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E-Commerce
Ecommerce; it’s not just an industry but the strongest & invincible tool to connect the unconnected to the trade. Yes, it’s invincible because as long as goods will be produced, this industry’s growth is promised.
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GROWTH
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Retail eCommerce sales worldwide: $4.9 Trillion.
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Total digital buyers (till 2022): 2.14 Billion.
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Total eCommerce market (by the end of 2023): $5.5 Trillion.
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The top reason for growing online shopping: Free shipping.
TREND'S
By the end of 2023, it's anticipated that ecommerce sales will total $5.4 trillion. Regardless of the statistics, the ecommerce industry as a whole has changed significantly over the past two years, and new, intriguing patterns are continually appearing. Here are some ecommerce trends for 2022 that you absolutely must not miss.
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Vernacular languages and voice-based search
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The impact of social media
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Omnichannel marketing and chatbots
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Visual trade
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The BNPL function and product customization
Technology Trend's
The e-commerce sector has benefited from technological development, and it has made it possible for established businesses to communicate with their clients more effectively. Along with improving the user experience, it aids clients in the decision-making process and throughout the buying cycle.
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1. Augmented Reality:
The introduction of augmented reality completely changed the industry. Customers can have a better experience, and it is becoming extremely popular in niche industries like jewelry, home décor, and fashion, among others. Studies also highlight the industry's remarkable growth in popularity as a result of this technology.
The ability for website users to virtually try a product before making a purchase has improved the future prospects of eCommerce in India. They can view the product in 3D to have a better concept of how it will appear. Major online retailers like Ikea and Lenskart have been using this technique.
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2. Chatbots:
As a salesman would when you visit a physical business, chatbots engage with website visitors in conversation. Your tastes may be elicited by chatbots, who will then present you with the ideal products and suitable alternatives. This technology greatly facilitates customer support activities for e-commerce companies.
The future of e-commerce depends largely on giving customers a first-class experience. They assist in lowering the cost of customer care and enabling clients to communicate with the company around-the-clock. Users can also be reminded of products they left in their shopping cart.
Customers may revisit their shopping carts and complete the sale as a result of these reminders. Chatbots can also assist with shipping details or with answering questions.
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3. Voice Search:
Over time, more people are using voice search. Customers can also use their smart speakers in addition to the website. Businesses need to review their SEO and content strategy in light of the use of voice search. Businesses can use audio signatures to let customers know they are making a purchase from the correct source.
Customers may now purchase more easily from the comfort of their homes using voice assistants thanks to the use of voice search. Customers can also use voice assistants to create their shopping lists without using a smartphone. Young people and people with visual impairments are among the other audiences that the technology can reach.
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Shop Smart, Shop Easy: Your Online Marketplace.....
Major Sector in E-Commerce
1. Personal care and cosmetics:
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Online stores that sell cosmetics, hair care, personal care, and hygiene products are included in this sector.
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A rapidly expanding eCommerce sector that is gaining popularity globally is beauty and personal care. This is undoubtedly spurred by the recent launches of online shops by well-known figures like Rihanna and Kylie Jenner.
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2. Entertainment:
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E-Commerce stores that sell stationery, movies, TV shows, music, and games are included in this sector.
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No matter what is happening in the world, people always need entertainment. According to Statista, online businesses that offer games, movies, music, and books will generate $23.5 million in sales in the United States alone. That's encouraging news for anybody wishing to enter the industry.
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3. Home Products:
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Homewares such as soft furnishings, white goods, cleaning supplies, and home accessories are included in this sector.
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2020 saw an increase in the amount of time that most of us spent at home, so it stands to reason that this sector of the economy is flourishing. According to Statista data, sales are noticeably greater in the United Kingdom, where this sector is particularly well-liked.
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4. Clothing and fashion:
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Web stores that sell designer clothing, shoes, and accessories are included in this industry.
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Sales in the fashion and apparel sector are anticipated to reach a staggering $1003.5 billion by 2025, making it the most popular eCommerce sector globally. Customers are constantly searching for the newest trends; therefore this could be the ideal time to begin your own fashion line!
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5. Electronics:
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Any retailers who sell electronic products, such as personal computers, gaming consoles, smart home gadgets, and home security and monitoring systems, fall under this sector.
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The number of electronics-related online stores keeps growing. Sales of electronic products reached $424.9 billion, and the sector is showing no signs of weakening.
E-Commerce "shop now shop on time.....
Key Factor's
Major e-commerce businesses can be seen supporting India's e-commerce industry in the following ways:
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Flipkart, which is owned by Walmart, is gaining an advantage in the apparel, fashion, and electronics industries. By purchasing businesses like the fashion site Myntra and the electronics re-commerce platform Yaantra, it has been consolidating the market. To compete with other major companies like Amazon, Flipkart also started to increase the variety of its online grocery offers. Flipkart nevertheless outperformed Amazon, pulling in more than 60% of GMV during the Diwali holiday sales the year before, PGA Labs reports, despite losing 5% of its market share. Amazon secured 32% of the GMV.
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Grocery ecommerce is growing as a result of local businesses. Local player Jiomart continues to rule the Indian market despite the dominance of Amazon and Flipkart in the digital grocery space. By 2025, more than 50% of the market is anticipated to be secured, according to Goldman Sachs. About 31% will remain with Amazon.
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Another e-commerce site for fashion and lifestyle, Snapdeal, is putting a stronger emphasis on serving customers in rural areas. According to Bloomberg Quint, about 87% of its sales occur outside of major cities. However, Bloomberg reports that due to competition from Amazon and Flipkart, its revenues decreased by 44% last year. Snapdeal intends to grow among local shops and offer more affordable products.
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Amazon is also adjusting to the demands of regional markets. In 2020, Amazon India introduced its "Local Shops on Amazon" initiative, which enables neighbourhood offline retailers to register on Amazon. Customers can place orders from nearby retailers and receive deliveries the same day or the next. More than 100,000 small businesses in 450 cities are currently a part of this programmer when it was expanded in 2021. By 2025, Amazon wants there to be a million participating stores.
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Indian Penetration in Ecommerce-
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Based on e-commerce sales, India will have the second-fastest economic growth in the Asia-Pacific region this year, after only the Philippines. Up to 2025, steady double-digit growth is anticipated.
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In terms of retail e-commerce sales, it will continue to rank fourth in the Asia-Pacific region this year, trailing only China ($2,784.74 billion), Japan ($168.70 billion), and South Korea ($142.92 billion). Increased adoption in smaller cities, which represent an increasing portion of ecommerce sales, is one reason why ecommerce is rising in India.
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E-commerce in India, however, still makes up a very minor portion of all retail transactions. It will only make up 7.8% of the entire $1.072 trillion this year. Compared to China (46.3%), South Korea (32.2%), and Indonesia (20.2%), this share is significantly smaller. But in 2025, when e-commerce is predicted to account for more than 10% of all retail sales in India, the country will pass a significant milestone.
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FUTURE
Over time, the e-commerce sector will undoubtedly experience tremendous growth. The expansion will be driven by market leaders like Flipkart and Amazon. Other factors contributing to the growth of this industry include government legislation, M&A activity, and rising industry investments.
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"Additionally, the COVID-19 pandemic crisis has given the sector a boost. Additionally, notable investments by Facebook, Google, and Reliance Retail have been made in the sector."
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Stats:
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With a CAGR of 55–60%, social commerce in India has the potential to develop to US$16–20 billion in FY25.
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India's e-commerce sector is anticipated to grow to 111 billion and 200 billion US dollars by 2024 and 2026, respectively.
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The market size of India's e-commerce sector, which is expanding exponentially, was over 22 billion US dollars in 2018
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By 2030, it was predicted that this amount would amount to 350 billion US dollars, claimed Statista.
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