A country of more than 1.2 billion people, India is faced with a number of challenges. However at the same time, it is also a developing economy which can offer billions of opportunities too. A number of regional players like Flipkart, Snapdeal, Myntra and also global giants like Amazon, Alibaba have understood the potential of growth in Indian e-commerce industry. Online retail worth was $3.9 billion in 2009, and in 2016 it had reached $38 billion. This phenomenal growth in Ecommerce Industy is expected to generate over $100 billion in revenue by 20201.
A recent report by Morgan Stanley has projected that by the year 2020, India will have around 320 million online shoppers, which is 6.4 times more than the estimated 50 million it had back in 2015. E-commerce is the undoubtedly the future of the retail industry.
Boom in Performance based Marketing
Marketing and branding activities are a constant cause if concern for e-commerce websites. In recent years, there has been a steady growth in performance based marketing efforts. In the future, performance based marketing will grow stronger due to its high profitability. As more and more brands are turning towards better and improved ROI, marketing strategies which drive measurable sales is the future of Ecommerce websites.
Rise in Wallet Usage
Unquestionably the last year has been the year of wallets and payments. With its growing popularity, this trend is likely to grow as more and more consumers and online shoppers are opting for digital and cashless payments. Wallet Usage will surely become the payment mode of choice in the coming future.
Introductionof Newer Categories
Indian e-commerce market is no longer limited to electronics, technology and gadgets. The progression of companies from niche categories like fashion, food and groceries are recording unbelievable sales turnovers on ecommerce websites. Websites like Nykaa, BigBasket etc. have showed that targeting a substantial chunk of one specific market can give better results than trying to cover the whole demographics. New entrepreneurs are expected to create, capture and dominate more such categories in the coming future.
Customer Support will be Crucial
Easily approachable customer support services allows for gathering instant feedback. This feedback will help your website to remain ahead of completion and to deal with the shortcomings. The future will have a more technology based approach to customer support. Live Chats and virtual assistants like – Siri, Google Voice, Alexa and Echo are some of the few examples of what future will offer.
Emphasis on Data Analytics
Any flourishing e-commerce company relies heavily on data analytics to drive its core decisions. This practice is expected to bloom more in the future as more specific data pools will be made available. Consumers and Online shoppers are expecting solutions which will cater their requirements. To understand these requirements, businesses have to rely on predictive data technology. Data driven campaigns always offer better results and the scope of data analytics is expected to grow in the coming future.
Virtual Shopping Experiences
With the growing advancement in technology, shopping experiences are changing for the better. The main purpose of ecommerce websites is to bring this shopping experience alive and interactive for its customers. For instance, CaratLane and LensKart websites allow users to virtually try on their products and see how they look. This helps users in visualizing how the actual product will look on them without actually visiting the store. Virtual Shopping experiences is surely the future of Ecommerce Websites.