A Study On Indian Online Retail – Payment Mechanisms And ...

Researchjournali’s Journal of Marketing Vol. 2 | No. 3 April | 2014 ISSN 2348-0947

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www.researchjournali.com

R. Vidya

Associate Professor & Head of the Dept. (Shift II),

Department of Commerce, Stella Maris College, 17

Cathedral Road, Chennai 600 086, India

A Study On Indian

Online Retail –

Payment Mechanisms

And Issues


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Abstract

The increased purchasing power due to rise in income and the change in consumer mindset has ushered in an

era of Organized Retail boom in India since '90s. Later, the Online Retail also made its appearance expanding

the ambit of retail services to the smaller cities and rural centres. The supply chain and payment structures in

Online Retail have features crucially different from the outlet-based organized retail, They also mutually

impact each other, especially due to issues related to delivery and return processes. This paper gives a brief

overview of the organized retail growth and discusses the emerging payment mechanisms and issues in Indian

Online Retail.

Keywords: Organized Retail, Brick-and-mortar, Online Retail, Supply Chain, Payment Gateway, Online

Payment

1. Introduction

The successful evolution of organized retail has been a major factor of the Indian economic growth (Joseph

2008) since the paradigm shift towards globalization. With increased purchasing power, the young and urban

middle class started demanding quality products and services to match their improving life styles. Sensing a

big opportunity, both local and global players began entering this sector marking the onset of Retail boom in

late 90s. The retail outlets, however, were mostly located in major urban centres, particularly the metros.

With the growing internet and mobile culture, availability of information on latest trends and style, and the

changing mindset, consumers from smaller cities, rural countryside and the remote areas also wanted to enjoy

the benefits of the retail boom.

As a major power in the Information and Communication Technologies, India saw the emergence of Online

Retail as a viable option to take the organized retail across the country. The setting up and management of

Supply Chain has already been recognized as a crucial component of the conventional outlet-based retail, also

known as brick-and-mortar retail. Though there were some common features, the supply chain structure and

management for the Online Retail regime had considerable differences from the conventional organized retail

scenario. The online and outlet-based retail segments also differed in the way payments were handled.

Options like Cash-on-Delivery and cancellation of orders, and the handling of return of goods necessitated

inter-mixing of supply chain strategies with the payment mechanisms.

In the overall picture of the Online Retail and the related Supply Chain Management in the Indian scenario,

this paper focuses on the Payment mechanisms and specific issues, and their potential impact on the growth of

this segment. The study aims to provide an understanding of payment mechanism in Online Retail, how it


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differs from the conventional organized retail, and payment related issues that arise out of, as well as impact,

the online sales and supply chain operations. A brief overview is given on the payment gateways, by retailer

and third-party service providers, customized for online retail. The study, essentially descriptive, includes an

analysis of customer experiences and payment issues, based on a survey of a cross section of Indian online

shoppers, interactions with a sample set of retailers and associated service providers, and data obtained from

e-journals and reports. The scope of the analysis, however, is limited due to insufficient amount of readily

available data and reluctance on the part of retail organizations to share the relevant details. It is proposed to

make further studies in an extended time frame reaching out to the various stakeholder in the online retail

arena.

2. Organized Retail

Retail is derived from the French word taillier which means 'to cut a piece off' or to break bulk. A Retailer

sells goods and in smaller volumes to buyers who are the end-users. The retailers themselves will be

purchasing the products and goods from producers / manufacturers either directly or through wholesale

traders. In the supply chain system of Organized Retail, which originates at the point of production and ends

at the point of consumption, the retailer provides the crucial final link interfacing with the buyer who is the

end user. Besides supplying goods to customer, the retailer has to manage the supply chain, which involves

the unidirectional flow of goods from source to buyer and the bi-directional flow of information to and from

various supply chain nodes. The activities include coordination with suppliers and logistics service providers,

information collection at the point-of-sales about customer needs and feedbacks, sharing the information with

the various stakeholders, and forecasting and planning the retail operations, to provide quality products and

timely services.

The retail trade was generally carried through peddlers and hawkers carrying goods and wandering around the

places where potential buyers live. In larger settlements, including villages and cities, there were designated

market places, termed market squares, where traders could set up stalls so that the buyer could come and

make purchases to meet their needs. In general, each trader would offer only a limited range of products.

The setting up of general stores in the early 18th century in the United States could possibly considered as the

origin of the modern version of organized retail. The specialty stores began to emerge in densely populated

areas and supermarkets came into being after the Second World War. The organized retail grew faster in the

developed countries and forms 75- 80 per cent of the total retail. In the developing nations, the retail

development came in stages, mostly coinciding with the onset of economic development. The unorganized

sector dominated the overall retail as the share of organized retail, according to a 2006 statistics (Joseph


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2008), ranged from 1 per cent in countries like Pakistan to 36 per cent in Brazil, with Malaysia alone reaching

the 55 per cent mark while India hovered at the bottom with 4% share.

According to the Wikipedia report on Retailing in India (Indian Retail – Wiki), Retailing accounts for 14 -15

per cent of the Gross National Product (GDP) and provides employment to about 40 million people.

Estimated at US$ 500 billion, it is among the top five retail markets in the world in terms of economic value

and is growing fast with increasing number of active consumer coming out its 1.2 billion population.

Research reports from Associated Chamber of Commerce and Industry (ASSOCHAM) had estimated the

retail sector in 2012-13 to reach a figure of US$ 400 billion (Rs.19.2 trillion) contributing 22 per cent of the

GDP. An article on Indian Retail Industry during 2012-2013 (Thambala 2013) put the retail share in GDP at

20 percent and contribution to total employment at 8 per cent. It is expected that the retail volume will have a

phenomenal increase touching US$ 1.3 trillion by 2020.

A.T. Kearney Global Retail Index 2012 report (Kearney 2012), ranks India fifth in the retail sector, with a

projected growth rate of 15-20 per cent for the next 5 years. The share of organized retail, however, is quite

low at 5 – 7 per cent of the total retail, when compared to other developing countries. In terms of turnover,

Brazil tops the rank of retail sales having a share of 70% of consumer spending, followed by Chile, China and

Uruguay. Of course, the low share also indicates a high potential of growth.

In 1980s, Indian retail primarily consisted of dealer networks set up by apparels and garment manufacturers

such as Raymonds, Bombay Dyeing, Madura Coats, etc., later followed by Titan. The telecom revolution in

80s and globalization in 90s, gave thrust to the retail sectors pure retailers taking over from the manufactuer-

retailers. In the Western countries, The successful companies like Wal-Mart, Body Shop, Carrefour, Hennes

and Mauritz, IKEA, Toys R Us, Wal-Mart, and Zara had set up retail outlets in different formats including

Hypermarkets, Supermarkets, Cash & Carry, Discount Shops, Convenience Stores, and Co-ordinated Sales

Space. The Indian retailer followed similar formats, albeit with suitable changes adopted to Indian conditions.

Future Group with Big Bazaar, Food Bazaar, Hometown Furniture Bazaar, e-zone, Shoe Factory, Star, Sitar,

etc. has been the leading retailer having its own supply chain and logistics wing. In 2006, Tata's Infiniti Retail

launched Croma retail chain in multi-brand consumer electronics and household durables. Others include

Shoppers Stop of K Raheja Group, Spencers Retail of RP-SG Group, Lifetyle Retail of Landmark group, ITC

Choupal Sagar and Choupal Fresh, Mother Dairy, Reliance Retail and More of Aditya Birla Group. During its

evolution, the organized retail had gone through many convulsions and consolidations. Subhiksha, once

considered the poster-boy of retail boom folded up due to financial and operational problems. Fabmall and

Trinetra went through branding cycles and finally became “More” under the Aditya Birla umbrella. Reliance,


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which had set up retail stores in a wide variety of formats, consolidated them into a limited number of

formats.

The growth of Organized retail in Indian is driven by a variety of factors. The liberalization brought the

economic growth and increased the purchasing power of a large segment of consumers. The large middle

class of 75 million households or 300 million individuals were aspiring for value-driven products. It is

estimated that 500 million people under the age of 25 have access to expendable income. While the previous

generations were frugal in nature, the Indian diaspora of technocrats to West brought in a shift in mindset of

the young and middle-age consumers who were willing to spend for quality and comfort. The use of plastics

money increased, especially in the metros and big cities. The setting up of malls and retail outlets with

comfortable buying ambiance provided a comfortable and enjoyable buying experience to the customers. The

low-incomer consumers also benefit from targeted discount shopping and other offer at the organized retail

outlets.

The retailers recognized that by setting up a good supply chain and dealing directly with producers and

manufacturers, they can save on the payments to intermediaries and gain price advantage and better profits.

The effective use of information and communication technology tools were also aiding the growth of this

sector.

The brick-and-mortar retail growth, however, was threatened by issues like high real estate costs, large

amount time spent on reaching retail outlets due to traffic and other problem, increasing fuel price and the fast

pace of life of the potential customers. To attract customers, the outlet has to be easily accessible and more in

number. However, the cost of setting up one retail store is estimated to be equal to the total profit earned from

eight outlets. The insufficient infrastructure, problems in interstate movement of goods, government policies

related to setting up of retail stores, taxation lacunae and other supply chain related issues sales taxation also

created hurdles in the retail operations.

Due to government restrictions, Foreign Direct Investment in the brick-and-mortar retail has been very

restricted. Foreign Direct Investment (FDI) has been eased in single-brand retail, but partially allowed in

multi-brand segment with many restrictions. According to media reports, some of the established players in

Organized Retail are lukewarm to easing of FDI regulations while others are looking at FDI as a direly

needed source of funding, along with its allied benefits of technology infusion. The policy measures are

constrained by social-economic as well as political overtones.


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Since the retail outlets were mostly confined to metros, the huge potential of customers in small cities, rural

segment and remote areas were left out of the retail boom. With the advancements in information and

communication technologies and the spread of mobile culture, it was inevitable that Online Retailing was

becoming a very attractive option.

3. Online Retail And Its Supply Chain Mechanism

The e-Commerce ecosystem has already taken root in the Indian scenario and the earnings reaching US$ 1.6

billion in 2012 with major contribution from the online retail. The Forrester Research predicted the fastest

growth of Indian e-commerce market among the countries in the Asian-Pacific region, with estimated earning

of US$ 8.8 billion by 2016.

Apart from the limitations faced by conventional organized retail, there are many factors which help the

Online Retail growth in India. India has nearly 200 million internet users and nearly 75 per cent of them are

below 35 year of age, with many of them moving into earning segment in the near future. A Women and Web

Study by Google (Live Mint 2013) indicates that there are 60 million Indian women who browse online of

which 40 per cent are daily visitors and roughly 25 per cent through mobile phones. According to an estimate,

33 per cent of Indians were willing to spend their disposable income through online purchases, compared to

the world average of 22 per cent. The customers from Tier-II and Tier-III cities found online shopping as

better alternative to visiting nearby retail outlets which could not keep inventories matching their needs. For

rural and remote area buyers, outlets were out of reach and online was the best option. The online retailer

could also target the time-constrained buyers and the last minute buyers. The any-time, anywhere selection

and ordering facility coupled with the comfort of home delivery has been the principal factor in the growth of

this sector. The effective use of social media to provide information on products and deals, peer-to-peer

commendations, group buying options, provision for ordering through social media sites such as Facebook

and Twitter, and the m-commerce options of ordering through mobile are taking the Indian online retail to

new heights.

The technological advances are enabling the online retailers to set up attractive and informative Virtual shop

space in a cost effective manner. Using the internet and mobile communication facilities, they are able to

facilitate almost instantaneous interactions with the shoppers who seek further information and help while

selecting the products and placing orders.

The Online retail has been concentrating on increasing the spread of online shoppers. In 2012, there were 37.5

million visitors shopping online as against 26.1 million in July 2011. Snapdeal, Flipkart, Myntra and Jabong


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claimed to have received 5 to 7 million visitors during this period. However, how many visits are converted to

actual sales and the transaction size will be the true measures of the success of Online retail. The average

transaction size claimed by some of the retailers are given below:

Table 1: Average Transaction Size in Indian Online Retail

Retailer Average transaction size

(in Rupees)

Flipkart 1950

Myntra 1350

Yebhi 1250

Not all categories are conducive to online retail, primarily due to logistics and cost related issues. Apparels

and garments, books, electronic goods, tickets and gift items have been the best selling categories and

categories like health care, baby care, groceries are picking up. Flipkart, Snapdeal, eBay, Jabong, Myntra,

Crossword, Futurebazaar, Naaptol, Fashionand You, etc., have become household names and the entry of the

world leader Amazon.com heralds reinforces the bright future of this sector. According to an ibnlive report

5690-5 (ibnlive 2013), eBay, Fashion and You, Flipkart, futurebazaar, Homeshop 18, Letsbuy, Mydala,

MyGrahak, Myntra and Snapdeal, are ranked as top online websites.

The Online Retail has been seeing a transition from Inventory-based model to Market Place based model. The

Indian trader's mind set has been to have full charge of the inventory so that supply to can be assured. In this

model, it is necessary that the inventory is complete enough to meet the requirement of every order. This,

however, would be very costly. Further, the constantly changing trends and fashions would have to be

reflected in the inventory system, causing heavy obsolescence. The marketplace model, which is gaining

ground in India, places the onus of inventory management on the vendors who sell their products through the

virtual shop floor set up and maintained by the retailer.

The potential prospects of Online Shopping has drawn the attention of venture capitalists who have been

investing heavily in this sector, especially in the marketplace model. The FDI restrictions are mostly related to

ownership patterns and procurement regulations governing the retailers who are selling the products. The

marketplace retailers fall outside the purview of these restrictions since they only provide the platform while

the actual sales is done by the vendors whose products are offered through the virtual shop. E-commerce has

received funds amounting to US$ 700 million in the past three year with major share being taken by online

retailers such as Flipkart which got $150 million funding in one of the deals.


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It is obvious that the supply chain structure for online retail has to be quite different from the conventional

brick-and-mortar retail. While the chain end at the retail outlet where the buyer makes a purchase, the supply

chain begins when the buyer makes the online order. The online retailer has to coordinate with suppliers and

logistics services to procure, pack and deliver the goods at the customer place. In this context, the supply

chain structures in the inventory-base and the marketplace models have some differences.

The online retail has its own issues, especially related to payment mechanisms, quality maintenance and

customer satisfaction as regards to delivery. The return option puts a great strain on the supply chain

mechanism, cost aspects and satisfying the customers. The logistics providers charge more when the product

is returned. When and how the returned product has to be picked up, whether the product is returned to the

vendor-supplier or some intermediate point, who should pay for the transportation while returning the product

and also while sending the replacement, etc., are some of the crucial issues to be addressed. In many of the

retailer websites, the return policy information clearly laid out. However, the feedback from the dissatisfied

customers indicate that the reality is quite different.

Looking at the various factors that could impact online shopping penetration, the following observations

could be made:

- The time consumed to reach a shop and make a purchase has driven many of the buyers to online

mode.

- Since 75% of online user base is below the age of 35, generational inertia could not be cited as

the aversion to online shopping.

- The multiple security systems for online card payments and the widely prevalent option of Cash-

on-delivery, are ensuring that payment is not a major issue for the buyers.

- Online retail thrives on comfortable payment options, with 60% of sales are cash-on-delivery.

- The logistics providers may be collecting the payment for Cash-on-Delivery mode.

- Online shoppers expect competitive pricing, in-stock merchandise and fast delivery.

4. Payment Mechanism In Indian Online Retail

At retail outlets, the payment can be by cash or through cheque, credit/debit cards, prepaid cards, shopping

vouchers, gift cards, discount coupons, etc. The payment can be made online through credit/debit cards,

prepaid cards or vouchers offered by the retailer to registered users. To enhance the confidence of buyers, the

online retailers have started offering Cash-on-Delivery (CoD) options which combines the ease of ordering

through and security of paying while receiving the goods.


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In brick-and-mortar retail, the buyers receives the goods while making the payment and, in general, the

chances of return of goods are minimal. The return process can be conveniently handled offering replacement

or payback as per terms and conditions. In online shopping, however, there is a time delay between ordering a

product and receiving it at the customer's place.

4.1 Payment Options in Online Retail

The payment can be made online through credit/debit cards, prepaid cards or vouchers offered by the retailer

to registered users. To enhance the confidence of buyers, the online retailers have started offering Cash-on-

Delivery (CoD) options which combines the ease of ordering through and security of paying while receiving

the goods. It is estimated that 60 per cent of online shoppers opt for Cash-on-Delivery mode, especially in

non-metros.

In some countries use of credit cards to buy goods online is not allowed. While online shoppers in Germany

mostly use pre-paid card and cash-on-delivery modes, high-street shopping vouchers are popular in Italy.

Many of the European customers are reluctant to use online card payment mode fearing security theft. In

India, the Reserve Bank has introduced many security measures for e-payments such as multiple passwords,

CAPATCHA verification, authentication through agencies such as Verizon. The IT-savvy young users,

especially from bigger cities are most accustomed with online card payment, often through mobiles.

4.2 Cash-on-Delivery and Courier Service

Online retailers offer Cash-on-Delivery option to attract customers who are worried about online payment

security and product delivery. It has been estimated that 60 per cent of sales are made using the CoD mode.

The courier service persons who deliver the goods to customers also collect the payment from the customers.

Hand held mobile swiping instruments are available, but wide spread usage is not practically feasible.

In a scenario possibly unique to India, the buyer prefers to pay hard cash, even to the tune of Rs. 50,000 or

so, after getting hold of the product. The cheque mode is not preferred by retailers and couriers due to

credibility problems and some buyers fear accounting issues. The COD model critically depends on the

reliability and safety of the delivery person. The initiatives being taken by India Post to offer its logistics

services could give a great boost to CoD mode, besides reaching out to rural customers. Experiences in the

Value Payable Post (VPP) service model, India Post can provide service ensuring reliability and safety. The

various logistics providers are also re-orienting their collection and delivery mechanisms to meet the special

needs for money collection and transmission to retailers. They could also use the services provided payment


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gateways to handle cash and card modes of collection. Almost all online retailers offer multiple payment

options.

4.3 Payment Gateways

While some of the retailers have their own payment gateways, managing the payment mechanism is not a

core competency for most retailers. Third-party payment gateways are available offering cost-effective

collection services to the retailers and also making it easy for the customers. A payment gateway caters to a

wide variety of B2B and B2C e-commerce transactions. For Online Retail, it is equivalent to the physical

Point-of-sale (PoS) terminals used by brick-and-mortar retailers. A good payment gateway will support all

major credit/debit card online transactions with fast verification & authorization processes. The add-on

services include risk management tools, cheque conversion services, a variety of reports, encrypted data

storages and Address Verification Services (AVS) . A trustworthy payment gateway will provide a secure

payment channel, minimizing the risk for the retailer and enhancing the customer confidence. Through the

virtual terminal running the merchant account, the gateway can connect to the shopping cart to enable real-

time processing.

PAYUPAISA

PayUPaisa.com (PuP) is particularly suited for retailers who use social-networking sites to market their

products, providing a virtual space to display and sell the products. The retailer has to Log on on to

PayUPaisa and create an account, giving information on PAN/TAN card and a bank account. The site helps to

create “a webfront” page on the PuP website to which the buyers from the retailer's official websites or

various social networking sites could be redirected to carry out the sales process.

CCAVENUE (S.N.I.P)

CCAvenue.com has introduced a payment service, S.N.I.P. or Social Network In-Stream Payments Collection

Service, which enables retailers to sell online and get paid through a social-networking website such as

Facebook. It claims that the retailers can make a sale and collect the payments 'in-stream' and 'real-time', i.e.,

without having to wait days for the payments to process. The service requires no collaboration with the social-

networking site, and the link can be put up almost anywhere, including Twitter, Google+ and even Whatsapp.

The service is also optimised for mobile phones.

AASAAN PAY

AasaanPay.com, which is at pilot stage, aims to attract the retailers and customers towards smartphones-

enabled payment options. The technology uses a dongle that connects to a smartphone via the audio jack. The


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relevant app is installed on the retailer's phone and the bank account details have to be entered. To receive

payment, the dongle device has to be inserted. After opening the AasaanPay app, the merchant can enter the

amount, swipe the card (debit or credit), ask the customer to sign and a receipt can be sent through an email or

an SMS.

GHAR PAY

Gharpay aims to help retailers who are operating on small scale and/or lacking the financial and technological

strength to of CoD service. A 'doorstep payment network', collecting cash at the customer location and

delivering the amount the retailer, Gharpay is currently limited in scope as it covers only service delivery,

such as tickets, and not physical products and is available in 16 cities, including major metros.

ZONG

Zong.com offers a payment service through mobile phones so that retailers can access a large number of

customers who can make the payment through their mobiles. The amount due towards the purchase is added

to the phone bill or deducted from a prepaid balance. The mobile phone should have an active text messaging

service. In case credit/debit cards are available, an allied service called Zong+ can be used so that the card

account can be linked to the phone number to make immediate payments. The service is active in more than

40 countries. The retailer can make a sale anywhere in these countries.

4.4 Payment related issues in Online Retail

For the retailers, bother online and offline, card payment options have the inherent problem of fraud. The

payment systems economics makes the retailers prefer cash or debit card payments since the credit card

transactions are costlier. In principle, the transaction costs cannot be passed on to the customers, though this

dictum is not often practiced. According to a study made by The British Retail Consortium (BRC 2011), the

card payments formed 76.7 percent of retail spending in 2009. The banks levy heavy administrative and anti-

fraud charges, besides enjoying free interest for a month.

The physical presence of the card holder is not any issue for online buyers, but the security issues are more

pronounced since the information has to pass through various web links. Not all websites are secured and

even for the protected websites, the security questions and credit controls take time. An average customer

might find the process very cumbersome and give up halfway. The interactions with a cross-section of

executives associated with the online retail sector and the various studies related to online retail have brought

out the following points:


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- Most of the online shoppers are used to online payments, including mobile payments. However,

they expect multiple options so that they can decide on the mode of payment depending on the

product category and delivery schedule

- Since the price announced at the time of order cannot be modified, the retailer has to absorb any

additional cost.

- While the online payment management, by the retailer or third-party payment gateway is

maturing, cash-on-delivery mode has many issues and needs a comprehensive study

A survey of online customers to as part of a broader online supply chain study highlight the following

points.

- Using the card payment option depends on the geographical location and the type of products.

- Buyers from metros and regular online shoppers are more willing to make online payment

- The buyers are willing to pay for quality products and early delivery, but are concerned about the

disconnect between what is promised and what actually takes place

5. Conclusions

Online Retail is growing and the payment mechanisms are stabilizing, with Cash-on-Delivery being the

preferred option. The major retailers are having their own payment gateways, but third party service providers

are also on the rise. While the visitor number is on the rise, conversion rate into actual deals crucially depends

on quality of products and supply chain structure. While the payment mechanism has focused on the buyer-to-

retailer payment process, the return options due to cancellations are beset with many issues. As the retail trade

increase in volume, the card frauds and returns will have to be effectively handled to ensure customer

confidence and retention. The retailers also will have to interface with financial institutions, government and

other agencies to take measures to foresee and resolve issues related to payment handling costs, security of

payment and related aspects.

6. References

Joseph, M., Soundararajan, N., Gupta, M., and Sahu, S. (2008), Impact of Organized Retailing on the Unorganized

Sector, ICRIER Report May 2008

Javadi, M.H.M., Dolatadi, H.R., Nourbakhh, M., Poursaeedi, A. & Asadollahi, A.R. (2012), An Analysis of Factors

Affecting on Online Shopping Behavior of Consumers, Intl. Journal of Marketing Studies, Vol 4, No. 5, p. 81-98

Kearney,A.T.(2012),http://www.atkearney.com/documents/10192/1315829/Global+Retailers-

+Cautiously+Aggressive+or+Aggressively+Cautious.pdf/b8f528f4-cb6f-411d-8ae6-7afb7fbc7b7e


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Thambala,R., (2013), Indian Retail Industry 2012 – 2013, rajeshthambala.blogspot.in/2013/02/indian-retail-industry-

2012-2013.html

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http://www.brc.org.uk/Downloads/BRC_Cost_of_Collection_Survey_2011.pdf

https://en.wikipedia.org/wiki/Retailing_in_India

http://www.flipkart.com/s/help/payments

http://ibnlive.in.com/photogallery/5690-5.html

http://www.livemint.com/Consumer/HmGIgQ2L1hAY7BCAHcJBxL/Internet-influence-highest-for-skincare-products-

among-India.html June 20, 2013

http://www.retailresearch.org/retailpaymentsystems.php

http://www.snapdeal.com/info/TrustPay

http://www.brc.org.uk/Downloads/BRC_Cost_of_Collection_Survey_2011.pdf

https://en.wikipedia.org/wiki/Retailing_in_India

http://ibnlive.in.com/photogallery/5690-5.html

http://www.livemint.com/Consumer/HmGIgQ2L1hAY7BCAHcJBxL/Internet-influence-highest-for-skincare-products-among-India.html

http://www.livemint.com/Consumer/HmGIgQ2L1hAY7BCAHcJBxL/Internet-influence-highest-for-skincare-products-among-India.html

http://www.retailresearch.org/retailpaymentsystems.php

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