COVID-19 helped in creating more awareness of financial stability and how we must brace for uncertainty. – Archana Elapavuluri, Pickright Technologies
The Indian e-commerce market is expected to reach US$ 111 billion by 2024 and US$ 200 billion by 2026.
There is now a vast gap between companies with digital transformation already implemented and those without. The advancement of technologies in marketing, logistics, and production has enabled companies of all sizes to benefit from the international market. With the internet’s ever-changing environment, it is difficult to establish goals for the coming three years.
The chaos brought by COVID-19 wasn’t well anticipated by most businesses. In addition to customer service volume increases, inventory delays and increased eCommerce spending were also observed for businesses with an online presence.
India is going through a digital boom due to the increased adoption of technology arising from COVID-19-led lockdowns. This has forced many businesses to change their ways. – Ashutosh Garg, eightfold.ai
As we move forward, several uncertainties exist regarding every season. Is e-commerce expected to continue to grow? Can there be another wave? Will the economy collapse? These are probably one of the most common questions in the Internet industry.
Considering the dynamic retail environment and changing consumer preferences, here are three e-commerce trends businesses could pay attention to.
According to estimates, 95% of all purchases will be made through eCommerce by 2040.
- Flexibility and Transparency are Key –
Uncertainty often requires that decisions be made with incomplete information. In these instances, we must acknowledge the unknowns, build flexibility into the plan, and then monitor and adjust accordingly. Trade and tax policies affecting online goods may have an impact on the price-conscious customers in the marketplace, as well as sales online. In order to offer consumers additional value beyond price, businesses with sufficient resources and capabilities need to consider producing their own brand products. It does not have to be a race to the lowest price in online retailing.
About 28% of online shoppers say they do not purchase items that do not offer free shipping. Other reasons people decide not to purchase include uncertainty about shipping (44%) and not knowing the estimate delivery date (20%).
- Provide a better consumer experience –
The challenge of knowing where to focus your time and attention in uncertain times can be difficult. Investing in a great customer experience, however, will protect your business from potential stumbling blocks. To retain customers in the age of e-commerce, it is more important than ever to provide an excellent experience overall. More than half of customers say they’d share more information with a company that offers a better experience, in addition to paying up to a 16 percent price premium for products and services. You’ll be better able to handle whatever comes your way if you focus on customer experience excellence now.
By 2023, the projections are for retail eCommerce sales in Asia-Pacific to be greater than the rest of the world combined.
Abandonment rates increase by 75% when a site experiences slow loading issues.
- Implement a Risk Management Plan –
Prepare a list of all potential risks your business might face. In a world where consumer purchasing power is increasing and digital infrastructure is becoming progressively advanced, it is imperative that companies identify and access emerging markets well. A close examination should be given to risks that are likely to occur and have a high impact. Credible and trustworthy sources of information are in high demand during times of uncertainty. In order to build trust, leaders can communicate honestly, involve relevant stakeholders, demonstrate kindness, and act in accordance with their ideals.
When your business is experiencing a recession, you need to stay focused on maintaining your quality, even as your volume increases. We must remain flexible as we re-evaluate how COVID will impact businesses and e-commerce. You will be able to pivot quickly as things change when you listen and respond to your customers.
Amidst the pandemic, ecommerce has become an integral part of India’s retail industry. India has the world’s fastest-growing ecommerce and SaaS markets. – Kapil Makhija, Unicommerce
- Optimization & Implementation.
There is never a perfect idea, but it’s on the way to improving and expanding your options. Secondly, you should meet, discuss, optimize, experiment, or however you want to call the exercise of making things better. Make sure you do it repeatedly.
A lot of uncertainty and unpredictability is involved with the process of transforming E-shopping. To address these challenges, a creative solution must be found that will help customers get over the problems they face when making online purchases.
Your business model will be more stable and resilient if you implement a good automation and customer experience strategy. Now is the right time to start preparing.
Now that you have learned these strategies, you will find yourself ready to take on the next challenge. Let’s talk!! What do you do about these uncertainties?