30th April, 2021 | 8 min read

The Future of E-commerce: In 2021 and Beyond

E-Commerce is a gigantic world, it has revolutionized the way people buy and sell things, and the question what does the future of e-commerce hold? is always under speculation,

Thanks to the advent of the internet and the ongoing digitisation of modern life, every business landscape has undergone a substantial transformation.

E-commerce revenues statistics are forecasted to account for 18.1% of global retail sales in 2021, the future of e-commerce in India is expected to grow to US$ 200 billion by 2026 from US$ 38.5 billion as of 2017.

Graph showing online buyers data 2021

These numbers are just proof of how e-commerce is thriving and turning out to be a lucrative option for businesses. So it is crucial to think about the future of e-commerce globally. It’s also an industry that’s constantly changing owing to its dynamic nature. To shape the future, trends are continually evolving and redefining how people buy goods in every corner of the world. Technology is constantly upscaling, and companies battle against each other to win a more significant share of the pie.

How is technology redefining e-commerce?

Technology is the cornerstone of e-commerce. Thus, the advent of new information and communication technologies and the constant upgrading of existing digital domains are bound to revamp the world of e-commerce.

Overall, technology is transforming how business-to-consumer transactions are conducted.

Consumers can now use various resources to compare prices, find alternatives, locate shops and get discounts. Opportunities for a real-life buying experience are being curated with advanced virtual and augmented reality (AR/VR) technologies. 

In addition to facilitating seamless purchasing, technology is also benefiting sellers, through real-time connectivity, information transfer, feasible logistics management, and online networking, businesses can form stronger bonds with customers and develop their brands more rapidly.

Another boon for the e-commerce industry has been the smooth processing of payments, especially with the omnipresence of alternative payment options such as e-wallets and gift cards.

The prime reason behind this massive growth of the e-commerce industry is the rise of innovative and advanced technologies. And one of the game-changing innovations that top the list is Augmented Reality.

AR: Not just a new buzzword for e-commerce businesses

Brands are now investing in richer, more personalized experiences to better compete with marketplaces and retail monoliths. Humanizing their brand also helps with customer retention.

This is becoming more critical as acquisition costs increase and digital marketing becomes more unpredictable and this has massively been possible through AR, the most rapidly emerging immersive technology for consumers.

AR is a type of technology that incorporates multiple layers of digital sensory information into our physical environment.

When viewed on a screen, it provides a view of the real-life physical world with computer-generated images superimposed on top, thus combining the physical and digital worlds.

Before making a purchase, e-commerce consumers can preview goods or experience services in their environment and on their own time, thus enabling them to select the right product.

The technology may seem alien, but we all as consumers have been exposed to it in recent times - the trendy social media filters being the most remarkable example.

The Instagram and Snapchat filters that were once being used ‘just for fun’ are actually on the bandwidth of many brands as they include these in their digital marketing plans.

Try before you buy options provided by numerous brands on their websites, wherein online shoppers can precisely try to see how a product looks on them, is another slice of the cake.
 
In these unforeseen times of social distancing, AR can prove to be that magic wand that makes it possible for consumers to engage with the products just like they would in the brick-and-mortar world.

It can also ensure that higher engagement translates into higher sales for sellers. AR is the synergetic force that will improve buyer experience, sales, and brand visibility.

What “more” is happening in e-commerce

Amidst the massive global changes in the times of the pandemic, e-commerce stands not just as a convenient alternative; rather, it will be a pivot as people become more dependent upon technology and online purchase.

These shifts in purchasing patterns may slow down once people return to their daily routines. This means brands will have to adapt accordingly.

The journey ahead - future of e-commerce

The future of e-commerce in India will prosper at a fast rate even the government of India agrees to this.

Thus, as a business, you have to tap on the right opportunities and trends and create a win-win situation for your brand and customer.

The jewellery industry can benefit significantly from the new-age digital technologies and make their e-commerce presence thrive in the current times. 

The AR technology can prove to be a powerful catalyst for online jewellery business owners. One of the biggest roadblocks between jewellery and customers buying it online is that they cannot try it on themselves.

Without an actual in-store experience, trust between a brand and a customer is hard to build.

But through virtual try-on platforms for e-commerce like mirrAR it is possible that customers can easily try the jewellery pieces from the comfort of their homes with AR technology.

A virtual try-on feature is no longer an option but a requirement if a retailer wants to remain competitive. If jewellery business owners want to thrive now and stay competitive, they must take this path.


Get more information about MirrAR by clicking here or write to us at mirrar@styledotme.com

Posted by mirrAR by SDM



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