According to Goldman Sachs, India’s e-commerce market will account for 25% of India’s GDP by 2030 and probably reach $300 billion. All of these changes mean that the e-commerce sector looks to many like a monster that could end up destroying brick-and-mortar retail. Major retailers cry and implore the government to shackle the sector, but their fears seem unfounded, as the current $4 billion e-commerce market appears to be eclipsed by $600 billion in retail sales.
Walmart’s total retail sales grew at an average annual growth rate (CAGR) of 9% in FY18, while 23% of the e-commerce market in India grew at 3.6%. Statista estimates that the global e-commerce market will exceed $2 trillion by 2020, with revenue from China expected to grow at the fastest rate of 11.6% by 2024. The emerging e-commerce market in China generates sales of more than $1 billion per day.
China is the world’s largest and most important e-commerce market with annual online sales of $672 billion. In 2019, China’s total e-commerce sales growth exceeded the total of Europe and the US, and its share of global e-retail sales exceeds 20%. According to Insider Intelligence, in 2020 MCommerce and mobile shopping will reach $284 billion, or 45% of the total US e-commerce market, without mentioning e-commerce revenue growth.
There is no doubt that the e-commerce boom in India has brought technological innovation. India has become a popular destination for e-commerce companies in a world with a population of more than 1.25 billion people. China has the world’s largest digital buyer population despite strict import restrictions from China and is one of the most important e-commerce markets it targets owing to its large e-commerce market size.
Strong competition, price pressure and the desire for more market share are driving e-commerce companies to focus on technology. Contemporary e-commerce trends suggest that companies shift from traditional business models that focus on standardized products, homogeneous markets, and long product lifecycles to new business models that focus on diverse and customized products. If this challenge is not addressed, India will find itself caught between the growing demand for logistics and fragmented logistics, the introduction of a new era of logistics partners and the emergence of technologies such as artificial intelligence (AI) and machine learning (ML) that will solve these problems. This ecosystem will enable e-commerce companies to lower RTO rates and better serve customers across the country, a challenge that is being met by a select group of startups that are using a variety of technologies to optimize the efficient functioning of these systems.
Recently, the e-commerce industry has undergone huge changes in various aspects such as the nature of services, target customers, product range, specific segments, conversion rates and other areas. E-commerce brings convenience to customers, as they don’t have to leave home and browse a website to buy products that aren’t sold in nearby stores. The sluggish property market in India is another advantage of this sector.
The $199.44 billion e-commerce market grew by 37.1% and $145.47 billion was spent on online purchases in the third quarter of 2019. Online stores offer better prices and offers than their offline counterparts, which has to lead to the rise of e-commerce in India and higher conversion rates. In this article, we take a look at the biggest trends in online shopping and ask leading Shopify customer experience experts to predict key e-commerce strategies and development techniques for the next 12 months.
By combining a robust offline and online model to support sales and product curation, new entrants are seeking seamless integration into the broader e-commerce ecosystem. Today 70% of e-commerce customers are men with an average age of 25. Retailers and brands must continue to put customer experience at the heart of their go-to-market strategy as we move forward.
Retailers should consider tailoring their sales, marketing, and customer service efforts to unique regions, specific products, and marketing preferences and needs. Fashion, health and beauty products, and cultural products are top of the list of the best-selling categories on the French e-commerce market. Larger and more established e-commerce companies are rated by shopping carriers for the best discounts based on their large monthly order volume.
Online shoppers in India use mobile phones to browse products in e-commerce stores and make online product purchases. This madness can be traced back to the discounts that various e-commerce companies offer and grant to their customers. Shoppers do not have much time to visit stores and shop online and prefer online media in the form of e-commerce shops.
Subscription fulfillment is the regular or pre-determined shipment of products from an e-commerce store to customers. With many fulfillment companies, you can store inventory and set up e-commerce fulfillment centers across the country to store inventory for your customers. Amazon is working with small shops in rural India through its Project Udaan, where shopkeepers advise customers when shopping on Amazon.
The right return policy is crucial for an e-commerce customer to make purchasing decisions without having to interact and experience the product in person, which leads to higher returns in brick-and-mortar stores.
The 3PL option is an easy option for brands that have not yet started their e-commerce business, as they can focus on marketing, improving their products and increasing their sales opportunities as fulfillment and logistics experts.
On the corporate side, there is a massive need for product and interface designers, marketing, ERP, SCM professionals and customer-oriented employees. AI collects data on where customers shop, what they buy, where they shop, and what they look for in products and services.