choose as part of their discovery and purchase journey.
Digital-first Brands are brands, which prioritize branding and sales through online channels over traditional channels. Typically, products from digital-first brands will begin their journey through online platforms, where they get a chance to interact with the consumers directly, rather than through distribution-retailer layers of traditional retail. Later in their journey, some of these brands may choose to make their product available also in physical retail channels.
Fintech, Financial services companies offer a variety of services under a single umbrella. The scope of these services have since widened. The integration of technology, combination of streamlined offerings with technology, enables fintech companies and startups disrupt incumbents in order to improve their use and delivery to consumers, expanding financial inclusion and using technology to cut down on operational costs. In its basic form, Fintech unbundles these services into individual offerings.
Logistics, Supply chain logistics will play a critical role in eCommerce growth. So far, the air networks and road transport networks have closely aligned themselves with e-commerce journeys in Handling of special products like large appliances; furniture etc. (sophisticated cargo)
The airlines and road transport players have devised focused models for the e-commerce industry and also have been aggressive to address the demands of the industry. Rail network in India is currently a significantly under-utilized asset from e-commerce industry viewpoint. With strategic planning and e-commerce focused approach, significant impetus can be provided to the industry which can reap benefit of extensive reach, better cost and speed of connection of India Post and Indian railways.
SME lending, Indian MSMEs often face a financial crunch. While there are banks that help businesses get capital, the number of restrictions and formalities make it difficult for SMEs to access finance. SME lending platforms help small and medium businesses get easy finance with minimum documentation.
SMEs have immense potential for growth, however, funding is the prerequisite for any MSME to grow smoothly and the number of restrictions imposed by the banks is making it difficult for the sector to finance their business.
In this technologically-advanced era, fintech players are disrupting this space with their advanced technology and by providing flexible benefits plans to the emerging entrepreneurs.
Fintech platforms enable easy access to finance for the MSMEs.
Content, Over the last few decades, marketers’ ability to serve content directly to audiences has increased significantly. The world of marketing is undergoing a technical revolution. Platforms that enable marketers to deliver targeted messages, buy media programmatically and automate distribution have changed the marketing landscape of the country dramatically.
Content Platforms help marketers ensure that the content that gets targeted, served and optimized in the distribution phase of their process is meaningful, engaging, on-brand and compliant.
As a result, content marketing has become an industry of its own to augment and assist marketers’ efforts to sell their brands with intrinsic regulatory challenges.