India’s leading online sellers said the demonetisation of Rs 500 and Rs 1,000 notes has badly hit their business with total orders down by almost 80 per cent.
All India Online Vendors Association (AIOVA), a group of 1,500 online sellers, said the country’s e-commerce industry is dependent on cash on delivery accounting for 70 per cent of the orders. The body fears the drop in sales will continue for at least ten days till consumers have sufficient cash in hand. The body has approached the Ministry of Finance with the issue.
AIOVA said the industry will suffer badly due to such reduction in business with around two million families dependant on the industry. “Crash of this industry will also lead to crash of logistic companies and trouble for India Post,” said the letter written to the government.
Source: Times of India
