Artificial Intelligence, Wallet Flexibility Are The Drivers Of The E-Commerce Market In India

Posted on: Jan-2018 | ICT and Media

Indian e-commerce market is expected is surfing on the waves that are rapidly growing and leaving the shores in flourishing conditions. In the previous year, we saw a noteworthy entry of the Paytm Mall and Alibaba. While on the other side, there were also some brands that shifted focus GMV to profitability and revenue growth.

Some advanced technologies such as machine learning and artificial intelligence took over the charge and helped to ease business operations.

There were also some factors that played a crucial role in driving Indian e-commerce market.

Growing utilization of wallet usage

After the announcement of demonetization which caused cash crunch and forced people to adopt cashless way for doing transaction such as net banking, debit/credit cards, and mobile wallets. Based on the survey performed by CashKaro.com, a discount and coupon code platform, about half of its respondents shifted from cash to mobiles wallets and other digital payments. One of the leading wallet providers that reaped major benefits in the period of demonetization Paytm recorded 120 Crore transaction per day in that note ban phase. Flexibility and security in online payments have significantly boosted the growth of the global e-commerce market.

Emerging artificial intelligence

Majority of players focusing on bringing advanced technologies such as machine learning has significantly influenced customer service to shift their focus to e-commerce. This has ultimately pulled closer the companies to consumers with a similar level of trust and customer centricity. E-commerce portal has setup chatbots on a portal to enhance the customer experience and response while understanding the precise consumer behavior.

Growing number of niche stores

A new player entering online space such as TeaFloor, MamaEarth, and Coolwinks and grabbing a considerable part of the market have also impacted on the market trends. Rising craze of online shopping and companies offering hefty discounts on checkout is significantly boosting the growth of the e-commerce market.