With deep-pocketed gamers betting large on e-commerce, the sector is bracing for extra competitors. A deluge of low cost smartphones is pushing extra Indians to go surfing and the same old ways of providing inexpensive offers, reductions and comfort of money on supply might not work anymore. The way forward for e-commerce must be ‘interactive’, say analysts at Zinnov.
To put it merely, firms must curate a blended mannequin — embedding content material to drive shopper engagement, permitting simple discoverability of merchandise and supporting a community of influencers and group participation. If companies are in a position to play their playing cards proper, they’ll seize an even bigger share of the e-commerce market, estimated to the touch a major $200 billion by 2026.
India has round 500 million smartphone customers however solely about 12-15 million of them navigate conventional market led e-commerce hubs like Flipkart and Amazon every day; whereas, content-led platforms like Facebook and YouTube see a each day energetic consumer base of 135-175 million, exhibits a current research by Zinnov.
“In the coming days, we can expect to see interesting collaborations among players across content, payments and commerce to bring the interactive commerce model to life. No one player has all the required elements in place,” say analysts on the agency.
Commerce and fee platforms are already introducing content material of their quest for larger engagement. A outstanding instance is Flipkart, analysts say, which is launching movies and video games.
Players will even need to concentrate on creating simple discoverability which has up to now not been explored by {the marketplace} gamers. Consumer surveys point out that discovery is more and more taking on from search as the first means for locating new manufacturers and merchandise. In reality, 38 per cent of product discovery for cell procuring occurs with none premeditation or promoting affect, the research exhibits.
China’s Pinduoduo has been in a position to defray craft an interactive commerce mannequin. This has made it one of many quickest rising e-commerce startups in China.
The second largest e-commerce participant in China, Pinduoduo hit a gross merchandise worth (GMV) of $15 billion inside two years of its launch — a milestone that took Alibaba and JD.com took 5 years. FE
