Five trends Indian e-commerce industry can expect in 2023
Internet and mobile phone are the front face of the e-commerce industry, and it has seen an extravagant rise in businesses and consumerism across the country. Every year, India is becoming more internet- and smartphone-friendly, and in 2020 the country had the world’s largest internet population with over 740 million users. As per an estimation, it can increase the usage of mobile phones, and 1.5 million people will use the internet by 2040. In the last two years, India’s e-commerce market has grown exponentially and is flourishing every coming year.
It is believed that the e-commerce of India will touch the market with 60 billion, which means there is a lot of scope for growth and constructive remodelling. Analyzing and catching up with the e-commerce trend is one way to secure the stability of e-commerce businesses.
We have concluded five trends that will be taking place in the market in the year 2023:
- Technology and business growth
In the last few years, India has evolved and accepted technology with broad arms. Our tech-friendly environment has been evident with speedy changes in gadgets, software, and virtual reality, and in a few years, we have covered the path from no internet to 5G in no time. Today, businesses are undergoing an evolution fueled by technology that may be the pillar of modern retailing. Virtual Reality (VR) is one technology that can give e-commerce businesses a new life. It is one of the trends that is foreseen to attract more customers to invest in e-commerce platforms.
- E-Commerce growth via social media
Social media is the future for shopping and selling goods and services. In the coming time, it can become one of the leading and only sources where people will shop from. Social media platforms serve as a brand digital store through social commerce, allowing customers to conduct their whole purchasing experience, from product research and discovery to payment, everything on social media. With perfect functionality in the social media apps, such as giving recommendations, customer reviews, and ratings, businesses can mark a massive profit with this e-commerce trend in the coming years.
Customer satisfaction is a must, be it online or offline shopping. And to flourish the e-commerce growth, businesses can build experience stores that consumers can visit to see the products before shopping online. This e-commerce trend can make the customer brand attached, and the visual convenience will be at a high peak. It is beneficial as customers can take discounts and trust the services offered by the business platform after visiting the showrooms or stores.
- Shop online and collect offline
This e-commerce trend has been sustaining in the game for a while now. Consumers who use the click-and-collect service option can also benefit from having no or very few additional delivery costs. Businesses benefit from the customer experience, sales of additional products, and effective return handling. Consider this trend as seamless buying and extreme growth in the e-commerce sector, and businesses can see wonders happening.
- Quick deliveries
Quick e-commerce states how consumers can expect delivery in 6 hours or a day after ordering any good. This trend can put India in the leading markets of e-commerce with other growing countries such as China, etc. Quick deliveries can lead to more orders resulting in the overall growth of an e-commerce business. Perfecting the aspect of convenience is one crucial booster to spreading business online. This trend can strengthen the face of many e-commerce businesses if their logistics are quicker than their competitive companies.
It is foreseen that with these trends, Indian e-commerce is anchored to get highlighted in the media positively and grow swiftly.
Resource : https://timesofindia.indiatimes.com/blogs/voices/five-trends-indian-e-commerce-industry-can-expect-in-2023/