08 Mar 2023
You cannot buy the sun, the moon or the stars, for everything else there are apps. From food to travel to healthcare to fashion, you name it and you will have it on some eCommerce platform, ready to deliver your coveted item at your door steps in no time. Are you ever going to let go of this new found comfort and ease? The answer is blowing in the winds!
The global black swan event of Covid pandemic which hit us in 2020 came with epic disruption in its tow. The next two years irrevocably changed the way we live. The virus’ far-reaching effects impacted people across the globe, with paradigm shifts at workplace and at home. There is no denying that today we are constantly seeking motivation and inspiration to create a better life as we continue to adjust and adapt to the new normal. In this search, the world has realized and embraced eCommerce as an extremely effective and long term solution.
Interestingly, what started with delivery of grocery, food and medicine from retail stores during the pandemic has gathered tremendous momentum. Thanks to rampant access to data connectivity and digitization of life, nearly five billion global internet users today are fast getting used to buying anything and everything online. This has led to unprecedented growth of eCommerce across the globe making it an integral part of the retail industry.
As the pandemic fast becomes a thing of the past, users keep opting for purchasing almost everything, including electronics, medicines as well as groceries, online. Industry veterans feel that the impact of the pandemic on eCommerce is here to stay because of the comfort, convenience and the benefits of eCommerce. Hence, a lasting behavioral shift toward eCommerce is guaranteed.
Trends show that omni-channel fulfillment alternatives like home delivery from neighborhood shops, shipping at door steps, and click and collect options are being embraced with an unprecedented readiness. Moreover, social commerce, where selling is done through social media platforms, is emerging as another popular trend, which is predicted to be doubled by 2025, clocking $80 billion in retail sales. (ref3) Video and Augmented Reality (AR) which have already been used in eCommerce, is going to get further prominence with shoppers increasingly engaging with 3D images of products. There will also be a surge in metaverse, particularly in fashion, beauty, and home goods categories. This is because by combining augmented and virtual reality Metaverse enables customers to interact and purchase in a real world like setting.
However, eCommerce players will need to strengthen their online presence to accomplish the idea of next-gen commerce. To accomplish this, they would need to embrace and implement new modes of operating businesses online, which include well-built and reliable tech solutions to transform the businesses rapidly.
While governments will need to make policy changes to facilitate eCommerce growth, online brands must understand that business growth tactics will not be the same for all. It will be largely dependent on market attractiveness, target customers, and risk taking capacity. However, implementing and strengthening the right tools and strategies will be the key to drive online business growth. There is an immediate need for businesses to identify the key technical solutions to facilitate the desired digital transformation. Solutions should be scalable and composite to plug in new features and functionalities while being customisable by feature rich backends making the platforms ideal for multi-brand roll outs.
If you are looking to build or expand your eCommerce business, Mozanta will be happy to share expertise and proven tech solutions for driving your business and revenue growth. The latest eCommerce solution stack - ShopSphere - from Mozanta is engineered to deliver a seamlessly interactive interface and phenomenal visual search and product discovery experience along with unparalleled scalability for fast-growing brands with the power of leading cloud infrastructure.