What are the expectations from E-commerce in 2018?
One major drawback of e-commerce was the customer not able to experience the look and feel of the product. This issue has would be addressed with help of Virtual Reality and Augmented reality.
E-commerce in India is becoming bigger and better. 2018 would be a defining year for e-commerce Industry. With 41% CAG E-commerce retail is poised to be a 69 billion dollar in 2020. All through 2017 saw consolidation with Flipkart buying E bay and Jabong but players like Snapdeal, Paytm and Shopeclues are there to stay. The competition between Flipkart and Amazon would be intense as both are well funded, but e-commerce story in India is beyond these players. 2018 will see a lot of categories like health care and Grocery finding foothold. With the Big basket, Needs, 1 mg etc. are finding huge acceptance. In India, the e-commerce story is now beyond electronic and two major players Amazon and Flipkart.
Technology would be making a major difference. Where marketplace would try to service customer better. The marketplace is adopting Geotagging for faster region based delivery. Currently, artificial intelligence is used for suggesting products based on buyers search and buying patterns, AI would go beyond this were demography, Age, and other factors will come into play. One major drawback of e-commerce was the customer not able to experience the look and feel of the product. This issue has would be addressed with help of Virtual Reality and Augmented reality. This would help category like fashion and Home Decor. Total Lenskart uses VR to find the right frame. This technology will be adopted extensively.
Today a reseller sitting in any part of India can sell its product globally without getting into complexities of exports documentation and process. It is called cross-border trade or CBT. There are advantages of this business as a reseller you are selling to the customer directly. This helps in understanding the customer buying behavior and it is the cost-effective way of selling. The third biggest advantage is profitability for the reseller is e-commerce enables the reseller to sell directly to customer hence eliminating middleman leading to better product pricing and also higher margins for the reseller. So, global e-commerce helps in reducing inventory risk, ensure payments, helps in knowing the customer better, increases profitability. In India, you can use E-bay and Amazon platforms to sell globally. Apart from this platform like Amazon gives warehousing facility to store your goods in their warehouse abroad and sell from there. This reduces delivery lead time but increases Inventory management risk. CBT is been rapidly adopted by handicraft, jewelry and fashion category.
E-commerce is also contributing to generating new Job opportunity. As the reseller base, increasing demand for e-commerce skilled resources is increasing. There is a lot of job creation is entire value chain and major impact is in logistics technology and service industry, An estimate of 1.3 million Jobs would be created by 2020 due to e-commerce industry.
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