The rise of digital commerce is changing the way businesses do business. With consumers spending more time online than ever before, savvy marketers and retailers are looking for ways to connect with them on their terms and in a way that feels authentic. From mobile apps to social media, from shopping carts to tab-based checkout processes, there’s never been a better time to embrace digital commerce.
India’s consumer digital economy is expected to become a US$ 1 trillion market by 2030, growing from US$ 537.5 billion in 2020, driven by the strong adoption of online services such as e-commerce and edtech in the country. According to Grant Thornton, e-commerce in India is expected to be worth US$ 188 billion by 2025. With a turnover of $50 billion in 2020, India became the eighth-largest market for e-commerce, trailing France and a position ahead of Canada.
In this fast and competitive market, where the majority of the market is controlled by only few players, here are a few ways to Innovate your Digital Commerce offerings:
Voice commerce, also known as voice-enabled shopping, is a new and convenient way to shop using voice commands. With the rise of virtual assistants like Amazon’s Alexa and Google Assistant, customers can now use their voice to browse, search, and make purchases without the need for a screen. This type of shopping allows for hands-free convenience, making it possible to shop while on-the-go, such as while driving or cooking.
Voice commerce also offers a wide range of options for shopping, from searching for specific products by name to browsing through pictures of items on display in physical stores. With voice commands, customers can easily access product information, compare prices, and make purchases in just a few simple steps.
Additionally, voice commerce can also provide a more personalized shopping experience through the use of natural language processing (NLP) and machine learning (ML) technologies. This enables virtual assistants to understand customer preferences, purchase history, and even make personalized recommendations.
Furthermore, it is also great for people with physical or visual impairments, who may find it difficult to use a screen-based shopping experience.
VR/AR in Ecommerce
Virtual Reality (VR) and Augmented Reality (AR) are two of the hottest technologies in the world today. They have been used for decades, but recently they’ve become even more popular with consumers—and now you can use them to boost your e-commerce sales. VR headsets like Oculus Rift, HTC Vive and PlayStation VR put you into a 360-degree world with realistic graphics, sounds and smells that make it feel like you’re really there.
AR apps allow users to see their surroundings as they would in real life using augmented reality taking an ordinary object and adding some extra information onto it so that it appears more realistic than before! For example: If someone would like to know how furniture looks in their Lobby area without even purchasing furniture, it seems possible with AR.
Personalized recommendation using ML in Digital commerce
Personalization in digital commerce refers to the practice of customizing the user experience on a website to make it more relevant and engaging for each individual visitor. This can include tailoring the content, layout, and product recommendations based on factors such as browsing history, search queries, and purchase history. The goal is to create a sense of familiarity and connection with the brand, leading to increased engagement, conversions, and customer loyalty.
One way to achieve this level of personalization is through the use of machine learning (ML) algorithms. ML allows for the analysis of large amounts of data, such as customer behavior and demographics, to identify patterns and trends. This information can be used to create personalized experiences for individual users, such as personalized product recommendations, targeted marketing campaigns, and customized content. Additionally, ML can also be used to optimize the website’s layout and design to improve the user experience.
Artificial Intelligence (AI) is increasingly being used in e-commerce to provide a more personalized and efficient customer experience. AI-powered chatbots and virtual assistants can assist customers with their shopping needs, recommend products, and answer questions. Machine learning algorithms can also be used to analyze customer data and predict buying patterns, which can inform targeted marketing campaigns. Additionally, AI-powered image recognition and natural language processing can be used to improve search functionality on e-commerce platforms. Furthermore, AI can also be used in fraud detection and inventory management, it can also help with pricing optimization and demand forecasting. Overall, the integration of AI in e-commerce has the potential to improve customer satisfaction, increase sales, and streamline business operations.
Hybrid commerce is a new approach to e-commerce that combines the convenience of online shopping with the personal touch of an offline store. It allows businesses to have both an online digital store, as well as an integrated mobile app with a physical store to reach customers in different ways. The digital store allows customers to easily browse and purchase products online, while the physical store provides an additional touch point for customers to interact with the business and access exclusive offers or personalized content. This approach also enables businesses to provide additional features such as in-store pickup or return options, appointment scheduling, and loyalty programs. Additionally, businesses can also use the mobile app to deliver digital content such as e-books, videos, or virtual tours to customers. This can be especially useful for businesses that sell digital products, such as software, music, or e-books, as it allows customers to access the content on their mobile devices. Hybrid commerce also enables businesses to gather customer data from both online and offline interactions, which can be used to personalize the customer experience and offer relevant product recommendations. Furthermore, it also allows businesses to reach customers in different locations, by providing the ability to ship products to customers or allowing them to pick up the product in-store.
Social media commerce
Social media commerce is a strategy that allows e-commerce businesses to take advantage of the large user base and engagement of social media platforms. By linking their e-commerce application with social media apps, businesses can redirect customers to their e-commerce platform, where they can purchase products directly. This integration can be done by adding a “Buy” button on social media posts, or by creating shoppable posts that allow customers to view product details and purchase directly from the social media app.
One of the main advantages of social media commerce is that it allows businesses to reach a wider audience and increase brand awareness. Social media platforms have a large user base and high engagement, which can help e-commerce businesses to increase visibility and reach potential customers who may not have otherwise found their products. Additionally, social media platforms also provide valuable demographic data, which can be used to target specific audiences and improve the effectiveness of marketing campaigns.
Social media commerce also allows businesses to provide a more seamless shopping experience, as customers can discover and purchase products without leaving the social media platform. This can help increase conversion rates and reduce cart abandonment, as customers are less likely to lose interest or be distracted during the buying process.
Furthermore, social media commerce can also be used to gather customer feedback and reviews, which can be useful for improving products and services. Additionally, by providing personalized recommendations and special offers, businesses can increase customer loyalty and repeat purchases.
Overall, social media commerce is a useful strategy for e-commerce businesses to increase reach and sales, provide a seamless shopping experience, and gather valuable customer data.
Retaining customers and building a strong brand image is a significant challenge for companies. To address this issue, some companies have begun offering free content such as web series, interactive games, and short films as parallel offerings. The idea behind this strategy is that by increasing engagement time with the brand through non-commercial means, customers will be more likely to prefer the brand when they decide to make a purchase. In this scenario, user experience and user journey play a crucial role in acquiring customers. Companies must ensure that their customers have a positive and seamless experience when interacting with their brand in order to increase loyalty and brand advocacy. Additionally, a strong brand image can also help attract new customers by fostering trust and credibility in the marketplace
Innovation in E-commerce
Innovation is the key to success in e-commerce. In a world where Amazon has become synonymous with online shopping and Alibaba has become the largest retailer in China, innovation is more important than ever before.
The best way to innovate is by thinking about your customer experience. You need to understand what makes your customers tick and then figure out how you can solve their problems for them so that they will come back again and again (and again). If you do this well enough, then there’s no reason why your business cannot succeed as an e-commerce player in any market around the globe!
You’ve probably heard the saying “be open to new experiences, technologies, platforms and ideas.” It’s true! The digital commerce boom has given us all a chance to experiment with new ways of doing business.
The key here is learning how to be innovative in your approach and willing to change direction when necessary—because if you’re not open-minded enough for this kind of change (and most people aren’t), then it’s unlikely that anything will ever really work out for you in this brave new world where everything is changing all over again every day.
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