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eCommerce companies have flourished over the past decade and have become an integral part of the global economy in just a matter of a few years. The sheer growth that has been witnessed by this segment has been astounding. Giants such as Amazon and Alibaba have risen to become global powerhouses whose earnings are several times that of entire countries’ GDPs. Despite the recent outbreak of COVID-19, the future of eCommerce also seems as promising as ever, with numerous studies reporting that the eCommerce market is set to become a two hundred billion market in less than a decade. India accounts for a major share of this market and is slated to remain as one.
Listed Below Are All The Reasons Why The Future Of eCommerce In India Looks As Promising As Ever
Phenomenal Logistics
The logistics sector in India has undergone major changes, becoming increasingly modernized and smooth running. Thousands of courier service providers have emerged ever since eCommerce overtook the Indian market. Courier service companies have realized that the only way for them to grow and keep up with the demands for their services is to entirely modernize their operations and being implementing more advanced delivery mechanisms and logistics strategies that help them deliver goods and packages faster, safely, and for cheaper. Modernization strategies including the addition of GPS tracking facilities have made it possible for logistics firms and courier services to make their operations more efficient as well as completely transparent. Not only has GPS tracking made it easier for couriers as well as eCommerce firms and their warehouses to keep track of where goods are and when they will reach their facilities, but it has also made it possible for customers to do so. Thus, news about delays is relayed to customers quicker, eliminating the need for them to worry and contact customer service representatives unnecessarily. Through the use of GPS tracking, the shipping process is made completely transparent and consumers are kept informed all through the way.
Secure & Simpler Payment Options
With the introduction of one-touch payment options, net banking, and e-wallet facilities, eCommerce companies have made it easier for consumers to make purchases and pay for them effortlessly. The need for remembering complex passwords and the burden of entering them every time a purchase has to be made, has all been eliminated, thus making it easier for people to make quick purchases whenever they want and wherever they want, without having to worry about having cash in their hands for payment. The increased digitalization of banking facilities has also aided this entire process.
Effortless Returns Policies
With the improving of logistics and modernizing of operations, eCommerce companies have made it easier for their consumers to be able to return products that they are not satisfied effortlessly. Not only are returns much easier, but the acquiring of refunds on returned products has also become much simpler. One might think that free returns and full refunds might inflict major losses on logistics firms and eCommerce companies. This is however not the case. With the implementation of modern economic models, these costs are negated and loss-making is prevented.
Here’s What The Future Of eCommerce In India Holds
The future of eCommerce seems incredibly bright, and here are some trends to look forward to –
FDI
Foreign direct investments will be one of the biggest driving factors for the growth of the eCommerce sector in India, in the future. As eCommerce companies begin realizing the massive potential that India holds, more and more foreign investments will keep pouring in.
Extraordinary Customer Service
As SMEs begin recognizing that the key to maintaining and accumulating a massive user base, is to prioritize customer service, new trends in servicing customers will begin to emerge. The use of technology and novel business models that make it possible for eCommerce firms to offer phenomenal rebates, discounts, and offers (which might be thought of loss-making) will become the new norm.
Incorporation Of Augmented Reality & Artificial Intelligence Into Mainstream eCommerce
At the rapid pace with which AI, machine learning and augmented reality technology is progressing, soon they will become a mainstay as well as part and parcel of the entire eCommerce purchasing experience. Through the use of augmented reality, customers will be able to find the best fitting clothes, shoes, and other apparel, without having to physically wear them. With the implementation of artificial intelligence and machine learning, eCommerce firms will be able to find out exactly what customers want and look for in certain products, offer superior and completely automated (yet personalized) customer services, carry out completely personalized marketing campaigns that address the tastes, preferences, and likes of individual customers, and more. eCommerce brands that offer this sort of real-time engagement are guaranteed to build a sizeable base of loyal consumers. Chatbots that are backed by machine learning and artificial intelligence, will make customer service even better.
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