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Shoppers More Likely to Purchase Commodities Through Smartphone This Year: Report

E-commerce firms will customise their marketing plans based on differences between urban and rural buyers, shoppers in big cities and small towns and varied cultural ethos

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Smartphone
Apart from Online Shopping through smartphone, This year will see an extension of more categories as users become comfortable expanding shopping carts with newer products. Pixabay

Rising affordability and better user experience would translate into more people shopping through smartphone this year, e-commerce platform Club Factory said on Wednesday while announcing predictions for 2020.

“The year will not only witness maturing of online shopping, but also addition of millions of new shoppers as companies try and improve online shopping experiences. The phase of disruption will continue to accelerate with new ideas and innovations,” it said.

In 2020, according to the firm, with availability of more payment options users will make more digital payments, reducing cash on delivery. The increasing use of artificial intelligence (AI) in e-commerce will mean improved logistics, speedier deliveries and better buyer experience.

The digitalisation will allow platforms to source directly from factory, connecting consumers to manufacturing and helping them avail the best possible price as well as better product customisation.

Internet penetration, users becoming familiar with conveniences and benefits of online shopping will help expand the e-commerce market. E-commerce is also creating a level-playing field for users in smaller towns and cities. As more users get online in these cities, they will be the key to the growth of e-commerce.

More users are likely to sign up for subscription services to regulate delivery and save money. Chatbots will get better and step in to ensure that chats are not abandoned mid way. Voice interfaces and assistants will also add to the experience of ordering products online.

According to the company, shoppers will be armed with better devices and demand enhanced experiences; videos will fill the void. As the message of recycling amps up, this category will become big, catering to users, like students and budget families.

The year will see an extension of more categories as users become comfortable expanding shopping carts with newer products. Non-electronics products may also see a boom as more users have started buying essential and non-essential products online, where they are assisted by a smart recommendation system to help match their demands.

Companies will offer choices tailored to your budget, needs and fit. There will be increased experimentation with virtual mirrors — a combination of RFID technology and augmented reality. More people will shop in their local languages as e-shopping gets new buyers.

Smartphone
Rising affordability and better user experience would translate into more people shopping through smartphone this year, e-commerce platform Club Factory said on Wednesday while announcing predictions for 2020. Pixabay

As more marketplace models were being adopted and launched by startups, we might see more of zero commission platforms where e-commerce players would make it free to sell on their platform, it said. Currently, Club Factory is the only commission-free e-commerce platform in the country.

E-commerce firms will customise their marketing plans based on differences between urban and rural buyers, shoppers in big cities and small towns and varied cultural ethos.

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Celebrities, local and micro-influencers will play a greater role in shopping decisions. The year may see a rise in shared e-commerce as people take up products on rent, and use of drones for the last-mile delivery in some cases is likely. (IANS)

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Digital Transactions in Delhi-NCR Grew by 235% Last Year: Razorpay

Online transactions in Delhi-NCR grew 235% in 2019

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Online Transactions
Online transactions in Delhi-NCR grew by 235 per cent in 2019 and it was the third most digitized region in 2019. Pixabay

Digital transactions in Delhi-NCR grew by 235 per cent from 2018 (January-December) to 2019 (January-December) and the region was the third most digitised state in 2019, thus, contributing 13.05 per cent in 2019 (up from 10.9 per cent in 2018), said a new report by full-stack financial services company Razorpay on Tuesday.

“The last year has been buzzing for the fintech sector in Delhi, with the adoption of new digital payment modes and bringing the digital currency to the mainstream. The last six months saw a tremendous shift in the consumption patterns of businesses and consumer preferences of digital payments in the region.

“With UPI growing by a whopping 442 per cent in Delhi, I am certain that this payment method will overtake cards by at least 20 per cent in the next 12 months,” Harshil Mathur, CEO and co-founder of Razorpay, said in a statement.

Online Transactions
Credit and Debit cards contributed 46 per cent in digital transactions. Pixabay

In 2019, Karnataka saw the highest adoption of digital payments (26.64 per cent) followed by Maharashtra (15.92 per cent) and Delhi NCR (13.01 per cent).

While the usage of cards (46 per cent) and netbanking (11 per cent) saw a decline in 2019, down from 56 per cent and 23 per cent for cards and netbanking, respectively in 2018, UPI (38 per cent) went up from 17 per cent in 2018.

Amazon Pay was the most preferred wallet among consumers (33 per cent), followed by Ola Money (17 per cent) in 2019.

Also Read- India Witnesses Fall in the Number of Cyber Threats in 2019: Kaspersky

The top three sectors in digital payment adoption for 2019 were food and beverage (26 per cent), financial services (12.5 per cent) and transportation (8 per cent).

Among UPI, Google Pay contributed 59 per cent, PhonePe contributed 26 per cent, followed by Paytm (7 per cent) and BHIM (6 per cent) in digital transactions in 2019. (IANS)