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5 trends Indian Ecommerce industry can expect to see in 2023-24 and how to prepare


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Image Source : FREEPIK Photo for representation only.

The Indian e-commerce ecosystem underwent significant changes in 2022. The e-commerce industry is rapidly expanding even as the 21st century shifts towards a digital society, pushed by consumers’ increasing desire for convenience. Conventional brick-and-mortar business owners are quickly adapting, generating online shops for their product lines whilst still maintaining  physical store presence.

E-commerce will soon be on the frontier, and companies should indeed prepare in the meantime to accept it. Each of these trends has already been growing rapidly and will probably certainly remain to do so into 2023 and even beyond.

According to Nidhi Aggarwal, Founder, SpaceMantra, “India is a mobile-first country, and more and more consumers are choosing to shop through their mobile devices. E-commerce businesses should optimize their platforms for mobile users and invest in mobile app development to offer a seamless shopping experience to customers. Also, social media platforms are increasingly becoming a popular destination for online shopping, and this trend is likely to continue in the coming years. E-commerce businesses should leverage social media to promote their products and engage with customers, as well as explore integrating social commerce features into their platforms.”

“Consumers are looking for personalized and tailored shopping experiences. E-commerce businesses should invest in data analytics and AI technologies to gather customer data and provide personalized recommendations and experiences to customers. Consumers are becoming more environmentally conscious and are choosing brands that are eco-friendly. E-commerce businesses should adopt sustainable practices and promote eco-friendly products to attract and retain customers,” said Ridhima Kansal, Director, Rosemoore.

Raghunandan Saraf, Founder & CEO, Saraf Furniture said, “Customers expect a seamless shopping experience across different channels, such as online and offline. E-commerce businesses should invest in omnichannel retail strategies that offer customers a consistent and integrated shopping experience, such as buy-online-pickup-in-store (BOPIS) and ship-from-store options. In order to prepare for these potential trends, e-commerce businesses in India should prioritize investment in mobile app development, social media marketing, data analytics and AI technologies, sustainable practices, and omnichannel retail strategies. By staying ahead of the curve and offering customers the latest in e-commerce trends, businesses can better compete in an ever-evolving market.”

“The Indian Ecommerce market is expected to reach 110bn $ served by 15 lacs sellers by 2025, presenting its own set of challenges and opportunities. To stand out, it is important to focus on a particular industry, focus on a target segment, get the target market pin point right, invest in tech, warehousing, logistics, have traceability on inventory movements, payments, shrinkages, invest in affiliates, influencers, budget for it, and ensure the customer feels excited to use it, recommend it, reorder it. In the end, the customer is always right,” said Sangeeta, Founder & Director, DigiDZN & DigiCART

According to Umesh Singh, Director, Tara Candles, “The Indian e-commerce industry has witnessed tremendous growth in the past few years, and it is expected to continue its upward trajectory in the coming years. As we approach 2023-24, there are five key trends that the Indian e-commerce industry can expect to see. These trends include the rise of social commerce, the increasing importance of last-mile delivery, the growth of hyper-localization, the adoption of advanced technologies like artificial intelligence and machine learning, and the emergence of niche marketplaces. To prepare for these trends, e-commerce businesses must focus on building strong partnerships with logistics providers to ensure efficient last-mile delivery.”

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