There is a tectonic shift in everyday digital way of life. The effect of 2020 on eCommerce is significant and it’s proliferating and existing traditional businesses both big and small are adopting the digital ecosystem and making a move to transact online, along with giving credence to an entrepreneurial environment. eCommerce is expected to cross $150bn in GMV in the next 5 years and touch double digits in terms of market penetration. With an estimated 1bn people to be connected online by 2025, provides an impetus for businesses to aggressively expand their footprint online. Digital is certainly going to be the future of commerce (fcommerce) and become the most important route to market for all commerce; convergence and retail is accelerating. As we enter the New Year with the pandemic having sped up changes across several verticals, let’s take a look at some of the trends we expect to play out as we move into 2021 and beyond.
Physidigital will be more integral
Companies that create multiple touchpoints will help generate greater interest amongst customers. Decoding the how, what, when, where, and why will enable companies to choose the right channel to market and sell their products and services. For online stores expanding to physical locations will help gain the required visibility and the necessary touch-and-feel, and for offline stores going online helps gain scale and greater access to customers. There are already many ways where multi-channel shopping is in the works – experience centres, shop online and pick up in-store, in-store scan and home step delivery, etc.
B2B – A move to the digital highway
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