Market Trends of E-Commerce Industry
Growing Use of Smartphones is Driving the E-commerce Sales
- The growth of the e-commerce sector is expected to be supported by rising internet penetration and smartphone use. Consumer tastes change towards online buying as the internet and cell phones become more widely used. Consumers are reliant on digital devices now more than ever, and it is expected that mobile will inch closer to becoming consumers' preferred channel for online shopping within the next five years.
- Because of the growing use of smartphones and tablets worldwide, online retail continues to grow. People can shop on their phones thanks to technological advancements such as branded shopping apps, 5G Wi-Fi, and social shopping. It has become a powerful tool for retailers to increase sales, conversions, and loyalty, as well as track and mine consumer data for targeted marketing.
- However, as technology changes, many retailers are likewise having trouble figuring out how to successfully design a meaningful customer experience across many platforms. To improve the consumer experience, some of the major retailers have already launched specialized applications and e-commerce sites, while others anticipate that mobile users to adapt to their existing ecommerce sites.
- On several e-commerce platforms, brands are counting on virtual shopping and experimenting with augmented and virtual reality retail. Consumers have no limits in the metaverse, a 3D virtual reality. People from all across the world can engage with products in a metaverse, irrespective of their location.
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Initiatives by Government
- In the e-commerce market, increasing government and company initiatives to boost e-commerce sales is a prominent trend. The Union Ministry of India announced the government's intention to develop Bharat Craft, an e-commerce web in India modeled after Alibaba, a Chinese e-commerce platform. This app is designed to give a platform for MSMEs to market and sell their products, boosting the country's economic growth.
- At the national level, government bodies improve their policies and plan to ensure long-term viability and consumer protection. High environmental and social standards will improve the countries' environmental and social norms, which will affect the viability of the e-commerce business in these countries. Adopting harsh sanctions, for example, will make it harder for companies to enter the e-commerce industry. Still, adopting lenient sanctions will make it easier for businesses to do so.
- Moreover, The Digital India program, Unified Payment Interface (UPI), GeM, and other initiatives launched by the Indian government to encourage e-commerce have all significantly contributed to the sector's recent growth. The e-commerce sector is concentrating on local solutions to enter rural regions with the aid of government initiatives by fortifying the network of rural distributors and merchants and leveraging neighborhood distribution facilities as pick-up and drop-off locations.
- Also, on the fringes of the World Economic Forum Annual Meeting in Switzerland, 22 members of the WTO Joint Statement Initiative on e-commerce gathered to reaffirm their commitment to establishing a framework of rules to regulate the global digital economy.
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