There still are few months before the celebrations of the arrival of 2019 kicks in. And while there still is a good lot of 2018 in our hands, it is just the right time to think about what 2019 holds in store for us. More specifically, for the e-commerce market in Indian. According to Forrester, the retail market in India saw a growth of estimated $470 billion in the year 2011, grew to an estimated $675 Bn by the year 2016 and is expected to touch the $850 billion mark by 2020 with an estimated CAGR of 10%. It is the fastest growing retail market in the Asia-Pacific Region with a CAGR of over 57% between the year 2012–16.
The incredible growth of the retail industry has also rejuvenated the online shopping industry in India, which now is among the largest in the world. So, it is only fair to have a closer look at what the future has in store for the Indian e-commerce market. We have already seen an incredible growth in the number of products offered online, a number of online stores itself have gone up significantly and so has the number of services offered by them. And if the trends are anything to go by, the Indian e-commerce market has just begun. With a deeper penetration of technologies like artificial intelligence and machine learning the Indian e-commerce industry is set for some monumental changes in the coming years.
Retailers have started to understand the needs of consumers in a better way, they are open to adopting new technologies and new ways to cater to consumer needs, and to remain competitive. So, with 2018 just about to say goodbye to us, it’s about time what are some of the groundbreaking developments we can see in the year 2019.
The emergence of product discovery platforms and marketplaces –
Marketplaces have dominated the Indian e-commerce industry since the beginning of time and they will continue to do so for at least the foreseeable future. But alongside them will be the product discovery platforms like Taglr and many others using advanced technologies like artificial intelligence and machine learning to make it easier for their consumers to find products of their choice beyond the physical boundaries. The increasing use of technology to better the online shopping experience for consumers will lead to world-class products and services, new innovations, and even lower prices for the consumers. So, if you think you’ve already had the best online shopping experience, there are quite a lot of surprises waiting for you in the year 2019.
Automation For The Win –
Automation in the e-commerce industry has been a game changer since its inception. However, while initially automation has been used extensively in order tracking and marketing purposes, it now has started to become an integral part of the inventory management and fulfillment across the sales channels. And we hope to see it increase even further as we see the emergence of new product discovery platforms and marketplaces. Some other areas where automation can have a significant role to play include the likes of operations, physical channels etc. So, if you have to survive in the modern e-commerce market, automation seems to be the road forward.
The rise of Artificial Intelligence, Augmented Reality, and Chat Bots –
In the year we saw augmented reality make inroads in the gaming industry extensively. In the year 2019 augmented reality with its extensive use in the practical applications will head towards the retail stores and into our homes. Some of the fine examples of it we have already seen in the applications that allow you to try your products even without leaving your homes. Chatbots will also see a significant boost in the field of customer service by taking over the tasks such as order status or checking the tracking numbers. In a similar way, the machine learning and artificial intelligence applications will help the businesses in their strategic growth.
Voice Commerce –
The increasing number of smartphones and handheld devices has given a significant boost to voice search, which consequently has given birth to voice commerce. As per a study, the number of users using voice assistants will grow up to 76.5 million by the year 2019 and retailers will have to tailor their products and services to tap into this growing market. By including this technology in their businesses, retailers have a huge opportunity to put their business ahead of the game and maximize their profits.
Personalized & unique offers over discounts –
A lot of retailers in the current online market focuses on offering lucrative discounts as opposed to building a unique brand experience that will align with their customer values rather than just providing them short-term gains. Going forward this approach will yield them very little to know business gains. The future is all about personalized shopping experience as far as the e-commerce industry is concerned and with deeper integration of artificial intelligence and machine learning, it has become a lot easier for the businesses to offer personalized products and services to satisfy their customers. So, if you want to attract more customers to your business you might want to switch your focus from offering discounts to actually offering a unique brand experience. ')}