The usage of AI and ML in e-Commerce has made a major difference. With capabilities such as virtual assistants and chatbots, personalization, automation, improved search features, and lots more, understanding consumer behaviour has found a new direction and overall consumer experience is getting further improved. This is further helping interactions and transactions.
Data-driven approaches make targeting a whole lot more specific. This refines eventual marketing plans and communications, as businesses have detailed knowledge of website visitors, what time they visit, which pages they are viewing more, and what their purchase intent is like. With this level of visibility, businesses can customise their marketing approaches as per consumer segments, humanise operational activities involved in the consumer’s journey, and can likely see improved results and stronger associations with consumers.
We are actively asking our tech teams to always be aware of the latest technologies and leverage capabilities such as ChatGPT. Programming, especially mundane things, becomes significantly faster using ChatGPT. It can also help with much faster debugging as one doesn’t have to weed through tens of questions and comments on traditional online forums. That’s a lot of time and resource optimization.
e-Commerce in India has seen massive growth. As an increasing count of consumers, vendors, and collaborators takes eCommerce approaches, the space continues to expand. Driven by convenience and limited time, consumers and businesses continue to capitalise on digital capabilities, resulting in simplified transactions that e-Commerce allows, enabling the overall growth of e-Commerce.
Tech solutions that can be directed toward improving experiences, will gain momentum. Solutions that will go beyond just functional aspects, allowing consumers to find stronger connections with brands and businesses, will make a big difference. Technological capabilities that will strengthen omnichannel strategies for brands, enabling holistic positive consumer experiences, will be something that brands will closely look at. Keeping in mind the way modern-day consumers display digital as well as physical attributes, incorporating agility and flexibility, and paying attention to experiences being delivered through omnichannel avenues, will become critical for businesses. Covering all such aspects, we anticipate greater growth of capabilities such as AI, automation, various applications, etc.
The startup ecosystem has grown significantly over the years. With the right kind of problem-solving mindset and support from the government, investors, and other collaborators, startups have prospered. With an increasing focus on technology-driven solutions to meet various consumer requirements, opportunities for startups are continuing to unfold across industries. For startups in the B2B space, SaaS has become the main go-to, as flexible and agile enterprise solutions attract greater attention. At various leading institutions as well, ideas are being incubated and startup plans are being established around those. The environment for startups to blossom is ripe and developing very fast. With various events, angel networks, and several forums where founders can display their ideas, India will continue to strengthen the startup world.
Times have changed. India has significantly embraced technological advancement and seen positive results, around e-Commerce. With easier access to devices and an exponentially rising internet population, both businesses and consumers have found new ways to interact for formal as well as informal purposes. B2C e-Commerce, which most of us are aware of, has been the most common. When it comes to B2B e-Commerce, companies such as Moglix and Udaan make life simpler for various enterprises, through their useful offerings. In the context of D2C, businesses have identified easier channels to directly reach consumers, without the involvement of intermediaries (Eg – BOAT, Wakefit, etc.). The D2C approach has also allowed brands and brick-and-mortar stores to come closer to local audiences, through omnichannel approaches, in alignment with the visibly growing digital and physical consumer activities. With the development of the sharing economy and greater demand, a segment like C2C has emerged and offered expanded marketplaces and greater choices to consumers (Eg – OLX, CarDekho). With consumers contributing through digital reviews, product/service ideas, and digital influencing, the C2B segment has further been powered as businesses receive strategic inputs from consumers. eCommerce in India has transformed dynamically, and we can expect lots more as time progresses.
Aspiring entrepreneurs must have a lot of determination and must keep their eyes and ears open. A lot is going on in the world presently from a technology and convergence standpoint. With new technologies shaping up and driving the convergence of online and offline worlds, a lot of new business opportunities will emerge.
These are certain attributes that I feel will always guide entrepreneurs in the right direction.