The success of India's thriving e-commerce sector is driven by consumer trust, experts said on Wednesday, highlighting the importance of transparency, data security and a good shopping experience in fostering this trust. emphasized.
2023 marked a significant turning point for India's e-commerce sector, witnessing notable changes in consumer trends, technology, and regulations.
In a webinar on “E-commerce Annual Review and Protecting Customer Interests'' conducted by InGovern Research Services, experts say major e-commerce players prioritize clear communication of policies and product details and invest in rigorous data security measures. and emphasized how to ensure intuitive user experience. Improve customer experience, maintain efficient logistics, and provide responsive customer support channels to increase customer satisfaction and loyalty.
This webinar was conducted to discuss notable developments in the Indian e-commerce sector in 2023, with a special focus on the critical role of customer trust in driving its continued expansion .
“Customers buy from places where they are assured of safety, convenience and reliable delivery.Indian players such as Amazon, Flipkart and eBay are able to imbibe a sense of trust from consumers. This will increase the GMV (gross merchandise) traction in the online shopping space.'' Counting the sellers of Jio, Tatas, Flipkart, Amazon, eBay, there are many small sellers who can succeed in their business. I think it may exist. We need to create a system that allows these sellers to grow. ” Empower India Executive Director Giri mentioned during the webinar.
Leading e-commerce companies like Amazon are using advanced AI/ML (artificial intelligence/machine learning) to combat fake reviews, with the goal of removing 200 million suspected fake reviews from their platforms by 2022. Masu. In 2023, Amazon will invest his $1.2 billion and hire more than 15,000 people to fight fraud and protect customers.
Small sellers prioritize transparency, invest in basic data security measures, optimize their platforms for ease of use, partner with trusted shipping providers, and build trusting relationships with customers. Companies can emulate these strategies by providing responsive customer support, the corporate governance advisory firm said. InGovern Research Services.
Leading e-commerce companies will continue to focus on transparency and provide a better shopping experience, while also requiring flexible government policies to drive growth, support merchants, and keep customers profitable. It added.
As India becomes a $5 trillion economy, e-commerce will continue to grow at around 25% annually from $60 billion in FY23. E-commerce players are benefiting from significant tailwinds.
“They responsibly enable small and medium-sized businesses to sell not only in India but around the world through their global sales program. They continue to invest in tools and processes that increase customer trust.” , said Shriram Subramanian, Founder and MD, InGovern Research Services.
India's internet economy is estimated to reach $1 trillion by 2030, up from $175 billion in 2022, according to a joint report by Google, Temasek, and Bain & Company. This growth will be driven by contributions from the e-commerce sector and investment promotion and facilitation agencies. Invest India projects the sector to be worth $325 billion by 2030.
Madhumita Mohanty, a retail consultant and educator, says the growth of e-commerce in India is being driven by the penetration of mobile phones and the internet, which, coupled with rising disposable income, urbanization and the introduction of UPI, is increasing aspirations. Stated. Additionally, a key driver of growth is increased demand from secondary and tertiary cities, where consumers do not have access to a variety of local brands and products.
He further added that “gross quick commerce has shaken up the e-commerce space as a disruptive model that promises faster delivery.”
Shiju Narayan, chief experience officer at RexEmptorConsult LLP, emphasized that the rapid expansion of quick commerce can face challenges when spanning a wide range of product categories. However, this disruptive model is poised to change through increased competition, strategic partnerships between players, kirana stores, and larger markets.
At the end of the day, quick commerce cannot be seen in isolation from the overall retail landscape, Narayan said, adding that the government should consider giving industry status to retail to support and accelerate the current momentum. He added.
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