Life changed for everybody as a result of the COVID outbreak. On the one hand, it had a major effect on people’s social lives. Other companies, especially small businesses saw a significant drop in their turnover sales. When they followed the conventional business model.
Lockdown was seen by some companies as an incentive to get their hands dirty and start changing their businesses. “In India, small companies are remodeling right now. Their business plan is to keep and gain new customers. By using digital platforms and applying rigor to grow their online presence. They will gain more market share.”
Today’s businesses strive to work in lean and agile ways. It operates on the basis of a hybrid model of traditional brick and mortar stores. In addition, in the post-pandemic era, there is a greater emphasis on online presence. In 2021, the latest mantra in India and elsewhere is to concentrate on digital channels and sell directly to customers.
As a result of the pandemic’s sales trends, businesses have proved to be much more resilient than we would have anticipated. Merchants who developed an online presence during the pandemic now have a clear understanding of consumer behavior and buying patterns. It’s not all about this pandemic; lockdown reminded companies that in order to remain ahead of the competition, they must continue to focus on differentiators and innovate.
Businesses need to continuously upgrade their product offerings and have to become more agile to experiment and remodel their operations to remain efficient. With this new surge in e-commerce and online presence, India is changing gears quickly to protect the customer’s rights as the number of customers purchasing online is now increasing every minute.
According to the recentreportpublished by J P Morgan:
- India is one of the fastest-growing e-commerce markets, and one with the greatest untapped revenue pools globally.
- Increased bandwidth availability, affordable data plans, and increased awareness driven by government programs are rapidly bridging the digital gap between urban and rural India.
- India is sharpening its customer protections in an effort to regulate its burgeoning e-commerce market and to offer consumers a sophisticated customer experience in line with more developed Western e-commerce markets.
Post COVID-19, here are some interesting statistics to look at:
Shopify published a report Future of Commerce 2021. That marries global merchant and consumer data to predict how the commerce landscape will shift in the coming year. The report aims to capture the shopping habits of consumers around the world to the evolution of running, marketing, and funding an Omnichannel business today.
Shopify after analyzing data from more than one million merchants around the world and insights from their customers, this first annual Future of Commerce report reveals five key predictions for businesses in 2021 and beyond
1. Young consumers will be the game changers in the business landscape
2. Physical retail will give local businesses new advantages.
3. Consumers want to shop independent. Businesses will adapt to make that easier.
4. More consumers will use wallets.
5. Financial solutions could disrupt business and consumer banking, financing, and lending.
According to Statistica report more than 5, 00,000 new companies registered across India. In FY 2020 in the area of business services and trading alone. According to another report published by Globe Newswire, The Indian Digital payments industry still has a lot of potentials to grow
- Mobile payments are expected to grow at 58% CAGR to reach INR 245 Tn by FY25.
- This growth will be driven by
- P2M Market (merchant payments) currently stands at INR 4 Tn and is expected to grow at 52% CAGR to reach INR 33 Tn by FY25.
- According to some reports. The Indian E-commerce industry is on its way to becoming the second-largest E-commerce market in the world by 2034. Digital payments, logistics, AI-driven customer engagement, and machine learning algorithms will likely support the growth in the sector. The rise in smartphone usage as evident during and post lockdown is expected to continue the momentum to reach over 850 million by 2022.
- The E-retail market is expected to continue its strong growth – over the next five years. The Indian e-retail industry is projected to exceed ~300-350 million online shoppers.
- COVID-19 in one way has acted as a silver lining for eCommerce businesses, as it now became evident. That digital payments have got a wider acceptance. In some surveys, users showed their reluctance to completely switch back to cash as a method of transaction.
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