Learn How E-commerce Evolving In India[Future Of Business]HexRowAdminLogin
India is the second-most populous country in the world. The nation has traversed a long journey in the field of the digital revolution. We have transformed from traditional print media to this modern age of the internet. In recent decades, access to the internet has become cheaper to common people. As a result, India ranks third in the world for its 300 million digital audiences. Although we are behind U.S. and European countries in this sector, the growing trend of smartphones will promote e-commerce in future. The expansion of 3G and 4G network will also pave the way for e-commerce development. Fortunately, Indian people have gladly welcomed huge e-commerce ventures like Flipkart and Amazon. This has opened a sea of opportunities for rising e-commerce start-ups.
Why e-commerce is an ever-expanding business activity?
Before the birth of e-commerce technology, manufacturing industries were facing a lot of difficulties. They had to meticulously plan the supply chains. The company had to ensure that the resources were handled properly. It was tough to regulate vast delivery networks. It was impossible to track the coordination between different segments. The delivery guys had to strive for locating the customer’s address. This mismanagement of workforce was resulting in delayed deliveries and consumer dissatisfaction.
The innovation of e-commerce facilitated a common digital portal for all business activities. Now the admin can manage all the operations singlehandedly. Complex transactions are being completed in a few clicks. The customers just have to visit the website and swipe the thumbnails to select a product. After they place their order they have various options to pay the bills. The company will check the orders and allot delivery boys to take the order to the customer. There is no difficulty to find the customer address as GPS tells the accurate location. Due to the simplicity of e-commerce websites, many entrepreneurs are entering this field. Nowadays, you can avail service for a range of daily household chores. E-commerce sites are delivering food, grocery, liquor, clothing at your doorstep. You can even order services like furniture shifting, plumbing, gardening, laundry etc. easily.
E-commerce sites also favour effective advertisement or digital marketing. You can add blogs and contents in the website to engage with people. There are various analytical tools to count the number of visitors on your site. The company can trace user experience, feedback and complaints on the e-commerce site. Interaction with costumers is an important element of marketing. Because it provides a scope for improvement in the business model. Products and services can be customised for the benefit of people.
Why most of people love e-commerce and home delivery services?
Earlier, people believed in doing household tasks on their own. But now, societies and work culture has changed a lot. Modern people have a fresh vision in their life. They are investing most of their time and efforts in profession and hobbies. They are always trying to deduct time from routine activities. E-commerce sites are a perfect fit for these people who want to boost their productivity. The companies have trained workers to deliver services to needy customers. Customers don’t have to struggle much for getting their chores done. No need to give a call, workers can be hired in a single click. They can opt for cash on delivery or secure online payments. E-commerce is making lives easier. A person sitting far away in his home has fast access to all the exotic and luxurious products, which were once a dream. People can’t keep themselves from appreciating this recent business model. That is why sales through e-commerce have boomed by a major 3.3% which is the highest in the world.
Let us have a look at the facts supporting the growth of e-commerce sites
• The survey estimates that by 2040, e-commerce will contribute 95% of total purchase in the world.
• A striking population of 93.5% has already shopped through e-commerce.
• People love online shopping cause it is possible at any time of the day.
• Brands having an online presence have 32% more customers than others.
• Female customers are more active than males. So, an e-commerce site dealing with beauty, accessory, baby care and household will flourish in upcoming years.
• Indian e-commerce market is progressing at a rate of 51% annually. The revenue earned from this category will touch a grossing US$120 billion in the year 2020.
What influences consumer decision on an e-commerce website?
With the wide acceptance by the users, e-commerce websites have major responsibilities on their shoulders. There is fierce competition between brands to deliver high-quality customer service. So, it is essential to know what are the driving forces behind a consumer decision.
The number of available choices in different categories has a psychological impact. A very large number of options can cause decision paralysis. So, it is recommended to present limited and most relevant search results to the customer. There should be an option of sorting and filtering.
There should be descriptive product thumbnails with economical pricing. A customer is more interested to buy a product after reading the reviews and ratings.
The next point is the payment options. The e-commerce site must support diverse transaction options. Research claims that 80% of buyers choose to pay by cash on the delivery system. The customers also expect to get an easy return policy in case they are dissatisfied with the product.
Furthermore, the companies will have to maintain a good relationship with their costumers. This is possible through social media marketing and email marketing. Most of the users want to purchase again from a brand after getting a reminder from the commercial emails and newsletters.
How will e-commerce evolve in future?
In the next decade, the e-commerce sector will witness ground-breaking modifications. The content of the websites will be tailor-made and hopefully ad-free. Indian companies will expand their services with investments from foreign stakeholders. Artificial Intelligence will be employed to provide better customer assistance. Voice search tools and chatbots will be optimized. So, we can conclude that e-commerce will continue to extend its territory to nooks and corners of India. It has a bright and promising future for young enterprises.