The Indian market was destined to change with the unprecedented smartphone adoption that the nation experienced recently. These smart little devices empower every person with round-the-clock internet connectivity after all. To give you a picture, the digital payments in India are expected to increase to USD132.2 billion by 2023, or more than double its market value of USD63.8 in 2019. Digital, surely, is the future! But how can businesses – especially the ones in tier II and tier III markets – make the most out of it?
At a recent Gartner Marketing Symposium, I sat down with Jeremy Muras, SVP of Digital at Lion Capital, and David Hurwitz, former CMO of BloomReach to discuss the future of e-commerce. BloomReach software helps clients, including retailers, deliver more personalized services and experiences and Lion Capital has a portfolio of more than 12 brands, including Kettle Foods, Buscemi, Picard, Perricone Skincare, and Allsaints. Below is their insight regarding the future of e-commerce. In addition to delivering an experience through all screen types, future experiences will be delivered through new touchpoints such as voice, wearables and kiosks. For example, Staples now has AI-powered product search on touch-screen kiosks in their stores.
What if you could increase interaction with your brand, boost sales and win the loyalty of an ever-expanding customer base? While there may not be a silver bullet to make that happen in the blink of an eye, several emerging technologies are elevating customer experience in ways that can directly impact your bottom line. You've heard the buzzwords: AI, AR, VR … there are enough acronyms flying around to send even the most seasoned marketer to a search engine. How is an ecommerce business supposed to keep up? Always start with your goals.
Artificial Intelligence is boldly walking across the corridors of eCommerce and steadily taking over the world. Don't you agree with this fact? Some people say, Artificial Intelligence is replacing human beings and will eat up their jobs. Furthermore, they can do the jobs that you could have ever imagined that robots will do one day in this real-world. Can we call AI, a real game-changer in the eCommerce Industry?
India has become the third-largest startup nation globally. Many of its business-to-consumer (B2C) ventures are known across the world, be it for an e-commerce website, Flipkart or ride-sharing application, Ola. Presently, a wave of business-to-business (B2B) startups in the niche is quietly making a considerable effect comprehensively. Ascending from the roads of common rural areas, they are breaking the unreasonable impediment, worldwide oil and gas majors and enormous producers being their clients. These organizations are exclusively answerable for India's leap forward in the Artificial Intelligence (AI) space.
The number of digital payments being made across the globe is increasing dramatically. Unfortunately, this volume has been matched by an increase in the number of fraudulent incidents. In fact, fraud has reached the highest levels on record, affecting more organizations than ever. Fraud management consists of several manual processes. Models and rules performance monitoring, fraud pattern discovery and fraud alert management are . . . .
Swanson Health Products and its 50-year-old private label supplement brand worked with Feedvisor to implement dynamic pricing into its business model. For the past six months, Swanson Health Products has been using Feedvisor's AI-powered pricing technology to help boost sales and profitability. As a result, Swanson's ecommerce revenue is up 60% year-over-year and total sales through Amazon are up 35%. In this latest edition of the MCM CommerceChat podcast, Patrick Yatskis, Senior Digital Marketing Manager of Swanson's Health Products and Victor Rosenman, CEO of Feedvisor discuss how it helped the brand stand out among the competition.
E-commerce is experiencing continuous evolution and has revolutionized retail industry significantly. This evolution is a vital requirement to meet the changing needs of people and make online shopping easier for them. The industry has seen steady growth in the last couple of years and doesn't look like it is stopping anytime soon. Speaking of its growth in recent years, a study, revealed that global e-commerce sales worth a whopping $3.453 trillion were made in 2019, and projected to even grow to $4.135 trillion in 2020. In 2021, the industry is expected to grow even further to hit the $4.878 trillion mark.
In the early 1980s, presentations about Infosys began with the founders' pointing out India and Bengaluru on a world map. Today, globally listed companies such as Dr Reddy's, Tata Motors, and Reliance Industries have made that redundant. The country is also the third-largest startup nation. A number of its business-to-consumer (B2C) ventures, from e-commerce major Flipkart to ride-sharing platform Ola, are known across the world. Now, a new wave of business-to-business (B2B) startups in niche segments is silently creating a significant impact globally.
The retail industry in India, and globally, has been in a state of flux. With the euphoria around e-commerce having tempered, online retailers understood the importance of selling through stores even as offline players realised how significant the internet is for future growth. Yet, despite acknowledging the importance to co-exist through an "omnichannel model," most Indian retailers have not managed to successfully crack the code of offering shoppers the best of both worlds. But there's some inspiration they can take from Tesco, UK's leading supermarket. The 100-year old company operates in nine markets, including China, India, Malaysia, Poland, and Slovakia.