Virtual is the future! With the increased use of technology and dependence on automation by the youth, it is a sure shot indicator of a virtually enabled future for all and especially after the global pandemic crisis of Covid19.
These lockdown situations have led to the most efficient use of technology which was not yet realized so far. Be it entertainment or business proceedings, everyone has witnessed a sudden change in the environment we live in and these dynamic changes are reshaping the future of online shopping.
To understand these strategic moves better and gain insights about the future of online shopping, check out the following 5 factors to improve your business decisions for the upcoming future.
Massification of E-Retail
E-retail or online shopping platforms have rooted their samplings in the Indian market in the last decade. With increasing, use of marketing and promotion across all social media channels that we use today has not just helped these platforms to penetrate in the market but has recorded a massive customer growth and expansion.
These symbols are an indication of the increasing popularity of E-Retail platforms and is enabling them to move towards massification which is expected to increase the new customer base by 500 million by 2021 from 200 million existing customers in India.
Voice and Vernacular
It has been analyzed that people in India are moving towards voice-based searches in vernacular or local languages while making searches online. This practice is becoming very popular these days with an increase in voice-based searches by 270% on Google India.
This emerging trend of voice and vernacular searches has led to the creation of multiple language search options on E-Retail platforms and the launching of the Hindi interface on Flipkart and Amazon is one such example. With 28% of voice-based searches on online shopping platforms, Flipkart has acquired Live.ai to convert voice searches into text in 9 different languages, to make the best out of this emerging opportunity.
These new features launched by E-Retail platforms have enhanced the customer experience and made it all the more popular with increasing traffic on these platforms by 500 million new users only from India.
The time spent by the audience over the internet has increased on average and E-Retail platforms are smart enough to tap this opportunity for their greater good.
The idea of launching digital ecosystems is an attractive way to tap users’ engagement online. To make this happen, online platforms like Amazon and Flipkart are coming up with multiple features on their platforms, from introducing e-wallets, access to entertainment to business transactions. These new features have enhanced the user experience and eliminated the hassle between multiple applications.
As a result of these digital ecosystems, e-retail platforms in India have witnessed a growth of 180 million new mobile wallet users, 20000 plus online travel bookings and 10000 plus pin code search on a single platform, which reflects a massive increase in user participation across domains and billion-dollar opportunity of new business in Indian markets.
Video and Visual
Video is the next big sensation world over and is creating a massive impact across industries on a global level. In context to India, the consumption of video content has gone up by 4 times especially in the tier-2 cities and small towns in India.
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This trend has lead to exponential use of visual search tools, live streaming sessions, and influencer marketing by E-Retail platforms. With the introduction of a visual search on Pinterest, the search results have increased by 600 million on a monthly basis. TikTok is also using influencers to link products and offering seamless video purchasing experiences for users.
Online platforms like Taobao are offering visual search engines and live streaming sessions to make online sales and has in fact earned $15 billion through live streaming by enhancing online shopping user experience and comfort of one to one interaction similar to offline sales.
Influence is the next big thing in the market that drives the youth, be it career opportunities, relationships, shopping or the lifestyle. This has been seen as a very important strategic move undertaken by the E-Retail platforms to drive more traffic and boost sales, especially in the Indian market. To make it as a driving force towards positive conversions, e-retail platforms are using community and peer influence to enhance the purchase decisions of the upcoming youth.
In order to understand the significance and future of social shopping better, Pinduoduo, an online social shopping platform launched by China is a classic example, and many other online platforms are working towards developing such social shopping opportunities which help customers bargain collectively, get the bonus and exciting prizes on referral invites and much more.
So get your business online and with all these new features accessible to your target customers to boost your business revenue like never before!