Upcoming Opportunities in E-Commerce Industry
We all are guilty of purchasing various products online, yes even batteries counts. This is the boon of the e-commerce industry. You might be wondering how big is Ecommerce really?
In India, e-commerce has changed the way people do business. From US$ 38.5 billion in 2017, the Indian e-commerce sector is anticipated to raise US$ 200 billion by 2026. E-commerce is not just a business model that lets organizations and consumers buy and sell things over the internet but has become a salient need. The earliest form of e-commerce was introduced 40 years ago. Since then, new technological advancement, widespread internet access, tougher security protocols of payment portals and adoption of this method by businesses has helped countless businesses grow.
E-commerce, which employs everything that has the ability to connect to the Internet has replaced the traditional transaction and since everything ranging from buying vegetables online till dealings of the Stocks has been bought on a single device and you can be anywhere in the world and still have access to such advancements. This is an unprecedented progress!
Technological Advancements Seeded the Industry
A rise in internet and smartphone usage has sparked most of the industry's development. The number of internet connections in India rose considerably to 776.45 million by September 2020. Powered by the ‘Digital India' initiative 61% of all internet connections were made in metropolitan areas, with 97% of those connections being wireless. Due to the untapped market, the e-commerce industry is seeing massive investments from global firms, like Facebook, Google amongst many which are investing billions of dollars in Indian Market.
On social media platforms such as Facebook, Instagram, and Twitter, e-commerce consumers find and are motivated to buy items or services based on recommendations from friends, colleagues, and trusted sources. For the first time in February 2019, internet sales topped those of general goods retailers, comprising department stores, warehouse clubs, and supercenters.
Expanding Retail Sector
Since the mid-1990s, when Amazon, Alibaba, and other global e-commerce titans launched, e-commerce marketplaces have been on the rise all over the world. India's e-commerce industry is expected to reach $99 billion in size while online retail is expected to more than double. The online grocery sector will reach $29 billion in size by 2024.
Online grocery orders will grow from 3 hundred thousand per day in 2019 to more than 5 million per day by 2024. Non grocery eCommerce penetration will be 16.1 percent by 2021.For many retailers, the development of e-commerce has extended their brands’ reach and favourably affected their bottom lines. Small company owners are opening e-commerce sites to expand their products, reach out to new consumers, and better accommodate customers who prefer to purchase online or on their mobile devices.
Artificial Intelligence, A Silent Friend
The use of Artificial Intelligence (AI) in e-commerce is helping transform the industry from within whose benefits are enjoyed by both the consumers and industries. AI analyzes and predicts consumer’s behaviour at an individual level which is utilized by Industries to deliver personalised outcomes without any need of human interaction. Features like chat-bots or digital assistance provide 24x7 support to customers but since the progress of AI, firms like amazon have integrated virtual assistants with the majority of their service industry, for example, people can now check for events, book a ride,order food, send and order gifts with just their voice! Big data based Intelligent product recommendations are impacting customer choices thanks to its knowledge of previous purchases, searched products, and online browsing habits.
Due to this personalized product recommendations for online shoppers are increasing conversion rates by 915% and average order values by 3%. AI-based technologies are presenting internet customers to a variety of items they were previously unaware of. Ecommerce merchants employ this data to provide appropriate product suggestions and give a consistent customer experience across all devices. Over the last several years, artificial intelligence (AI) has evolved into a formidable tool for increasing sales and streamlining processes. Many small e-commerce firms are embracing AI-enabled technologies.
Introduction of New Jobs
E-commerce helps create new job opportunities due to information related services, software app and digital products. The development of e-commerce will create jobs that require highly skilled workers to manage large amounts of information, customer demands, and production processes. On the other hand, because e-commerce requires sufficient stocks that could be delivered to customers in time, the warehouse becomes an important element. Warehouse needs more staff to manage, supervise and organize, thus the condition of warehouse environment will be concerned by employees. Also the need for Digital marketing is on rise as various industries will now be competing for online presence or visibility which will pave a way for Digital Marketing Industries Its growth and job opportunities.
Lockdown as an Added Benefit
From February 2020 to June 2020 during the Covid19 lock-down period, e-commerce increased by 117% with the delivery of only essential supplies that are now bigger than the pre-Covid19 level. Flipkart surpassed 1.5 billion visits per month with 45% growth in monthly active users while 30% growth in transaction per consumer. Markets in lower population markets are showing 53% year on year growth with higher internet penetration and connectivity. Ecommerce has replaced the decade old system of Consumer approaching business, now rather it is the Businesses that have to approach consumers and provide exceptional services.
E-commerce guarantees access 24 hours a day, 365 days a year, with no downtime due to holidays, closing periods, poor weather, or other factors. Customers have more choices and their expectations are rising as well. Having a vibrant website with the right marketing strategy helps e-commerce businesses reach their consumers quickly and efficiently. Infiniqe marketing has the perfect tools to help you with the right resources to upscale your e-commerce business