eCommerce 2020 Trends for the Indian Market
The eCommerce space is evolving rapidly. There is no doubt in claiming that India is the fastest-growing market in e-commerce. Trend of eCommerce is growing at an annual rate of 51% which is highest in the world. Undoubtedly, this sector in India has seen an unforeseen growth in the past decade. It is expected to increase at a fast pace in 2020. As per the report by Morgan Stanley, the Indian e-commerce is expected to grow to $200 Billion by 2026 from $38.5 Billion in 2017. Also, according to Statista, ‘India had around 224 million digital buyers in 2018’. This will rise to 330 billion by 2020, which is a highly rapid rise rate.
This year eCommerce trend in India jumped seven places in the UN Conference on Trade and Development’s B2C e-commerce index, 2019. However, there are various reasons for this jump, one being a steady rise in number of internet shoppers in India.
This remarkable growth is the proof why Asia’s biggest business persona/tycoon has moved closer to his e-commerce plan. This plan was to incorporate a digital service holding company with a capital of $24 Billion. The increasing internet and smartphone penetration triggered the growth of the industry. And, by 2022 number of smartphone userswill reach 859 million.
This surely gives businesses a golden chance to seize the untapped market. This can be done by following the key trends which will shape the e-commerce market place in the upcoming times. Hitherto, the sector was known for apparel and electronics but a new category – Grocery, is ready to dominate the sector. Few e-commerce players in this segment have already established their footprints in the market. Coming years will witness a complete revamp of this segment.
To stay ahead in the competition and to woo potential customers, few trends will be a lookout by brands in 2020. Let’s have a look at the key trends which will reshape the Indian e-commerce trend marketplace in 2020
1) Personalization will enable brands to bloom.
In 2020, the demand for personalized experience is anticipated to increase. 48% of customers spend more when their experience is customized. This is a definite indication that brands need to work towards personalized experience for customers to exceed their satisfaction level. This will ensure more conversions and retention of the customer thus creating trust among the brand and their customer.
2) Same-day deliveries will become USP
Subscription plans by major players gives their customers various delivery options along with same-day delivery.This will see major growth and customer will most likely have this option from almost all the brands. Although this is hard-hitting expectations for the business, this will ensure a higher trust level among customers.
3) Voice-based search will dominate online shopping
Voice-based search is already popular among most of the population. Every tech mammoth is trying to engage customers with its voice assistant and voice-based search solutions. This eCommerce trend will dominate the market in 2020. Voice search not only increases customer interaction but helps brands to understand their customer and thus give those personalized services. Voice search for shopping will create seamless experiences for end-users; moreover, will reduce the efforts of manually searching any product.
4) Internet market place will be preferred over brick and mortar stores
Even though there are e-commerce players in the grocery segment which are doing pretty well, still a lot of people prefer to shop from supermarkets. The reason for the same is the quality and shelf life of the product. The AI and the Internet will bridge the gap between the grocery marketplace and the customers, in the coming years. More and more people opting to use their smart phones for grocery shopping and saving their time will influence others to follow this trend.
5) Online-Offline linking
When it comes to retail, e-commerce has lower market space and other brands are taking advantage of these loopholes. But it seems like online brands have understood this strategy well that is why e-commerce platforms are bridging the gap between online and offline presence by opening retail stores. Additionally, some of the major retail players have gone in the internet market space to give their customers the best of both worlds. It gives the customers a feel-good experience as they can physically experience the product in stores and this will fasten their buying decision.
Automation has already taken over the world and it is capturing the market at a good pace. Chatbots are to become a huge part of online shopping to give instant support to customers, thus enhancing their experience. With the help of AI, Chatbots will be able to resolve the customer’s query instantly rather than waiting for emails and calls from customer support, making the process much smoother.
7) Hyper-local players going the digital way.
Although, digital revolution has taken over almost all businesses, yet hyper-local players are lacking in this trend. With the increased demand and changing buying patterns of customers, these players will need to take a route of digitization. This will not only make their process more reliable, smoother but they will also be able to analyze their growth. In addition, they can also figure out where they are lacking behind. This will change the way of how hyper-local market works.
Moreover, for a prosperous e-commerce future, businesses will have to work with technology and data companies as well as social media platforms. This is to ensure that their customers are getting what they want. These trends will ensure tremendous opportunities for businesses and local players. Businesses will have to level up their game to stay ahead in the e-commerce market space. Building digital strategies and implementing them with a vision of satisfying customers will grow the growth curve.
For a small business in hyper-local markets, it’s time to step-up their game by going digital if they have not done it already. 2020 is the perfect time to adapt digitization and to explore new opportunities. Not only will it help in capturing the market, but also ensure the visibility of the brand among people.
Beep is one such platform that has understood how to bridge this gap between small businesses/vendors and customers. It is working towards building a customer base for such businesses and providing them additional benefits. This can be achieved while staying at par with the technology and latest trends. Beep is a reliable e-commerce marketplace that brings buyers and sellers on a single platform and facilitates transactions for their growth and expansion in the market.