Ecommerce has driven the sales worldwide; it has led to more growth, attitudinal shifts and more Urbanization. India’s e-market is growing at faster pace it is predicted to overcome US online growth. A report by IBEF states it is expected to double from US$ 600 billion in 2015 to US$ 1 trillion by the year 2020. The ecommerce growth has bought around much change in the retail sector and has led to high scale developments in the retail sectors. Ecommerce growth is stipulated to touch $700 billion market by the year 2020 having 530 million shoppers by the year 2025.
E-Retail Growing at Jet Speed
It is not some science that you apply, the formula and the growth happens, Ecommerce has risen from small beginnings and now with tremendous increase in demand it has mounted to more demand. Ecommerce have bought good benefits to retailers as well as consumers since they get advantage of time and money. Over the last one-decade, consumers spending has improved leading to change in the buys. The reach has expanded due to faster Internet connectivity. In US, the sales are expected to reach $ 120 billion by the year 2020 from present $ 30 billion in the year 2016.
Customers are always looking to get benefits from the brand; with online retail they can now purchase products sitting at the conveniences of their homes and order goods at less price. Ecommerce offer broader variety of products, good discounts and all types of conveniences.
Omni-Channel Retail is everywhere!
Omni-Channels acts as a strong hold of any business environment; eventually major e-retail brand will make slow swift to adopt different multiple channels providing the best experiences to their customers. Omni-channel is already being adopted by many organizations that help to enhance the sales and reach targeted audiences. Brands are now looking forward to provide seamless experience to their customers where they shall be able to buy products on different devices. It means, they will be able to make selection from one device put it in the cart, yet login from another device and checkout from the cart and review the product from yet another device. Brands are trying to give augmented customer experiences to bring in consumer loyalty.
Innovation and Revolution
New technologies are being bought out just daily and marketers have to start implementing to stay in competition otherwise the users may soon loose interest in your brand. Logistics revolution is said to have changed many aspects of ecommerce marketing. There has been stupendous rise in online business activities leading to more demand of services in future.
Innovation is the key to stay on par with latest developments; continuing good user experiences have also bought challenges for brands to keep providing newer and better. The markets are highly competitive and are crucial for the brand growth. Brands are trying to create distinct identity for themselves by giving out newer ideas that will help expand user interfaces and experiences.
E-Retail has made everything go under major transformation – Artificial Intelligence is here to stay with its powerful brain to understand what the user wants. It is a technological innovation that amplifies user experiences. Customers are enjoying virtual reality plus virtual shopping experiences. With new technological tools, there is less need for humans to work for customers where computers are able to answer simple repetitive type of questions relating to brand, services or products. Chatbots are a useful AI tools that help to talk to customers, they are tremendously cost-effective and are designed to do several tasks.
E-Retail has bought more consumers relying on digital technologies to transact the business. It is regarded that almost 55 per cent of online sales would be cashless by the year 2020. The share of mobile wallet will reach 15 percent.
Ecommerce have empowered e-retailers to bring new innovative models to cater to the needs of the consumers. Change in lifestyles, spending habits of the people, rising incomes, favorable demographics, availability of foreign products, growth of Smartphone users have all boosted the growth of e-Retail.