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Why is ecommerce so important?

As commerce evolves and technology breakthroughs, ecommerce has become a billion-dollar industry. According to Statista, the ecommerce market is going to grow 2-fold between 2018 and 2022.

Online shopping is convenient, and easy, and offers great products at lower prices than brick-and-mortar stores. However, more importantly, consumers today is that they can buy from any country in the world. This also helps brands reach global customers with lower costs in a quicker amount of time without having to compromise product quality or safety standards for international shipping. These changes in the ways that want to buy products and services have taken the retail industry by storm. When shopping online, consumers are not limited by space or time, making shopping more convenient and efficient. Consumers also have more control over their purchases, which also helps cut down on waste.

Growth of e-commerce at a potential rate

With the growth of ecommerce in the past decade, it seems that it has become more important than ever. The top three largest e-commerce services and companies in the world alone did a total of approximately $2.2 trillion in sales last year. It is expected that Amazon will be able to take over almost half of the current retail industry by itself by 2022, according to estimates from eMarketer. This is up from 44% a couple of years ago, which means that Amazon is still growing at a rapid rate and taking territory left and right.

Amazon holds about 35% of the market share for global ecommerce, followed by Alibaba and then eBay with 14% each. The ecommerce market will grow at a potential rate of 9.83%, according to a report from eMarketer. This makes it the fastest-growing retail industry today. The growth of Amazon is astounding, especially when looking at the number of sales that they make in an average year. In 2017, Amazon made a total of $178 billion in sales for all globally-available products, which is about 40% more than what Walmart did that year. And Alibaba does even better when it comes to its growth rates compared to Amazon and eBay. The Asian Internet giant made $527 billion in sales last year, approximately 70% more than what Walmart did.

Future of e-commerce in India:

1. E-Commerce Companies

Major players in the E-Commerce services market include Flipkart, Amazon, Snapdeal.com (formerly known as Jumbocart), eBay, and several other smaller local players. In recent years, a lot of companies have sprung up with innovative business models such as bigbasket.com and Kirana now. B2C also has retailers like Humana, teleshoppe, etc. However, the biggest B2C player is Flipkart which controls something around 70% of the market share.

2. Integrated payment gateways

According to a report by “KPMG” company, there is going to be an advance in payment gateways. India has been the second-largest market for PayPal, which is the largest payment gateway globally. In 2017, India has been ranked third after the United States and the United Kingdom for online retail and growth in online shopping in the global market, according to a report from “World Wide Worx”. The report also shows growth in online shopping expected to be 9.2% in India.

3. Digital marketing

Digital marketing is the process of promoting your brand via digital media. With advancements in media channels, digital marketing has taken a greater role.

There are mainly four different types of digital marketing: social media marketing, search engine optimization (SEO), email marketing, and content marketing. According to a report by PWC, there are around 27 million users on social media in India as of March 2014. This is an increase from 16 million users in December 2013 according to a report by CyberMedia Research and Business Standard.

4. Mobile Commerce

Mobile commerce is a new way of engaging in commerce using mobile phones or mobile devices as a medium of doing it. With the advanced of Android and iOS, the penetration of mobile commerce has increased. A study shows that by 2018 India will have around 1 billion internet users while South Korea has around 50 million internet users. This makes India the second-largest market after China for mobile commerce globally. According to a paper by HCL Technologies that includes companies like Flipkart, Snapdeal.com, Paytm, etc., Samsung Galaxy S6 is the most popular smartphone in India and more than 96% of smartphones are being used in an offline mode only.

5. Offline Sales

Companies like Flipkart, Paytm, etc. have tried to merge both online and offline ways of shopping by opening their own ATMs, and offline stores in order to reach customers effectively. A recent report by RedSeer Consulting states that the current e-commerce services and industry is expected to be around $15 billion by 2018 and is expected to grow further due to development in physical infrastructure.

6. Women Empowerment and E-Commerce

Despite women empowerment being a major issue in India, they are now increasingly joining the workforce with more women employed than men according to the 2015 census report. A Facebook report shows that women constitute more than half of social media users in India. This is a major point for e-commerce companies to brush their strategies to attract women shoppers.

Growth in the retail sector in e-commerce:

In India, the growth of e-commerce has been observed by the number of users on social media but also by the amount spent and sold. The number of users on social media like Facebook, YouTube, and Twitter has increased immensely in recent years. In 2013, there were around 51 million people using Facebook in India while the number was around 42 million in 2012, according to a report by CyberMedia Research (CMR). The most popular social media channels are WhatsApp (19 million users), Facebook (18 million users), Twitter (4.4 million users), and Instagram (4.25 million).

What are we going to see for 2022?

1. Global eCommerce retail sales to hit $4.9 trillion by 2022

While new growth in eCommerce has been seen in developing and transitional countries, the biggest growth is expected to come from established and mature markets like the United States, Japan, and Western Europe. This is according to a report by Frost & Sullivan.

2. Online retail in India to reach $5.5 trillion by 2022

A report by RedSeer Consulting shows that there are going to be 114 million internet users in India during 2018-2022 (up from 95 million users as of 2014). The current projected number of people using the internet regularly is approximately 800 million users (as of March 2014). Therefore, ecommerce retail sales are expected to reach $4.

3. Omnichannel shopping will become more prevalent

According to a report by the Boston Consulting Group, omnichannel retailing will see increased usage in the United States and Canada with 50% of retail sales done through an omnichannel strategy by 2019. Online retail is expected to increase from 15% of total US retail sales in 2014 to 25% by 2019.

4. Payment methods will also change

Mobile wallets are now being accepted as a payment method for online shopping. According to a report from InfoScout, Google Wallet is currently being used by 0.3% of US consumers while PayPal has 1.9%. The expansion of mobile payments and other digital payment systems such as store-specific apps and QR codes are anticipated to increase the use of mobile wallets among users.

5. Social shopping is on the rise

With the increase in the number of users on social media platforms like Facebook, Instagram, Twitter, and YouTube, this is a great opportunity for e-commerce shopping. In January 2017, India’s largest mobile social networking company Facebook introduced new features to allow sellers to directly message buyers on WhatsApp. According to a report from GlobalWebIndex, more than 50% of the time consumers spend on social media sites is spent on social shopping pages.

6. Digital marketing channels will become more multi-pronged and wider

Digital marketing has an increasing market penetration and is changing with time. Various digital marketing channels such as search engine optimization (SEO), email marketing, content marketing, etc. are showing a steady rise in India. According to a study by Edelman, the top two tactics for digital marketing are online advertising (68%) and social media marketing (55%).

7. New problems will arise from new technologies

In the modern world of technology, various new problems arise as they didn’t before. Now we have an additional problem with the use of data security breaches and cybercrime which results in loss of money as well as data. This was not an issue when offline was seen as more secure. In today’s world, cyber crimes have become more dangerous due to advancements in technology, increasing usage of email and other digital channels increases digital footprints and make it easier for hackers to track them down.

Are these advancements going to help marketers with e-commerce?

1. Greater potential for direct and personalized communication

As e-commerce evolves, it becomes more and more tailored to the needs of each customer. This includes not just products on offer but also communication coming from e-commerce companies. According to a report by Edelman, 61% of consumers prefer direct connections with businesses as this creates a personal relationship that is seen as beneficial for both parties.

2. Real-time and location-based marketing

With the increase in popularity of social media platforms like Facebook, Twitter, YouTube, Instagram, etc., real-time and location-based methods of marketing are being put into practice by various e-commerce solutions and services while companies in order to target specific customers effectively. A new purpose-built tool from Google, the Geographies tool, creates a geographic base to deliver targeted advertising in order to perfectly match buyer and seller’s interests.

3. Customer satisfaction will increase with personalization

This means that as e-commerce companies become more personalized and individualized for their specific customers, this will result in greater customer satisfaction at the end of the day. This is because now everyone knows exactly what they want before they even get into a shop or make an order with them. This is leading to a better customer experience with more satisfied customers who are looking forward to repeating purchases or even making referrals to friends and family.

4. Better online reputation management

With the rise in online shopping, the importance of reputation management is also increasing. While offline businesses have to worry about their reputation being damaged by word-of-mouth, e-commerce companies need to be aware of the same. This is because a bad experience can spread even faster through this medium as well. However, it is easier for them to track down and interact with unhappy customers and make amends for mistakes using social media channels as well as direct channels such as email.

5. Greater use of new media channels

This includes the use of social media channels, local search, and mobile platforms to increase brand awareness and reach potential customers.

Data is being used by marketers in the age of big data to look at trends and predict them in order to create better customer experiences with e-commerce companies. By using various online marketing tools such as Google Analytics, market researchers can see how people access a website or app, how long they stay, what path they take through it etc., and make adjustments accordingly to improve customer satisfaction and conversion rates for e-commerce sites.

7. New ways of marketing will increase customer loyalty

E-commerce companies are no longer satisfied with just providing their products to people; they are now trying to create a relationship with the customer and develop a more personal relationship. This is done by offering customers exclusive deals and discounts, offers and coupons for special events, etc. This means that not only does the e-commerce company in India benefit from it but also do so many other small businesses in their area do. An improved customer experience and repeat purchase statistics increase customer loyalty significantly.

8. Better use of mobile apps

With the rise in digital capabilities, the popularity of mobile apps is increasing day by day. This is especially good news for e-commerce companies in India as this gives them an opportunity to reach customers on their mobile devices as well. This makes it easy to provide information about products, add to a shopping cart, compare prices, and buy online without actually visiting a store. Apps are also being used for local marketing by allowing customers to locate nearby shops and make purchases from them more easily.

Conclusion

It is evident that e-commerce has come a long way. With the introduction of new technologies and the development of new marketing channels, the future for e-commerce company in India looks bright and exciting. This article presents eight ways in which digital marketing will improve going forward. However, it is important that companies are aware of such opportunities and make the most of them. This can lead to significant improvements in customer satisfaction, increased profits, and much more in terms of creating value for oneself and business partners.

What are trends in eCommerce business?

Every company wants to have the hottest new trend in their industry, but what does it take to become a trendsetter?

In this article, we will explore how store trends can make or break your ecommerce business. All trends come from changes in customer behavior and the market. But what makes a retailer’s trend a long-lasting business success?

One of the keys is understanding what consumers are looking for and making sure that you have an offering that delivers on these demands. Understanding customers will help you know when to switch from producing one item to producing something slightly different that offers an added value or experience for shoppers while increasing demand.

Now let’s go back to the basics.

What is an e-commerce business?

Simply put, all e-commerce startups businesses are about selling goods and/or services online. E-commerce businesses don’t have physical stores where employees work in front of store shelves to provide customer service. E-commerce startups and stores have online storefronts where customers can review products, prices, shipping terms, and payment options.

E-commerce is a global business and it is getting bigger every year as people start to realize the benefits of purchasing things online rather than buying them in a store. The key here is that you want to provide the same quality customer experience as if you were shopping in a brick-and-mortar store.

So, what is trending in the e-commerce business?

Trending business needs to be simple, easy, and intuitive to create the best customer experience. For example, if you are selling a retail product in your e-commerce store, you need to make sure that adding a new item and updating the inventory is simple and easy. Every successful trend starts with an idea.

How do trends affect your e-commerce business?

There are so many ways that trends can affect your e-commerce service provider. The most obvious way is by bringing more people to your website by providing them with new things or experiences even if they already have something similar.

What is the benefit of going with trends for commerce?

1. It helps you to stay relevant:

Trends change from day to day and from week to week. You can read about them on the web or watch TV or movies about the latest trend that is happening on the market.

If you read about them online, it will help you to realize trends and see the changes that are taking place in your own business. Trends will make sure that you are up with current times, stay updated with all of these things happening, and also helps rookies to start their business in a simple way.

2. You will attract new customers:

Trends attract people. You will be able to attract new customers to your website by going with the trends. People like to receive value from their money so they are going to spend it on a business that they love. After they are able to find the right products and services online, they will leave their old businesses and switch to your e-commerce business.

3. It will increase your sales:

Trends are about creating a long-lasting business. You need to follow the latest trends and make sure that you are ahead of them if you want to stay relevant in the long run. You will be able to get more customers by going with the trends so it helps your business to grow.

4. It will help you reduce costs:

Trends reduce cost because you can reuse old ways that still work for customers even though things have changed on the other side. For example, if you are selling something on social media then you should use trending marketing techniques with your product and make sure that people can come and share their views about it. You should check the latest trends and make sure that people can share your product on social media. Doing this, it will help you to follow the trends and reduce costs for your business.

5. You will be able to build a good reputation:

Trends are popular so when you are following them then it will also increase your reputation because people will think that you have something new for them. When they see that new products are trending on the market, then they will start thinking about them like a hot thing and they want to try those things out right away. Going with something new will help you to increase your reputation with new customers because they want to believe in their favorite brand or store.

6. It will save you from losing money:

If you do the same thing that other companies are doing, then it will help you to save time and money for your business. If you don’t have time to follow the trends and make sure that you are on top of them then it will be hard for your business to survive. If people do not like something that you are offering then they will tend to find another store where they can get the same thing. You need to follow the trend because if you don’t then it is a waste of money and people can see that if they see your company wasting their resources in such a way.

7. It will keep you on top of the market:

Trends are about predicting what will happen in the following days, weeks, and months. If you want to stay on top of your business then you need to stay up to date. You will be able to know what is going on in the world and how it can affect your business. When trends are not followed, then it can make the chance of getting more profit or losing profit in the future. For example, if you do not follow trends then people can’t find things that they are looking for and they have to go somewhere else.

8. It can help you to negotiate a better deal:

When you are in a business and the trends are going in your favor, then it will help you to get a good deal from someone else. For example, if you are looking for a loan to start your business and the bank has given you the money but they want something else other than the trends, then it will be easy for them to get that thing by following those trends. You need to keep getting deals because people will be able to notice that your business is moving forward step by step.

9. It can make people follow your brand:

When you have products that are trending then it makes sure that people want to follow your e-commerce business. Most of the products on the market are trending because it has something new and people want to try those things out.

10. It will help you for marketing your business:

If you want to promote your e-commerce service provider then you need to follow the trend. When you are about to go for something, then people tend to tell other people about them because they need to keep up with the trend. So when someone sees that a certain product is trending, then they will also start thinking that they have something new and they want to check their business because of these trends. They will also tell their friends and family members about it so that they can buy those products as well.

Trends include:

The above trends are all examples of direct consumer-generated trends. But your business can also be affected by indirect consumer-generated trends.

1. Indirect consumer-generated trend:

You have no control over indirect consumer-generated trends. For example, if you are selling a product then it could get affected by an indirect trend that has been created because the lifestyle of people has changed. If people are working from home and their lifestyle has changed then they want to find new things for them in the market. They will spend money on those things and those will become a trend for that time period.

2. Indirect control-related trends

Indirect trends are created by events that are not connected to your business. For example, if there is a war that has been going on in the world, then it will affect everything in your society including the business. People will spend more money on urgent things and also people want to enjoy their free time by doing something different. They will be looking for something new and they will start spending all of their free time with them which can lead to a new trend for that time period or for that year or two years.

Tips when following trends:

1. Keep up with the trend:

If you are following a trend then you need to keep up with the trend and make sure that it is going in your favor. It will help you to keep up with the customer’s demand and make sure that customers are satisfied with your business. You need to keep looking for new trends for the next few days, weeks, and months because people will be looking for them as well.

2. Pay attention:

It will help you to keep paying attention to everything that is happening in your business. For example, if there is a trend on social media then you should check it out and make sure that people are actually using it and are also sharing their views as well.

3. Stay up-to-date:

It will help you to keep up-to-date with everything that is going on. You need to be looking for the newest trends so that you can follow them and make sure that your business is also following the trend. If it is a good trend then it will help you to get customers who are looking for these things and if it is a bad trend, then it will make people stop buying those things that they have used before.

4. Keep an eye on the trend:

Keep an eye on the trend and make sure that you are doing well in your business. For example, if it is a new product then people will not buy it and they will just set aside that product until the time period has passed. It will help you to keep those products from being sold during that time period.

5. Do what is trending:

You need to do whatever is trending at the moment because it can help you to enjoy your business in a better way. If it is something related to technology then people need to check out that technology as well because most of the new technologies are used by everyone around you as well.

6. Check out the competition:

You need to check out the competition and see what they are doing because you don’t want to do something that is already trending in the market. For example, if there is a social media trend then you should not buy anything related to that trend and start working on it. It is better if you keep it as a backup plan for the future or something else.

7. Do your research:

It will help you to make sure that everything is going in your favor and that people are following these trends as well. Sometimes it would be better if some products don’t become a trend and you may get confused about how to manage everything for your business.

What are some of the latest trends for 2022?

1. AI and big data:

AI is something that everyone around you is using. It helps to make decisions for people and it will thus help industries to grow in the next few years. It can also help the customer to have a unique experience with the product that you are selling then people will be sharing about it on social media websites as well.

2. Blockchain technology:

We are in a world where people are not really using money anymore because there is so much fake money that is filled with counterfeiters who wouldn’t know how to make real money.

3. Digital marketing:

It is a very interesting trend for the next few years. It will allow you to focus on your business and not worry about anything else because people will be buying your products and they will be coming to you and buying more things from you. You need to keep updating yourself with everything that is going on in the industry because it is changing all the time.

4. Social media:

Social media is another trend that has been around for quite a long time now. It allows people to communicate easily from one place and it has made it easier for people to communicate as well without having any problems or any issues at all.

5. Ransomware:

It is one of the most dangerous threats to your business. It can put you in a lot of trouble if you are not paying attention to anything because it will affect your business and it will be very hard to get out of that situation.

6. Reels for promoting business

It is a trend where people will go to other places to promote their business there because they need to make sure that they are getting the people into the place. It would be a good idea for you to use those videos and market them in order to get more views on your videos.

7. Character creation tools:

It will help you to create all sorts of characters for your business so that you can get some sort of interest in them so that people will be curious about these characters. It is a good way of grabbing attention from people who look at those characters as well.

Conclusion

Trends are a great way to create something new in the market so that you can focus on some other things related to your business. They will help you to get more people to focus on the new thing that you are working on, and it will also help you to create a new product and sell it easily without any issues at all. It will allow the customers to have a better experience with your website as well and they will not get confused about anything else.

We all want our customers to be satisfied with our work and we also want them to come back for more as well. You need to follow trends so that you can keep yourself updated with what is going on in the world, or in your business.