Ecommerce in current times
In this fast-paced world, people are always on the go. More often than past, they are very short of time. In such scenario, it is difficult to dedicate long hours to research for shops who can provide the expected products or services. This is where online shopping portals comes handy in the busy life.
These days ecommerce are about to play a mainstream role, because of the busy life of common men & varied type of requirement everyone has. Ecommerce enables a huge number of vendors come under a single umbrella & help the customer purchasing the desired goods & services on a single website, Some of the known website could be Amazon, Flipcart, Ali express, Walmart etc.
Beyond the big players, we currently have the new generation entrepreneurs, who also has a big share in the market, which is expected to grow, such as blogging community, new bees etc.
As per a study, ecommerce businesses looking to dominate the market must prepare themselves to adopt the latest trends as soon as possible. In 2021, voice commerce, omnichannel shopping, AI, and AR will likely be prevalent. More and more online businesses will start accepting crypto payments to entice more customers to choose their brand. Dynamic pricing will still remain an effective way to attract shoppers.
AI-driven personalized recommendations will play a significant role in order to increase conversions. This means businesses will start providing more personalized data to shoppers in order to offer the best product based on their choices. This will reduce shopping cart abandonment rates and they'll ultimately get the right products to the right customers.
Dynamic pricing will have another effect as well. While it can work wonders when used properly, it's also used too often, resulting in low conversion rates. Somewhere along the way, retailers lost touch with the customers. They thought they knew better than the customers, which should be reinforced by the ecommerce vendors to get a competitive advantage in the crowd. The old model of selling is long gone.
There would be companies that will start selling only during high traffic times, while others will start selling products based on individual demand and consumption. This is something we're already seeing today as well, but it won't be commonplace in the years to come.
Voice shopping will be the next big tech to hit the world. Voice assistants like the Amazon Echo and Google Home will be incorporated into ecommerce sites and will be able to help the shopper find the right item,
Ecommerce & digital payment goes hand in hand. the truth is payment gateways have helped the e-commerce industry in many ways & rescued of e-commerce merchants.
e-commerce merchants can carry out business transactions easily
With digital payment solutions, online merchants can offer huge discounts. They can give customers complete payment transparency. By using digital payment solutions, your company can ensure better returns for customers.
Payment gateways can assist the customer in completing the purchase process
E-commerce merchants need to complete the purchase process and service delivery. They need to provide their customers the necessary information about the product and fulfill their other needs. If they use a digital payment gateway, then the process becomes easier and hassle-free.
The customers can buy products online without a problem
After the payment process is completed, a customer can buy products online without any problem. Most customers prefer online shopping, but they often face problems because someone may not have time to visit a physical shop to buy specific item. With digital payment solutions, such problems don't arise & customer can make a purchase instantly.
You can attract more customers
As they need to complete the purchase process quickly, customers are likely to shop more from your e-commerce website as a human tendency. The more the purchases, the more business you get.
The customers can save on their credit card transaction
Customers don't want to spend a lot of money when they buy a product online. They like to use credit cards to avoid paying extra fees. However, many of them face problems with the lack of cash flow. This is because they are unable to make payments in time.
Using digital payment solutions, e-commerce merchants can provide verity of option for the customer to make the payment, such as Credit card, debit card, net banking, wallet options are to name a few.
A study by E&Y recommends COVID impact on the online education providers:
The year 2020 might have been a tough year for startups across India, but it was the year of being at the right place at the right time for India’s edTech companies. Year 2020 saw India’s EdTech startups raise over US$2.2 billion in funding, with BYJU’S alone accounting for US$1.4 billion. BYJU’s became the world’s most valued EdTech startup, Unacademy joined the unicorn club with a valuation of over US$2 billion. The COVID-19 pandemic has accelerated the growth of EdTech sector in India as the market size of EdTech in India is estimated to grow 3.7x in the next five years, from US$2.8 billion in 2020 to US$10.4 billion by 2025. Market size projections (pre-COVID vs. during COVID) 9 Rise in funding (pre-COVID vs. during COVID) In COVID Projected 2022 market Projected 2022 market Pre COVID US$2.8-3.2 billion US$3.5 billion Rise in 1H20 funding vs 1H19
E-commerce businesses need to reinforce a customer centric approach, which I agree ecommerce is the way forward in twenty-first century, however without a pinch of customer centric approach the share might go to a different plate.
Few things could oxidize the business model
- Customer centric approach
- AI driven intelligent suggestion
- Ease of order processing
- Time to market
- Affiliate marketing
The days of only one function driving any successful initiative are behind us. Everything we do requires strong coordination of cross-functional teams—from digital to store operations to merchants and more, everyone plays an integral role. And it all starts with a clear understanding of consumer expectations and the right prioritization.