From 4% of the total grocery and food, consumer electronics, and apparel retail trade in 2020, the growth of e-commerce in India is projected to increase to 8% by 2025. E-commerce has revolutionized the way that consumers shop in India in recent years, helped by the growth of the Internet and Smartphone use and a rise in digital literacy, and the government’s push to digitalize.
In actual fact, the Indian electronic commerce market is projected to expand by 21.5 percent, and reach $74.8 billion by 2022 according to the data and analytics firm Global Data.
Here are the top five reasons that e-commerce is the future for India from 2022 onwards.
- Preferred Payment Methods
In the next year, the payment patterns of eCommerce will shift contributing to the growth of e-commerce in India. By the 2025 end, it is expected that the cryptocurrency market will earn $60 billion. This could be the start of an example for the future. Payments will be made directly between buyers and sellers rather than via payments that are made through payment escapes, as is the case currently. This will also reduce eCommerce frauds and intermediary costs.
Include additional BTC support as a business owner, allowing customers to make transactions using bitcoin, which is a less expensive more efficient, convenient, and secure payment method for online retailers.
- B2B Instead Of B2C
According to predictions, B2B firms will be able to reach $6.6 trillion in sales by the year-end of the year 2021. This increasing trend is caused by SaaS and tech companies that help smooth operations and also boost profit margins for companies. So if you’re in B2B prepare to manage more large purchases and volume-based discounts and also make reorder management easier.
- Online Shopping Is On The Rise
Smartphones are more attractive to the customers like millennials and Generation Z consumers because they are simple. According to Payvision the figures for this increase to 18.8 percent in the coming year, before increasing to $3.79 trillion by 2022. As a result, it is important to enhance your store’s mobile buying experience to keep current with your competitors and reap the benefits. Make sure your company is mobile-friendly by optimizing responsiveness to mobile devices and other aspects.
- Analytics Are Becoming Increasingly Important
As per Deloitte, the majority of those surveyed think that analytics helps them in making sound decisions and 16% believe that it assists them to accomplish their major strategic goals. Analytics has been in use for quite some time as it focuses on the behavior of consumers in a direct way. Analytics are quantitative measures used to create eCommerce strategies for growth and traffic.
The most efficient method of determining which method is most effective in bringing customers to your website is to focus on aspects such as campaign click-through rate and conversion numbers. As a result, using analytics to produce useful data is always worthwhile even if it doesn’t yield immediate success.
- OMNI-Channel Approach
Customers are more likely to look at content from stores in various ways, which is why companies have to develop new methods to promote their merchandise.
Omnichannel is a multichannel method that aims to give the most satisfying customer experience regardless of whether it is on the go with a mobile device, desktop computer, or even in an actual retail store. Business owners can attract customers through offline and online channels and re-uniting brand experiences because of the omnichannel. You can make use of an omnichannel strategy to enhance customer service and improve communication with customers on a variety of channels by implementing one.
If you’re an e-commerce company owner, it is essential to be aware of the changing patterns in the industry as well as the growth of e-commerce in India. Keep an eye on emerging eCommerce future trends so that you may take advantage of the fantastic prospects in the eCommerce environment in 2022 and beyond.