An overview of the Indian E-Commerce space
In the past few years, India has seen a surge in the growing ecommerce market and the pace is expected to continue to rise. While it was off to a slow start initially, the e-commerce boom in India gained momentum with the growth of new players and the introduction of new services.
Though the number of Indian entrepreneurs entering the international market is on the rise, many wonder whether they are ready for it and whether they will manage to make their businesses come alive in the global arena.
Let’s dive into the bigger picture of how e-commerce has emerged in the past few years and what’s in store for its potential future.
Did Covid’s existence contribute to the rise of Indian ecommerce?
The answer is Yes!
Despite minimal marketing investment from either side, Indian consumers became more familiar with the trend of e-commerce last year. And with more consumers coming online, the opportunities for innovation in the industry only continue to grow.
While traditional brick-and-mortar stores struggle globally, e-commerce platforms are growing. Covid caused a stir in the Indian e-commerce market. Some of the platforms started their new service of providing food essentials right at your doorstep in the next 90 minutes. Instead of stepping out of the house, people started ordering fresh fruits and vegetables online.
Apart from this, they began offering a few deals starting at ₹1. This wholesome service included everything from packaged food to house cleaners with free delivery above a certain amount.
When such platforms realised how people like ordering online, they started working on improving their services, making things as convenient and fun as possible for their customers.
What do consumers around the world want?
Power to the People!
Today’s consumers are more demanding - they want to define their own experiences. They expect brands to be transparent and accountable for their actions. They expect products and companies to stand behind their values and deliver on their promises.
According to a survey conducted by Sproutsocial, the following stats were found:
Source - Sproutsocial
Just not this. In fact, the sustainability concerns also come into picture including:
- Easy Returns
- Free shipping
- Delivery on time
And one more interesting fact!
According to Oberlo, free delivery is the topmost reason why people shop online:
Source - Oberlo
Key trends that will matter in E-commerce in coming times
1. BNPL is the future of ecommerce
We’re pioneering a new model for payments in India, one that gives consumers more options and better value for their money.
BNPL is leading the e-commerce industry because we know what consumers want. BNPL opens various options to consumers, especially youth, to shop and spend beyond their estimation.
With so many payment options now available, it can be difficult to determine which one will be the best option for your business.
If you’re wondering what Sezzle is? Let us help you.
Sezzle is a BNPL platform that allows shoppers to shop from their favourite brands with and split their purchase in 4 payments, to be paid over 6 weeks, all these at a 0% interest rate!
2. The rise of voice shopping
Voice-enabled devices are slowly taking over the world. Alexa, Google and Siri are starting to take over grocery stores. And it's not just about buying things: You can now ask them to find your lost phone, order a pizza, check the weather and more.
And this isn’t even accounting for all the additional voice commands we’ll be adding to our phones over the next few years.
3. AI helps retailers learn about the shoppers
Retailers are using artificial intelligence (AI) technology to learn more about customers. AI gives retailers instant insights into patterns of behaviour and spending. Some examples of where this is going are self-service checkout lanes, loyalty programs that reward shoppers with gift cards or coupons when they visit certain locations, and both virtual and physical pickup lines being replaced with technology that makes it easy for customers to receive information without having to interact with a salesperson.
4. The global consumer base
The greatest thing about the internet is it enables everyone to be a marketer regardless of where they reside. The ease of access to shipping, currency services, and other Internet marketing initiatives has provided a means for local businesses to expand their reach by operating online.
Most major brands are investing heavily in targeting the new global markets and gaining new fans for their products. With e-commerce growing rapidly in emerging nations, many companies are looking to expand their footprints in these regions as well.
How are platforms like ZenCommerce making e-commerce simpler?
There are several companies trying to make it easier for small businesses to sell their products online. Platforms like Zencommerce enables you to set up your own e-commerce website easily and integrate with several plug-ins and payment options including Sezzle.
It enables you to customize your e-commerce website the way you like and all these at affordable pricing!
Online shopping has come a long way in recent years.
As numerous retail giants are entering the business, competition is no longer distant, it is now a reality. Thinking about opening your own e-commerce store can be difficult, but it is definitely not impossible if you’re willing to put in the effort and enough time required to keep your business competitive.
You need to have the right strategies and software tools for business growth and success.