Digital Innovations Driving the Ecommerce Sector

by April 25, 2022 0 comments

Pandemic hits most businesses, and the tech development in eCommerce has changed the phase of business in India. The Indian eCommerce market is expected to grow to US$200 billion by 2026. With the growing habit of online usage, due to internet and smartphone penetration, there are great opportunities for growth for eCommerce firms. We discussed with Punit Sindhwani, CEO, Paxcom, about the COVID impact and trends in the industry.

The impact of the COVID-19 on the SaaS eCommerce

The pandemic affected the world almost overnight, adversely hitting every industry around the world. No matter which industry vertical you are operating in, continuous lockdowns, restricted movements and economic slowdown have shaken up the world in the blink of an eye. Businesses that already had cloud services rapidly adapted to the new normal while on the other hand many businesses are still undergoing tough situations and trying to adjust to the demands of the new way of working.

When it comes to the SaaS industry, things have been quite different. SaaS holds a direct role in the organizational transformational journey, with the majority of the businesses anticipating accelerated SaaS-led digital transformation for tackling the rapid surge in demand for remote services and higher agility to adapt to swiftly fluctuating market circumstances. The entire SaaS development industry has been on the rising spree since the pandemic began and since the digital transformation is happening right now, there is no stop to the SaaS industry proving its true potential in every business vertical across the globe.

The ECommerce trends

Technology has revolutionized how people find and buy products, and the pandemic has only emboldened eCommerce to grow much faster. The transition to stay-at-home ordering has become so ingrained in our lives that it is now a habit rather than a temporary solution. The brands that identified and implemented the early trends benefited in one way or another.

1) One of the most noticeable changes is brands betting big on the online platform or starting their own eCommerce channel. With the outbreak of the COVID pandemic, this shift of customers to online shopping has surged as personal hygiene and social distancing have emerged as top priorities among all.

2) Brands have now adopted an Omni Channel retailing approach that offers users multiple touchpoints during their purchase journey. These brands are present on different channels to cater to a larger audience and provide a consistent experience.

3) Voice assistant devices like Amazon Alexa, Echo, and Google Home are certainly making a way into our lives, from setting up our alarms to assisting us to shop online. Their ability to offer convenience through regional languages is what makes them more likable.

4) In the present scenario, Video content cannot be ignored. While a picture may portray a thousand words, a video can take you through an entire story. 5) People love to try on wearables, so brands are replacing in-person check6) Virtual checkouts using 3D modelling (Augmented Reality).

The threats and challenges

The pandemic has been an inflection point for the eCommerce industry in India as more consumers have adapted to online shopping. Consumer brands of all sizes are betting big on eCommerce to sell their products. Companies selling products online have grown at an astonishing rate. However, the flip side of this growth is that competition is increasing, and brands must understand all aspects of eCommerce strategy to stay on top.

Brands are capitalizing on this opportunity by utilizing data analytics that allows them to ensure higher stock availability, predict risks, and optimize their strategies to reach the targeted audience with greater accuracy. Keeping an eye on the hygiene and growth metrics across all marketplaces where a brand is looking to expand its business is crucial.

Paxcom’s cutting-edge SaaS solution can collect and analyze data from all eCommerce channels, across multiple geographies to deliver insights that can be used to improve digital shelf share, stock availability, competitive pricing, product discoverability, and ROI on marketing spends, placements, and more. Daily, Paxcom analyses multi-crore ad spends and over 1.4 lakh products across 148 platforms, 450+ pin codes, and 11 languages to help clients grow their eCommerce businesses. Our eCommerce experts can help brands launch, track and optimize their products’ price, promotion, placement, and growth strategy on popular eCommerce sites.

Digital innovations are driving the eCommerce sector

With digital innovations driving the eCommerce sector in India, we at Paxcom through our patented technology and a strong suite of eCommerce services help businesses expand their online presence. Paxcom is well-known for its digital solutions that help brands and sellers improve their overall online performance.

Paxcom’s always been at the forefront of digital growth in India, and even today we are constantly innovating and adapting to further support the eCommerce industry. We have recently launched our premium analytics tools for sales and eCommerce advertising optimization, as well as a suite of omnichannel solutions for more efficient warehouse, inventory and order management.

We have also been working actively to drive a better understanding of eCommerce and knowledge sharing across partners and industries. A large part of this has also been made available to a wider audience through our new website and our social media pages.

The future of India’s eCommerce

The Indian eCommerce industry has come a long way since its inception and is seeing an upward growth trajectory with every passing day. According to IBEF, it is expected to surpass the US to become the second-largest eCommerce market in the world by 2034. Technology enablers such as digital payments, hyper-local logistics, analytics-driven customer engagement, and digital advertisements will help this sector grow in the future. Data is already becoming a key driver of growth, and this trend will only intensify further. Furthermore, growth in the eCommerce sector will increase job opportunities, revenue from foreign exports, tax collection by excheques, and, in the long run, provide better products and services to customers.

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