Drones, chatbots, AI: How will Indian e-commerce change in 2018?
The Indian e-commerce industry has been growing by leaps and bounds. Till 2016, it made up 2% of the total retail market, but this number is set to rise to 12% by 2026. By 2018 end, it is expected to cross $50bn from the current $38.5bn. The growth will be boosted by exciting advancements analysts say we can expect to see in the sector.
Chatbots, voice-based assistants to simplify shopping
Customers should look forward to an enhanced shopping experience with automated interactions assisted by AI. Chatbots and voice assistants will make the process quicker and simpler. According to Gartner, by 2020, 80% of customer interaction will be without human intervention. 40% millennials have already used voice assistant to make purchases. Brands will exploit AR and VR to design the interactive sessions.
Personalized offerings on a wider range of products
Customers will become smarter and more informed and will choose brands with more care, thus forcing the latter to focus on personalizing offers for users and shopper-friendly policies in general. Many aggregators are already expanding categories of services: now you can book cabs, movie tickets or bus tickets on a single platform. Moreover, with increased competition, customers can expect more lucrative deals.
Revolutionary technology to overhaul operations
Brands might overhaul their operations: half of 3,000 people surveyed said they would pay more if they could choose their preferred delivery method. Drones and autonomous vehicles are likely to make their entry in the Indian delivery system. Blockchain technology may be harnessed further.
Players will turn their focus on profits
Most e-commerce platforms have been suffering huge losses, and they are likely to turn their attention on profits this year on pressure from investors. For this, they will have to choose from being the cheapest, best or fastest: analysts say only two can be fulfilled. Flipkart and Amazon will continue dominating the Indian market. Paytm might establish itself as a strong competitor.
