The e-commerce industry has been on an upward growth trajectory, all thanks to their unique growth strategy which led to mass adoption. The widespread availability of the Internet coupled with factors like competitive pricing and hyper-personalisation are the key drivers of the growth and evolution of e-commerce. However, the proliferation of smartphones has considerably altered the landscape of online shopping.
In its bid to democratise the e-commerce industry, the Modi government is working on a national e-commerce policy. The policy is being formulated by the Commerce and Industry Ministry. The Department for Promotion of Industry and Internal Trade (DPIIT) had in August held a detailed discussion with representatives of e-commerce firms and a domestic traders’ body on the proposed policy.
Notably, the rise in the e-commerce industry has a boost by mobile commerce which continues to significantly alter the ways in which people shop. In fact, it might soon evolve to become the most sought-after shopping channel in the near future.
“The technological boom integrating augmented reality and virtual reality into mobile shopping experiences has reshaped the online retail sector by creating more immersive and interactive experiences for users,” Kumar Saurav, chief strategic officer, of Adcounty Media, said.
These fields are poised to bring a transformative impact to mobile commerce (m-commerce), with an estimated revenue of $198 billion projected by 2025.
The mobile shopping experience determines acquisition and retention of a loyal customer base. According to data from LinkedIn, suggests that 96 per cent of shoppers stay loyal to a brand when the customer service is on point. On the contrary, 89% are likely to switch to a competitor brand when they encounter a bad online shopping experience.