Trends 2016: eCommerce to take a big leap

By Niraj Hutheesing

Since 1991, when the World Wide Web opened to the public, “eCommerce” was supposedly seen as the “Next big thing”. Turning dreams into realities, the eCommerce industry has evolved significantly and is growing at an average rate of 250%; eCommerce companies are outperforming the market by leaps and bounds. However, like every other metamorphosis, this hasn’t been easy: Every ‘Whim’ demands to be catered to - with societal reliance & backing, technology now has to satiate high expectations. This is a perfect indicator to move past the low-hanging fruits and start exploring new sources of growth. The industry has already sensed this high-pressure situation and the rat-race has already begun to educate, entertain and encourage a purchase, all in one shot!

With the rise of inexpensive mobile phones and broadband connections, more people are enjoying the perks of internet. eCommerce widens its horizon with a wider user base, exploring new areas: basically simplifying lives and ringing-in more technology-built services. The demarcation between traditional commerce and eCommerce is continuing to blur as these five eCommerce trends have the potential to change the way you do business.

1. Shopping will increase on mobile devices as compared to desktops

The best cardio for a shopaholic seems to have grabbed credence with enhanced features of online payment, convenience and ease to shop! With heavily secure digital wallets on rise, customers feel safer transacting online. Online shoppers are expected to increase from 20 million in 2013 to 40 million in 2016, as an additional  200 million Indians will get access to the Internet, with majority of them coming online through smartphones, indicates a new joint study by ASSOCHAM and Grant Thornton. What is better than availing discounts via coupons, gaining cashbacks and much more…! All said – this being the big picture, let’s zoom-in to the next prediction.

2. Big Data insights will drive customer experience

Inconceivable data that keeps growing! Businesses can glean key insights from the raw information which inundates their organization in large volumes. These key insights lead to better decisions and strategic business moves, from timely cost reductions to new product development and optimized offerings, Big Data just assisted us take smarter decisions! eCommerce deals with “Customer relationship building” - the most critical to the retail industry. With high-power analytics and big data, retailers can easily learn the most effective way to handle transactions, strategize new ways to market to customer and the most strategic way to bring in new business through understanding customer’s buying patterns. Big data will gain more importance in the coming year.

3. B2B eCommerce will get a boost

With exponential growth in B2C eCommerce, recent interest in B2B eCommerce has also garnered attention and if predictions are to be believed they will be a rage soon. From product supply to procurement exchanges, ordering, reordering and leasing equipment’s, vendors and suppliers are in a constant race round-the-clock to suffice business needs. Simpler transactions via mobile apps have attracted lot of businesses to adopt trendy apps.

4. Hyperlocal mobile commerce will become a norm

Going global has always been ‘in’ but what about the ‘local neighborhood’? Hyperlocal is the next frontier for eCommerce companies whilst transforming the retail landscape. Still in its early days hyperlocal apps have gained good amount of traction and have resonated strongly with customers. With ‘on-demand’ mindset on rise, businesses have strategized and molded themselves to the call of the market. From ordering to re-ordering groceries, food from restaurants, retailing, and hiring professional services, hyperlocal apps have them all! Where Hyperlocal has the advantage of banking-in on existing infrastructure and logistics, smarter apps are assisting them reach-out to their loyal customers and new ones in a refurbished manner.

(The author, Niraj Hutheesing, is founder & director, m1-Order)