Customers like the convenience of purchasing while on the go. The future of eCommerce in India is bright, and the increased use of cellphones will only accelerate this trend. The e-commerce business is predicted to grow to a sector size of US$ 188 billion by 2025, as it gets momentum.
The emergence of stalwarts is largely responsible for the e-commerce industry’s expansion and the future of eCommerce in India. Numerous smaller companies, on the other hand, are steadily etching out a space for themselves. In addition, the sector is quick to adopt emerging innovations.
E-commerce future prospects are also dependent on the rapid adoption of new technology, as well as their ease of use and cost. With this post, we’ll look at some of the innovations that can aid in e-commerce expansion.
What does the future hold for eCommerce?
India is on the verge of becoming a digital powerhouse. It is a benefit for eCommerce since the possibility for web users to become customers is enormous. However, deficits have become standard.
Ever so often, a new eCommerce website emerges, requiring significant marketing and promotion expenditures. Without a question, the Indian government has been working to expand eCommerce in the country, but there is still a long path to go.
Why is the future of eCommerce in India Good?
The e-commerce industry is projected to expand at a rapid pace in the next years. Industry giants like Flipkart and Amazon will undoubtedly lead the way in terms of growth. Other factors driving this industry’s growth include increased industry investments, mergers and acquisitions, and government legislation.
The present COVID-19 outbreak has also provided a boost to the sector. The beauty and health, food and supermarket, electrical industry, and fashion sectors will witness the most increase. Facebook, Google, and Reliance Retail have all made significant investments in the sector.
The incumbents have made more efforts to reach out to the smaller town. It has been facilitated by the widespread availability of high-speed internet connections. The surge in income in Tier 2 and Tier 3 cities has also become a key aspect in the future of eCommerce in India.
The increasing prevalence of giveaways in the business has also enabled this sector of the market to become addicted to internet buying. Technological innovations have also aided this market’s adaptation to the new shopping pattern. Targeted products make it easy for e-commerce sites to keep people hooked on the website.
User Experience Enhancement
Website visitors may expect an outstanding user experience. They would desire efficient workflows that would aid them in their purchasing decisions. Next-generation technology has helped the industry focus on UX design, marketing, customer service, and logistics, among other things.
Technology plays a big role in this, and it has also enhanced customer loyalty. It has also aided in ensuring that clients have a better user experience. The tech-savvy population has always been on the lookout for innovative features, and the usage of technology makes it easier to connect to them.
Additional Logistics Investment
The eCommerce industry has been aggressively expanding its scope. Over the years, they’ve greatly expanded access to pin codes. E-commerce businesses have grown their warehouse capacity in anticipation of a significant rise in revenue.
As the dominant players expand their reach into smaller areas, they also engage in their logistics system to keep up with the expansion.
Digital Payments are being used more frequently
The expansion of mobile commerce is the future of the eCommerce business. As per research, mobile devices will account for 73% of all eCommerce sales worldwide.
In India, online payments such as Paytm, Google Pay and PhonePe are booming, which bodes well for the future of eCommerce in India industry. Customers like the convenience of making payments while on the go. Online payment platforms are also reliable, and there is an increasing inclination to utilise them.
What are the Factors Influencing The Future of Ecommerce in India?
Social Media Marketing
Using numerous ways to reach out to your customers is the future of online buying. Customers have a better in-app experience with social commerce since it uses social media networks.
Instagram galleries can be added to your website, and actionable buttons can be added to Facebook posts. The Facebook store and your webpage can simply be linked. Consumers can look at things in the app and engage with them by sharing and liking them.
Presence Across All Channels
Customers are turning to cross-channel practices that start with research and end with a purchase. Customers also demand a consistent experience across many channels. You can launch an interconnected engagement in which customers can engage in video conversations with the company.
Video conferencing is also possible, allowing for more effective interactions with the company’s representatives. Businesses can also use textual interactivity and co-browsing as possibilities.
Final Thoughts – Future of eCommerce in India
Many in the industry believe that India’s present E-commerce ecosystem (which includes both marketplaces and inventory types) is less than 5% of its true potential. With the industry’s rapid growth, many small and large players believe there are still more horizontals and verticals to be investigated and organised. The e-commerce sector will be critical in stimulating the Indian economy and increasing employment rates.
The physical and mortar stores will not disappear in the next five years. There will, however, be a few surprises. eCommerce will enhance and increase in accordance with the needs of the customers. AI, bots, social media marketing, and other technologies will help take eCommerce to the next level.