Internet access, smartphone usage, and digital literacy have all increased in recent years, changing how Indian consumers shop.
The e-commerce industry has caught up with a more westernised generation seeking new opportunities. Technology and new trends in eCommerce are rapidly changing the landscape.
The pandemic forced offline retailers to close or work at reduced capacity, forcing consumers to move to the internet in droves.
Second, internet penetration is increasing globally, especially in India, where the Jio explosion has enabled internet affordability and penetration in tier 2 and tier 3 cities. Mobile has supported the rise, and India has become and will continue to be the world’s second largest e-commerce consumer market.
It took the e-commerce market about seven years to reach a billion customers. Based on current trends, we can expect a 50% faster growth of one billion new customers in the next 2-3 years.
Examine the evolution of e-commerce and its future growth drivers.
Consumer preferences and behavior have evolved rapidly. The continual “stay at home” habit has boosted internet time, digital payments, and e-commerce. From groceries to perfumes to high-end jewelry, we can shop online.
The epidemic caused significant and long-term changes in our purchasing habits. It has fueled the industry’s growth in the country because previously, offline buyers would download ecommerce apps to their phones and shop from home. Millions of new e-commerce users have joined in the last 18 months, including those from smaller towns and villages.
The ease of buying and delivery has improved e-popularity commerce’s in India. For example, many things influence a customer’s purchase decision. The sort of product purchased may also influence these qualities.
Pricing and product availability, product photos, and product information and reviews all play a role. Cash-on-delivery, free home delivery, and an easy return policy all contribute to increased consumer trust and confidence, leading to repeat business and positive word-of-mouth recommendations.
In 2022, virtual reality tools will be introduced to the sector. An omni-channel approach will be typical for virtual aesthetic experiences. It’s a “connected biosphere.”
In 2021, we’ll see direct-to-consumer brands. We also spotted some B2B e-commerce firms. In 2022, the top brands will expand and buzz in these two primary industries. Consumers make decisions after consuming goods through numerous means.
A new e-commerce era is already upon us. Providing fresh and extensive features from anywhere, personalising the customer experience based on previous purchases and search engine settings. Purchases will be easier with speedier delivery, data-driven product creation, and value-driven experiences.
With more customers opting for internet buying over traditional in-store purchases, the current trend is to be forward-thinking, influential, and proactive in meeting client needs. Personalization of products for customers will be crucial in 2022. Customizable merchandise and cutting-edge technologies will be required to offer a seamless client experience.
Because of the hyperlocal approach, grocery and fashion are expected to expand at the fastest rate of 27% in India by 2022.
Several supermarket chains are using AI and ML to manage smart inventory and route calculation systems, allowing for speedier delivery. Second, India is a young country in the millennial period. The most effective growth engine in 2022 will be fast-changing fashion.
From categories to keywords to cognitive analysis, age, and healthy products. Clearly, e-commerce platforms are reading their customers and meeting their needs. The future of natural shops will be shaped by new trends like crypto payments and dynamic pricing.
Many gamers have already started using the metaverse concept and technology in their buying experience. While mainstream consumers are still far from VR gear, a few companies are exploring this new digital frontier.