Evolving E-commerce — A Global Era of Online Shopping
E-commerce has emerged into almost $4 trillion USD industry in 2020; almost 22% size of the total global retail industry with almost 2 billion online consumers.
When shopping is a click-away to get from a needle to big appliance anytime, from anywhere around the globe whether you are travelling to work or sitting on a couch with a nice cup of tea without walking in 100s of stores; there is no misconception that online shopping is becoming the new normal.
Today consumer has a choice to buy from thousands of available online options with a convenience to get it delivered next day at their doorstep in a more cost-effective manner. It has made challenging and competitive for retailers to sustain the clients and influence their shopping choices when they are shopping anytime in any part of the online world. However, advancement of technology, increased usage of apps and smart phones have been re-shaping the clients’ needs and experiences. Clients are more informed and knowledgeable today; client is a king is not a theory of the past anymore.
Online retailers like Amazon, Costco, and Alibaba with advanced chatbots and AI have ability to influence the client needs by suggesting products based on their shopping and spending habits, giving them 24 x 7 customer service and providing lucrative reward programs to sustain the clients. It is creating a fierce competition among online retailers who have to compete with the technology advantaged retailers. But the good news is due to accelerated growth in innovation around the world, it will not be as expensive as capital borrowing is; to open a retail store in the centre of a big city.
In last few years, there has been a more than 24 million online retail websites been developed. COVID19 pandemic has not only accelerated the innovation, but also the demand for website and apps development in last 10 months more than any other year in the past. The social distancing, and lockdowns due to COVID19 pandemic has forced many brick and mortar businesses to close their doors and also pushed millions of new consumers to shop online.
Once the pandemic gets under control and economies around the world re-instate; the online shopping will boom more than the predicted growth.
Being a 6th largest economy in the world with an advantage of increase in youth population, India will be shaping the future of global e-commerce industry. It is expected that the Indian e-commerce industry will cross USD $200 million USD online sales by 2026 with 13–15% CAGR.
There is no doubt, a new era of online shopping would be with endless cost-effective products variety with a mass of online consumers and fierce competition. The good news is, it is going to grow exponentially and there is no looking back.
