Next Generation E-Commerce Marketplace is Here and Technology is Fuelling its Growth The e-commerce game is no longer about being the fastest in the space but about being able to deliver in a price range that matches with the customer needs.
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The current trend in e-commerce marketplace has stretched its wings in various directions today, in comparison to how it started. Today's e-commerce marketplace is no more just an online platform where people can buy or sell things but much more, from being hyperlocal to infusing artificial intelligence to offering even intangible goods and services like GST compliance or short-term loans, e-commerce marketplace has evolved rapidly.
The future perception of the marketplace is on the edge of a complete change with the advent of technology progressing at light's speed. However, it is certain that the next generation of e-commerce trends rests on customer experience which are being enhanced via Internet of Things (IoT), artificial intelligence, data analytics, logistics, personalization and the hyperlocal space, to say the least. Let's take a dive into some of the things that are and will gain momentum in the near future in the e-commerce space in developed and developing markets.
- Hyperlocal e-commerce market: Hyperlocal e-commerce players are delivering products within a few hours of ordering. They are taking the e-commerce space to an extreme high. Amazon has already entered this space in India with its grocery deliveries. Reports suggest the hyperlocal space in India is expected to grow at a considerable CAGR rate. It will overcome the 2,306 crore INR mark in the next two years.
- Intangible marketplace: E-commerce is no more a marketplace to buy only consumer products. Many companies today are providing solutions and services such as loans, GST compliance, warehousing and other solutions and means to run businesses in a more efficient and smoother way.
Online to Offline marketing: In earlier days, most offline brands didn't pay any heed to the online space. Gradually, every other brand tried to invade this space. More and more established online players are expanding their businesses by venturing into the offline market. Combining both online and offline marketing techniques, increases the chance of attracting potential customers and improving the overall customer experience.
Artificial Intelligence: AI is not just a "buzzword' in the technology world. It is the fastest growing technology in the 21st century. From chatbots to humanoids, AI is successfully implementing a change in the economies around the globe. Indian e-commerce companies like Flipkart are implementing machine learning and AI to resolve the problem of accurately locating addresses in India.
Data and Analytics leading to a more personalised experience: Today, the online marketspaces bet big on data. There is no doubt that data and analytics will drive the future-prospects of all kinds of online and offline businesses. Companies are garnering more and more information on users to offer them a more personalised experience using artificial intelligence that will enable them to offer customised recommendations to customers.
Logistics: It is one of the key growth indicators in e-commerce space. It is fast coming up as a key differentiator with regards to customer relationship services. Logistics are improving by the day via integrating technology wherein shopping carts connect through web xml, API or other connection to a shipping management system to enable customers to receive the exact price quote for delivery of large items. This results in improved communication, improved customer satisfaction, transparency into the supply chain and on time deliveries along with cost reductions.
The e-commerce game is no longer about being the fastest in the space but about being able to deliver in a price range that matches with the customer needs. Considering the immense potential, the sector holds, it is likely to see entry of many more players in the coming years. The companies providing the most seamless services and unhindered user experience will be here to stay.