In the last two years, the eCommerce industry has witnessed several changes. Such situations make doing business very unpredictable for entrepreneurs. In addition, an eCommerce business is subject to many risks that its brick-and-mortar correspondent may never face. These risks include online security threats, customer service, paybacks, delivery and returns management, warehousing and distribution, etc. A small glitch in any of these processes can cost a business the trust of its loyal customers.
Interestingly, in spite of all challenges, the last two years have seen a surge of growth in eCommerce startups. While the top industry B2B Marketplaces players such as Amazon and Flipkart have made the best of the situation, new companies such as Zepto, Urbanic, Licious, Dunzo, Jiomart etc. made significant growth. Without risk mitigation by keeping up with trends, these eCommerce companies could not sustain through the last two years.
Hence, it is pivotal for eCommerce companies to keep up with the industry trends. Here are five advanced eCommerce trends of 2024 that entrepreneurs should know about:
Omnichannel Retailing:
Omnichannel Retail is an approach to sales that employs multiple channels such as social media, D2C, in-app shopping, brick and mortar, etc that are interconnected. Omnichannel retail may seem overly ambitious to eCommerce startups. Nonetheless, the sooner they get there, the better.
In single-channel commerce, if a problem occurs to one source, then the entire company’s sales come to a halt. These problems could include a website crash, poor social media reach or rental issues with property (for a store). A gap in sales and customer engagement disrupts other functions in the business, too and can be detrimental for its help. On the other hand, if a single retail source breaks down in omnichannel retailing, the comapny’s revenue can still be generated from the other channels.
Chatbots/ Automated customer support:
Chatbots are AI-driven virtual customer support agents used to engage customers on a website. They are an excellent way to utilise conversational interfaces in the absence of an actual customer support staff. While having a 24×7 functioning customer support team is a dandy investment, chatbots take the pressure off. Customers can get their queries resolved during any time of the day with the use of chatbots. If not resolved, chatbots can assure the customers of having interacted with the company and the relief that their complaints were not overlooked.
Diverse Payment Methods:
Payment on eCommerce is nearly not as simple as in a traditional brick-and-mortar. This statement might sound absurd to tech-savvy customers who opt for UPI or card payment for convenience. However, in India, most consumers only rely on the good old cash on delivery payment.
Every transaction made must be updated on the app, website, or text message. A failure to do so on time can cause a lot of frustration on the consumer end. Things get more complicated when product returns are involved in the process. To tackle all the possible payment disarrays, eCommerce companies must have advanced and diverse payment options.
Fast Shipping:
Fast Shipping is one of the game-changing factors that can lure brick-and-mortar shoppers into the eCommerce game. At the same time, it is one of the biggest challenges for an eCommerce business. While large conglomerates like Meesho are getting consumers habituated to features like same-day delivery, startups find it difficult to keep up. As fast shipping has become a non-negotiable for consumers, eCommerce companies must partner with a reliable supply chain company to stay ahead in the business.
Urban Warehousing:
In addition to having a 3PL Logistics companies, eCommerce companies must opt for urban warehouses. Urban warehouses are warehousing service, order picking, and distribution hubs in or around major cities that are responsible for same-day door to door deliveries. They are strategically located for the company, between its distribution center (DC) and the major portion of its clients. These facilities, which are usually associated with eCommerce and B2C commerce, are designed to handle large volumes of small orders. They are the ideal approach for ensuring eCommerce warehousing compliance.
AAJ Supply Chain Management
