The E-Commerce Industry has been on boom in the Indian market and earning a great profit through this. Online shopping gives a handful of money saving as compared to going into the retail market for the same. Within a period of 2-3 years, the e-commerce industry has been flourishing a lot and is now transforming into a billion dollar industry. Hence, it can be interpreted that future of e-commerce in India will be bright. In India, the E-Commerce industry gets its introduction with small company like Flipkart. However, now the MNC’s like Amazon and Walmart took forward their steps into the market and are going strong.
This represents a strong future of e-commerce industry in India. It is expected that the e-commerce sector will increase about 1200% by 2026, comprising worth of $200 Billion. Apart from this, India is heading towards the road of digital development. This will definitely serve as a boon for the e-commerce industry. The e-commerce industry will definitely grow as the introduction of new quality technology to take the business ahead.
As, digitization and smart technology is the need of e-commerce industry. Let us take a look over what we are going to witness in the future of E-Commerce in India.
1. Add Innovation
With the rapidly evolving technology, the e-commerce industry is heading towards revolution in the market. This will increase the reach of the companies and attract more users. This is used to be the sole aim of any e-commerce industry. Good surfing experience is the only expectation of any business. Here also, the e-commerce industry is evolving and adopting efforts in providing good customer experience and vast reach as well.
2. Foreign Investments
As the industry is expanding, foreign companies are also eyeing over spending into the Indian market. This will increase the competition into the market. In such a condition, the quality of service will be improved in all the existing e-commerce service providers. In addition to this, it will be a great competition for the local companies, and need to intensify their services as soon as possible. The competition in market will definitely improve the overall services involved in the e-commerce industry.
3. Quality Customer Services
Indian market majorly rely over quality of Customer Service, because customer is the king only. However, with the introduction of new companies competition into the market, the existing company could improve their services. Having the study over the working of these big giants or MNC’s, will definitely improve the overall customer service quality. With the government support, the e-commerce will take the customer service ahead into the Indian market by setting an example for all.
4. AI and AR
AI (Artificial Intelligence) chat bot are playing their role very well in solving the customers queries at any time of the day. These personalized chat services by individual companies are very helpful for their customers. Now, the chat assistance is becoming a necessity for every e-commerce portal or any other service provider. AI based service is going strong and exercising the available facilities in order to facilitate a majority of customers. As a result, the real-time customer engagement will help in generating revenue and build a great brand value.
Likewise, Augmented Reality (AR) has also gets indulge in the e-commerce business. It is an application which bridges the gap between physical and digital experiences. AR is proving to be an instant solution to the customer queries.
Management and maintenance of logistics is very crucial for the e-commerce business. Providing a powerful system for shipment and tracking is the need of every e-commerce in order to facilitate customers. As, both customer and seller like to minimize expense over logistics. Therefore, quality products are very important along with the live tracking of the products and distribution company. Hence, logistics distribution services are going to be the future of the e-commerce business. With the enhanced service, it will provide users to analyze the delivery time, reverse pickup time, shipping charges, etc.
All these services are going to enhance the overall customer experience in the near future. The market will only grow with the increasing penetration of smart phones and low data access charges. However, e-commerce business is having a great future ahead in the next few years. The overall customer experience will increase gradually with the use of new technologies like AI, VR, Social Media, etc. All these things play a crucial role in increasing the pace of e-commerce industry and maintaining the growth as well with the passing time.