50 percent of indian shoppers will prefer to shop online by 2026.
2020 changed many things, the way we shop, eat, socialize, study, and even work. The pandemic enforced lockdowns saw a surge in online shopping and marketing. Retailers have had to rethink their business model to keep going under changing circumstances. Digitization of the Indian retail industry is inevitable.
Today’s retailers with brick-and-mortar stores find it very difficult to compete with e-commerce and big players in the digital space. Especially with higher online marketing and operating costs, retailers are always at war with the existing digital solutions.
According to FirstPost.com, Flipkart and Amazon amount to 80 percent market share in India, with a whopping $7 billion earned during the last festive season. 50 percent of Indian shoppers will prefer to shop online by 2026. Where does this leave retailers who cannot compete with e-commerce giants?
Why E-commerce is a Challenge for the Indian Retailer?
– E-commerce is a moneysucker
– Low-conversion rates
– Zero online visibility
– Tough competition by big retailers
– Lack of technical knowledge
– Connectivity issues
– Lack of trust by consumers
– High rates of returns and refunds
– High shipping costs
– Difficult algorithm by most platforms
Does India Love to Shop Online?
Even with Covid-19 restrictions and lockdowns in place, 94 percent of Indians shopped offline due to low connectivity and slow e-commerce penetration throughout the country. Indian shoppers are very spectacular when it comes to buying online. With cash on delivery options available, many customers cancel or return impulse purchases.
Whatsapp sales gained popularity during the pandemic but have their own set of challenges. Big brands couldn’t maintain the high volume of sales, and shoppers did not like the lack of security. Another problem faced by the Indian retail e-commerce market is that consumers are not ready to buy big. Items such as furniture, vehicles, and expensive appliances are not easy to sell online.
V-commerce can be the solution that the Indian retailers need to grow their business right now without the challenges of the existing digital solutions. Consumers love the in-store experience, the opportunity to see the product before they purchase, and the flexibility with which V-commerce operates.
Video has always been popular. From TV ads to Instagram reels, consumers have always loved video content. Leveraging the benefits of video to overcome competition and help customers have a better shopping experience is something that a new player on the market has revolutionized.
Why Shoppers will Love V-commerce?
– Shop from the comfort of home
– Browse any store from anywhere
– Browse any category (40+)
– Video call and shop
– Browse store wise catalog
– Manage privacy
An App with a patented design and integrated video technology will enable shoppers to visit any store virtually. There are currently a few on the market. Security protocols that do not allow screenshots or infringe on the privacy of the customer while enabling retailers to connect with genuine customers.
V-commerce Platform Benefits for Retailers
– Sell quickly through video calls
– Hyperlocal video shopping marketplace
– No complex digital algorithms
– Simple and easy Instagram style catalog features
– No hardware is required
– Mobile-first approach
– Delivery and payment are taken care of by the platform
– The seller can set up a video store in minutes
– Expand through virtual branches to multiple locations
– Personalized shopping experience
48 percent of India’s workforce are millennials (18-35) and one of the biggest customers of online shopping and they love videos. V-commerce is evolving and there is no doubt it will be the future for most retail businesses. Customers have already started shifting to V-commerce sites and prefer websites with product videos rather than reviews and descriptions.
The soul of the Indian retail industry has always been the personalized experience offered by in-store salesmen and women. While they have been slow to adapt to e-commerce, v-commerce is seller-friendly and a cost-effective solution. Consumers are ready to make the change. It is time for retailers to get on board.
Consumers want their online experience to be fun and interactive. Retailers who are quick to adopt technology and leverage it will continue to thrive in the marketplace. V-commerce has the ability to give shoppers the in-store experience while rewarding retailers with higher conversions, repeat purchases, and a better profit margin.
Published by – IndianRetailer.com