The global health crisis accelerated the adoption of omnichannel shopping and fulfillment. Consumers spent $861.12 billion online with US merchants in 2020, up an incredible 44% compared to the previous year, which marks the highest annual growth in U.S. e-commerce in at least two decades. To keep up pace with this shift and more effectively sell, businesses have substantially moved investments to online infrastructures, such as e-commerce platforms, inventory management, product recommendations and chatbots and delivery. On one hand, setting up e-commerce sites and/or optimizing online stores means increased sales and market penetration; on the other, these benefits are potentially outweighed by the increased costs as retailers essentially shift a part of their business to logistics and fulfillment. As businesses make the transition to online retailers, they will have to focus on these four key customer areas to ensure profitability: fraud, delivery theft, returns and customer service.
Data science has become a go-term for almost all the industries, including e-commerce. According to a report by a leading newspaper, India is the fastest growing online retail among the top global economies. With a growth rate of more than 50%, e-commerce websites have become more competitive than ever before. As the competition rises, these e-commerce players are resorting towards the use of technology such as analytics and data science to stay ahead of the competition. With an ever-growing data, it has become crucial for these players to use it in a way to keep the customers happy and satisfies.
I don't know what I want but I want it now. This is the anthem of e-commerce in the on-demand economy; built on a solid foundation of total convenience. Technological advances during the information age across industries have spoilt us for choice and availability. We want what we want faster and cheaper than before. This benchmark in human behavior has transformed us into hyper consumers of everything.