Top Ecommerce Insights for Indian Brands in 2022

No firm can afford to disregard having an online strategy to increase revenue as e-commerce continues to expand at a breakneck pace. It is now crucial for firms to place customers at the center of all their e-commerce operations. This is one of the noticeable shifts taking place in the e-commerce sector. On a larger front, the e-commerce industry is continuously changing due to various aspects such as technological developments, challenges, and ever-evolving customer natures. It is no change in 2022 as well.

We at GrowthJockey offer expertise to various startups and industries that can help you keep up with these changes.

By 2034, as per the report of IBEF, it is anticipated that the Indian e-commerce trends in the market will overtake the US as the second-largest e-commerce market in the world. The e-commerce market in India is predicted to develop at a 19.24% CAGR from USD 46.20B in 2020 to USD 111.40B by 2025, with groceries and clothing/apparel set to be the main drivers of additional expansion. From USD 3.95B in FY21 to USD 26.93B in 2027, the Indian online grocery market is predicted to grow at a CAGR of 33%. From USD 52.57B reported in 2020, e-commerce revenues are projected to reach USD 67-84B by 2021.

This article aims to provide insight into e-commerce trends and a step-by-step guide on how professional techniques and tools help build e-commerce strategies, the importance of marketplace 360, and top techniques in e-commerce fields.

Chatbots for in-store experience

Using machine learning in online purchasing is critical as chatbots develop more human characteristics. A lot of customer-centered experience creation now revolves around using artificial intelligence (AI)-powered tools as e-commerce trends that can simulate the presence of an in-store assistant.

VR/AR Remodulating the Online Shopping Experience

Utilizing AR and VR technology as a part of the e-commerce trends, with consumer technology experiencing an unheard-of boom, employing tech-based systems like AR and VR can enhance the immersive experience and knowledge of online buying. Utilizing such visual technology can assist businesses in expanding into new markets.

Thanks to augmented reality, online shoppers can preview products or use services in their settings and at their own pace before deciding to make a purchase (AR). If augmented reality is utilized to preview products, customers are more likely to select the right item the first time.

Implanting Voice Search Is the New Way to Search for Products

With more homes adopting smart speakers, voice search for online purchases of products and services is the newest growing trend in product discovery. Voice search is a new way to buy things on the internet. Voice search lets you order items from your phone or computer by talking instead of typing. There are already millions of people in India who do voice searches.

According to a report by Voicebot, voice commerce sales are expected to amount to $164B worldwide by 2025. Voice commerce, which provides a natural user interface, may soon change the game for e-commerce firms.

Advancements in Online Payments

With less trouble, online payments have grown quicker. Paying for online orders is no longer a challenge thanks to UPI, credit, debit, e-wallet cards, net banking, and other services. The introduction of "buy now, pay later" ideas made it simpler for clients to make purchases and pay them through "EMI later."

The most crucial aspect of current e-commerce trends is diverse payment options. Consumers want to pay for their purchases in various ways. Thus, it is up to e-marketers to make the most of the technologies at their disposal to incorporate a wide range of unique payment methods, such as e-wallets and pay-later alternatives, into their websites and applications.

AI-Guided Automated Shopping

E-commerce platforms may now offer automated purchasing experiences thanks to cutting-edge technology, like AI and machine learning (ML). AI makes it simple to provide online suggestions and continuously collects data on customer purchase habits. As automation enables businesses to minimize human participation, it is also becoming more popular in B2B transactions.

AI, a current booming e-commerce trend, can assist you in providing your consumers with a more seamless and delightful experience by helping you create localized content tailored to your audience (or multiple audiences).

We at Growth Jockey believe personalization is the secret to a positive consumer experience. Personalization is why AI algorithms are now widely used in e-commerce advertising.

Advertisers can personalize the ads that consumers see. This is made possible by AI algorithms that can target ads to consumers based on their interests. This type of advertising is more effective than traditional advertising because it is more likely to result in a purchase.

Personalized Advancements in Marketing

Personalizing online interactions and experiences for customers is referred to as e-commerce personalization.

Consumers want services and marketing that are tailor-made. Utilizing materials tailored to each customer is highly encouraged and is simpler than ever. Thanks to technology and data tracking, AI can use vast internet resources and channel-specific marketing personalized product recommendations as part of e-commerce trends for each person.

Applying Blockchain Technology

E-commerce platforms are heavily utilizing blockchain, another major technological innovation. Blockchain is a method for digitally recording transactions on encrypted databases spread over numerous computer networks, much like physical ledgers. A decentralized business model is created for buying and selling on e-commerce sites. In terms of multi-party authentication and data anti-theft, it is superior to cloud computing. The system's overhead costs are reduced.

Transparency, efficiency, security, and trust were a few challenges for the e-commerce and e-retail sectors. Blockchain technology resolves all these issues and improves supply networks, payment systems, and work automation. You can partner with experts like Growth Jockey to understand new technologies that can help you boost your growth.

Secure Data Controlling

It is crucial to understand that data privacy concerns are also growing in e-commerce trends despite the importance of targeted marketing campaigns. It's necessary to strike a balance between privacy concerns and personalization.

Companies must be aware of the essential elements of their regular data-sharing activities to ensure compliance with the law. The aspects of data sharing include the type of data being shared, the purpose of sharing the data, the parties involved in the data sharing, and the security measures in place to protect the data. Companies risk violating data privacy laws and exposing themselves to potential liability without full awareness of these elements.

Brand Sustainability

Institutions and online commerce are under increased pressure to be socially and environmentally responsible. An improved change in perception of the brand might result in making the services and shopping experience as ecologically and socially responsible as possible.

E-commerce companies use low-carbon-footprint logistical services or eco-friendly packaging for their items as consumers become more environmentally conscious. Finding such logistical services is not simple, but you can reach out to experts like Growth Jockey.

Innovative Subscription Ideas

Subscriptions and subscription boxes are among the most popular e-commerce trends. In the past decade, they grew in prominence and enabled companies to frequently provide consumers with their items, whether they were for retail, food, or cosmetics. Well-known companies like Amazon, Flipkart, Nykaa, Myntra, and others can be found in the subscription box market.

Depending on the buyer's objective, we can classify e-commerce subscriptions into three main categories: replenishment, curation, and access.

Employing Various Selling Channels

Utilizing all means of publicly accessible media can improve customer convenience and raise brand awareness. Consumers may find shopping simpler if they can pick up where they left off.

E-commerce giants can draw additional users to their platforms as customers desire an improved purchasing experience. A shift to social media markets, which are also developing, might make things simple.

Shifting expectations of the consumer base are driving change. If you want your e-commerce company to be successful and profitable, you must adapt to the changes and reorganize your business strategy to prioritize the needs of the customer. You will also see a positive change in the market as a result of e-commerce trends when this is done successfully and targeted at the right audience.

Conclusion

India's e-retail market is anticipated to maintain its rapid expansion. In FY20, it generated Rs. 1.8T (USD 25.75B) with a CAGR of over 35%. The Indian e-retail sector is expected to attract more than 300–350M customers over the next five years, increasing the online gross merchandise value (GMV) to USD 100–120B by 2025.

A Bain & Company analysis estimated that the GMV of social commerce will be over USD 2B in 2020. Due to widespread mobile usage, it is anticipated to reach USD 20B by 2025 before potentially skyrocketing to USD 70B by 2030.

At Growth Jockey, our sole focus is on creating custom solutions that address the unique challenges faced by our clients in the e-commerce industry. We are committed to helping businesses of all sizes, from small-scale enterprises to large corporations, harness the power of technology.

Get in touch with us today to scale your business with our expert solutions !