Future of e-tailing market

Since the advent of the internet, advancement in various markets have begun to boost. There are multiple aspects of retail market that have been changing because of technology.

The development of e-commerce and e-tailing industries has played a significant role in the change.

Today people appreciate internet markets because they are convenient and provide better accessibility to everyone. Internet-based marketing has brought forth a change in consumer and market preferences too.

The e-commerce industry has been growing by leaps and bounds since its inception. A large number of companies are showing interest in this industry because of the advantages the e-market provides to the customers as well the sellers.

In this market, various companies showcase a variety of products under a single category. This means that there is always scope of choice for the customers and competition for the companies. Here, the only way businesses survive is by bettering their products and services.

Annual growth
According to analysis done by Global Automotive Research Center (GARC), Chennai, there is a possibility that the e-tailing market will register 12% compound annual growth (CAGR) in the next six years. It is predicted to reach the value of $55.22 billion by 2022. Since Asia Pacific is the largest e-tailing market, it is also expected that it will be the leading market source in 2022.

This is all due to the fact that internet penetration as well as adoption of new and advanced technologies are becoming more and more popular these days. The smartphone is an example that aptly shows how much people rely on internet-based markets and advanced technologies.

The e-tailing market is fast turning countries like India, Japan and China into key market places for high-range vehicles. This shows that the e-tailing market has extended its limits from being the go-to sites for common items like grocery, clothing etc.

Moreover, to improve customer satisfaction and expand their businesses, many companies are mulling over the idea of “delivery drones.” It is also to help the company establish a unique identity for itself, and possible better market approach. For instance, e-retailer Amazon has reportedly begun work in this area.

Automated system
Since delivery drones will be an automated system, there will be no risk of errors committed by the middlemen, or delay in delivery. Besides, unnecessary logistical problems can be avoided. The method may also improve the experience of shopping from the site for the customer.

A study of customer behaviour on internet-based markets shows that they prefer curated and lifestyle products. These products are not added randomly to the e-commerce sites, they are done with knowledge and expertise of e-tailers. For instance, Flavourly.com and Graze.com are e-tailers that offer these services to customers.

In the future, with the advent of artificial intelligence and augmented reality, customers may get to experience the feel of the product or scrutinise every tiny detail before they decide to buy it.

People usually use various applications and analytics strategies to find the best product according to their requirement, but with the help of user experience testing and optimising process, business owners too can track their customers’ experiences in detail while buying from their sites. This in turn will help them improve their services.

With these possibilities in sight, e-tailing will only prove more useful for businesses across the globe.

(The writer is Founder and CEO, LatestOne.com)