Disruptions are the need of the hour. This applies to the eCommerce in India as well. With the emergence of new competitors in the online segment, established players such as Myntra, Flipkart and Amazon, are reinventing their way of functioning to stay at the top.
The new strategies being employed can be witnessed through the ‘trends’ that have captured everybody’s attention. Indian entrepreneurs are adamant about revolutionizing the eCommerce industry and experience for their countrymen, taking inspiration from their western counterparts as and when required.
Here are a few trends of 2020 that are collectively catapulting the eCommerce in India to another level.
Innovation in logistics
The customer orders an iPhone but receives a fruit instead. The blame directly or indirectly goes to the delivery guy who's just a small part of the supply chain. Ecommerce players are realizing the importance of getting logistics done right since most of the customer complaints pertain to delivery issues. To sort it out, third-party logistics providers are turning up on the scene and are being hired by companies to micromanage the entire delivery process. The highlight to watch this year would be drones replacing delivery boys, overcoming hurdles such as traffic, transportation, etc. with relative ease. Hence, taking Ecommerce in india to another level.
Static advertisements are now becoming a thing of the past. Video marketing is gaining prominence, propagating and convey much more information than a normal ad. A 10-second advertisement can influence the audiences’ mind to an extent that wasn’t possible earlier. Don’t believe this? Pay a visit to sites that show what's trending in India and what is going to be blocked soon in India and test out the effectiveness of such video commercials!
Virtual trial rooms
Not leveraging the potential of AI and machine learning in the modern-day means an outdated way of performing tasks. A lot of endeavors out there are concentrating on creating the perfect trail room experience, continually improving the entire virtual procedure to mimic the real-world experience. A major reason why offline shoppers are reluctant towards jumping on the online purchase bandwagon especially when it comes to clothes is due to the lack of ability to try out items before purchasing them. Virtual trial rooms are quickly going to tear down this inability of e-commerce sites.
Virtual assistant: A chatbot or virtual assistant with the appropriate functionality can do more than just a “Hi there”; it can guide through the customer’s entire experience on the website, right from opening the catalog to finalizing the shopping cart. With the amount of research going on in Natural Language Processing and Artificial Intelligence, the number of conferences being held all over the world, universities rolling out certifications and specializations in these domains is a testament to the power that chatbots possess. Some websites have incorporated the same, showing that AI-powered assistants are receiving a positive nod. These advanced technologies are Ecommerce in India to grow more faster.
The current central government has been rolling out schemes one after the other. Initiatives such as Digital India, Make in India and others have strengthened the eCommerce in India. Various foreign companies are given canned to partner with local companies such as Walmart who purchased Flipkart, to increase foreign investments in India. Not only at the national level but at the regional level also, the state is organizing business summits to encourage eCommerce startups in India. The PMOs' insistence on digital wallets has caused companies such as Amazon, Flipkart to bring changes in payment gateways. Other effects will be felt for sure in the coming future.
Also read : Deep Case Study on Why Startup Fails
Foreign corporations investing in Indian companies make headlines is becoming a common news headline. The shot in the arm that Walmart intends to give Flipkart was the talk of the town for quite some time, and the legal broth it had stewed is a kind of incision revealing the difficulties involved in big mergers. By partnering with international firms, Indian e-retailers can leverage expertise and skills for their enhancement. It will give them chances to expand in their respective countries. The biggest problem is negotiation while remaining compliant with Indian rules and regulations.
Big Data, Cloud and IoT
With the extremely number of data that is being generated by online shopping sites, new visualization techniques and analysis tools are the needs of the hour. Storing the processed information calls for secure and reliable storage mechanisms is something that cloud service providers such as Amazon and Microsoft are known for. MNCs and startups alike are utilizing such high-end solutions for most of their needs. And as time progresses, the advancements are only going to reach unprecedented levels, allowing e-commerce organizations operating out of India to innovate and invent.
The rise of phygital stores
This is the most updated trend that the current eCommerce industry is using is combining the online store with the classic retail stores, commonly known as phygital store i. e physical + digital stores. There are numerous times when we want to buy something but can't because of the sizing or other issues. The phygital stores are the solution and these are growing rapidly. Online brands like firstcry, lenskart, Nykaa have started this and other brands are planning to do it soon. This gives the customer the satisfaction of buying things personally while for the company they get to retain their company.
The rise of Social Commerce
With the trend of providing high-speed internet by Jio and other brands, the period spends online has increased. The transition in the way online shopping is done in India is evident. From people thinking twice before sharing their credit card details in the payment gateway to youngsters and adults buying items in a jiffy through the comforts of their smartphones, e-commerce is shaping up for sure, and for the better. It would be interesting to see how new trends evolve over the years, and how they would contort the presence of e-commerce in India. Who knows, brick-and-mortar shopping outlets may soon become a thing of the past!
Here's is the reason why Jeff Bezos is Dominating Several Verticals Through Amazon.