Connect with us

Business

What 2019 keeps for Indian E-Commerce Industry?

Published

on

E-commerce industry will observe more regulations with technology-enabled modernizations like digital payments, hyper-local logistics; analytics impelled customer engagement and digital advertisements to support the development in the sector in 2019.

In India, e-commerce has modernized the way business is carried out. The Indian e-commerce market is likely to grow $200 billion by 2026 from $38.5 billion since 2017. The more use of internet and Smartphone has helped a lot for this astounding growth. The ongoing digital transformation in the country is anticipated to enhance the number of India’s total internet users to 829 million by 2021 from 560.01 million from September 2018. India’s internet market is also expected to double from $125 billion since April 2017 to $250 billion by 2020 and it is mainly sponsored by e-commerce. Taking into consideration that the E-commerce industry is going to rule, have a look what 2019 will bring for us:

Online business has brought transformation in the way business is carried out in India.

Standardized Industry

After the introduction of the first e-commerce policy this year, the Indian e-commerce industry is going to become a standardized industry. Be it conditions to verify the alleged special treatment being given to select merchant/s or rules to guarantee that cash backs being offered by online vendors are fair and non-discriminatory. Thus, we can say that we are moving toward a more standardized e-commerce industry.

Inferences of new FDI rules on E-commerce:

Recently, the Ministry of Commerce & Industry by its Foreign Direct Investment (FDI) policy on e-commerce tries to provide a ground to all competitors in the ecosystem, including domestic merchants and smaller sellers.  The article which checks the sale of products through a particular individual having stakes by e-commerce marketplace entity would be expected to interrupt the current practices of some big e-commerce companies and force them to change consequently. This review of policy on FDI in e-commerce has made the perplexity apparent on what is an Inventory based model of e-commerce and what describes a Marketplace based model of e-commerce.

The Rise of Social E-Commerce:

Social commerce is expected to persuade more buying decisions in 2019 and drive further growth for e-commerce companies. New-era e-commerce companies who have placed their stake on resellers would profit the most with this development.

The UI/UX focus:

The websites and apps of e-commerce companies will become more interactive for better shopper contacts by which they can have a better online shopping experience. Additionally, text and image-based product description will provide the way to video-based product description.

Product Image search

This is probably being the subsequent big thing in the e-commerce industry because one can search products without describing on e-commerce platforms. To put things into viewpoint, suppose we find a beautiful wall décor during viewing the living room furniture on Instagram. Then, we will search for similar products online.

At last, in 2019, the e-commerce industry will face more regulations with technology-enabled modernizations like digital payments, hyper-local logistics, analytics-driven customer engagement and digital advertisements to maintain growth in the sector.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

The Subsequent Aeon Of Globalization Will Be Formed By Customers, Technology, and Value Chain

Published

on

Undoubtedly you can say that the reason for worries of most of the average CEOs is the tariffs and trade wars. In the latest McKinsey survey of global executives, one-third of respondents told that uncertainty over trade policy is their greatest anxiety and three-quarters of all companies said their international investment strategies are changing consequently.

But companies are not able to pay for to simply respond to the news cycle. The bigger representation should carry the message of the decision and our backward move show that longer-term structural changes are redesigning the characteristics of globalization. Research has been going on 23 different industry value chains across 43 countries to find a better analysis of what companies are already performing on the ground and how they adjoin up to fundamental changes and these will form the subsequent aeon.

Over the past decade, the global demand has increased a lot. China, India, and other developing economies gave stress on producing labor-intensive manufactured goods and exporting them to highly developed economies. But currently their billion new customers are a dominant force and they cannot be considered as “low-cost factories to the world.” These developing countries share in global consumption has increased by around 50% over the past decade.

Today, China imports finishing and higher grade goods as of Germany and it is more than Japan, the United Kingdom, or France. China is going to top of having more millionaires than any other country in the world and now it stands for about a third of the global market for luxurious commodities. The needs of the developing economies will probably reach about two-thirds of the world’s manufactured commodities by 2025. Their demand will be with products like cars, building products, and machinery etc. In knowledge-demanding services, such as IT services, financial services, and business services, 45% of all supplies to foreign from highly developed economies previously go to the developing world.

With an increase in local demands, developing economies are also arriving at a new level of industrial maturity. Now, governments of most of these countries are taking steps in increasing domestic supply chains and bringing fewer inputs they require to keep their factories boring. You can find China in every aspect such as design, engineering, and high-tech manufacturing is trying to modernize and develop its ability. Additionally, developing countries are producing their own multinational giants and they are going worldwide through both exports and foreign acquisitions. Therefore, MNCs are facing difficulties in their own areas.

The next-generation technologies are reshaping the industry value chains. Some digital platforms and logistics applications will help reduce the prices, delays, and frictions of trade.

Today multinationals are researching on global demand that doesn’t look like anything of a decade ago and automation has reduced the importance of labor costs. Because shipping commodities have reduced accessibility and buying habit of customers and some manufacturers are doing business by increasing regional supply chains to provide their main markets more effectively.

Trade concentration is falling globally because people mainly demand on locally manufactured products. Now, only 18% of trade is based on advanced economies that import from the lowest-wage countries. Factors such as nearness to customers, the quality of transportation, and the availability of a more skilled workforce are bringing greater weight than the drive to locate the lowest feasible global labor costs.

Simultaneously, a number of services are growing 60% faster than trade in goods. Technology is making it feasible to deliver services such as industrial maintenance and telemedicine remotely. Companies are accepting and reacting to these deeper shifts even as they struggle to manage with policy insecurity. With both industry structures and the global economy in instability, this is the time to check where to struggle along the value chain and where to function around the globe in the future.

Continue Reading

Business

The Guide to Data Analytics

Published

on

Data analytics refers to qualitative and quantitative techniques and processes used to enhance productivity and business gain. Data is extracted and categorized to identify and analyze behavioral data and patterns, and techniques vary according to organizational requirements.

Data analytics (DA) is the process of examining data sets in order to draw conclusions about the information they contain, increasingly with the aid of specialized systems and software. Data analytics technologies and techniques are widely used in commercial industries to enable organizations to make more-informed business decisions and by scientists and researchers to verify or disprove scientific models, theories and hypotheses.

Customer Relationship Management –

In customer relationship management (CRM), the customer life cycle is a term used to describe the progression of steps a customer goes through when considering, purchasing, using, and maintaining loyalty to a product or service. Marketing analysts Jim Sterne and Matt Cutler have developed a matrix that breaks the customer life cycle into five distinct steps: reach, acquisition, conversion, retention, and loyalty. In layman’s terms, this means getting a potential customer’s attention, teaching them what you have to offer, turning them into a paying customer, and then keeping them as a loyal customer whose satisfaction with the product or service urges other customers to join the cycle. The customer life cycle is often depicted by an ellipse, representing the fact that customer retention truly is a cycle and the goal of effective CRM is to get the customer to move through the cycle again and again.

Email

Email newsletters are an email communication sent out to inform your audience of the latest news, tips, or updates about your product or company. They are often used for a variety of purposes–and they come in many different forms. Some are weekly digests of content, some are quarterly organization updates, and others promote new products. The point of email newsletters is to keep subscribers connected, engaged and informed about what’s new with the organization or business (and often to drive sales.)

EXAMPLE

UNICEF uses email newsletters to stay top-of-mind with donors and to update their supporters about the organization’s most urgent needs.

Social Analytics –

One of the most important customer service practices is measuring social media analytics, or gathering information and feedback about your company from blogs and social media sites and analyzing it to help make business decisions. These analytics might fuel goals like increasing revenue, reducing customer contact, or getting feedback on products and processes

Surveys and polls –

A poll allows you to ask one multiple choice question. Participants can choose from among answers that you predefine. You can restrict voters to select just one answer to your question or allow them to choose multiple answers. A survey allows you to ask multiple questions across a wider range of question types. You can ask for a comment, an email address, a name, an address etc., as well as multiple choice questions.

Continue Reading

Business

How does technology impact on E-Commerce Industry?

Published

on

 

Since the last 20 years, the e-commerce industry is growing significantly. It is due to the higher consumer interest, participation, and increased demand. In this time the B2C e-commerce was gaining the speed with B2B e-commerce and this trend is continuing all over the world and it will be seen in coming years. The technology is the main fuel behind the evolution and existence of B2B and B2C E-commerce industry. As the technology changing the transactions between the business and consumer, the consumer is accessing various tools to estimate prices, find alternatives, stores and obtain coupons.

The Rise of E-commerce Sites

The increase in e-commerce websites helped people a lot. Without going anywhere, they like to buy online and they are also benefitted by getting various offers and discounts. Besides these, people love to purchase by taking the consent of friends, spouse, and other family members. Additionally, it is more convenient and people can gift any product to their friends and loved ones through these websites.

Costumers get Better Shopping Experience

E-commerce industry has changed the process of business and cash transactions. Now it has introduced a lot of new, modern and useful factors by which customers enjoy easy and hassle-free shopping. Anybody can purchase at the top of a button and receives the product at the doorstep. Thus the customers depend more on the e-commerce market place.

Faultless Payment Process

The most popular thing about E-commerce industry is its mode of payments.  Most of the cases, the payment is done digitally here. By knowing the convenience and other advantages of digital payment, people gradually adopting this process. E-wallets and gift cards are increasing the business. The technological advancements have gained the faith of people and they like to expend more on e-commerce websites because of its transparency and the safety of money.

Give Personalized Information in B2B Sector

As companies changing to B2B e-commerce, increasing real-time procurement data will be gathered. The B2B e-commerce competitors access this data to better understand the actions of the customer and provide services according to the data.

Artificial Intelligence Improves the E-commerce Industry

Artificial Intelligence will find a huge transformation in B2B e-commerce. It is different from B2C e-commerce as there are large numbers of users and use-cases. But B2B e-commerce will have fewer numbers of users; those do large ticket transactions under restricted use cases. In these cases, B2B e-commerce will apply AI and adopt it eagerly as it is very uncomplicated and powerful. Businesses get efficient by doing effective decision making at purchases, computerization of several routine tasks, offer important insights, release several man-hours behind procurement and doing business purchases clear and low cost.

Decision Making During the Procurement Process

Usually, the procurement managers or executives those work for corporate find difficulties in making choices during the procurement process since it will impose pressure on development and the business of the company on many levels. Technological advancements will also help the procurement teams of businesses to better comprehend the requirements of the business and provide them fair insights to do more up to date complicated decisions.

Additionally, Business to Business E-commerce companies will make personalized dashboards for their customers and this will let them know about essential data-points and buying suggestions. In the coming days, the personalization will be advanced by combining APIs with the buyers’ active ERP/CRM platforms to make the purchases more controlled and seamless.

Thus today technology’s role in e-commerce is unavoidable and faultless. The success of E-commerce is based on it right from its beginning to each and every progress happening every time in the industry.

Continue Reading

Trending