E-commerce is all about technology ;- here are some of the facets of it

Technology has the massive role in propagating the growth. The role of technology is just not restricted to being the foundation of e-commerce.

The last few years have been extremely crucial for the Indian e-commerce industry. The humongous growth in Internet consumption is the driving force behind escalating consumer interest and participation in online shopping.As a result, industry witnessed enormous online sales figures. As per the data shared by Morgan Stanley, the US-based banking and financial services expert, Indian online retail market to touch the USD 200 billion mark only in 2027.
The report also highlighted that the retail e-commerce market in India touched $32.7 billion in 2018. In the next four years, by 2022, the market would record a phenomenal growth to reach $71.9 billion. Moreover, according to Google India Research, by 2021, India is expected to generate $100 billion online retail revenue out of which $35 billion will be through fashion e-commerce.

Technology has  played a massive role in propagating the growth. The role of technology is  not restricted to just being the foundation of e-commerce. By virtue of technology the industry is moving in that direction that might be the pinnacle of modern retailing. 

Technology is reshaping the e-commerce scene. In fact, technology has open up new doors for solution providers. ShopX is one such tech providers whose solution caters modern retail. 

Here are some of the facets of technology used in e-commerce

Technology Improving Shopping Experience
The only shortfall of online channels is that it cannot replicate the experience of brick and mortar outlet. There is no parallel experience as that ofa customer walking into a store and interacting with in-store staff about product and services. Here comes the role of technology with new age solutions such as Artificial Intelligence(AI), Virtual  Reality(VR) and Augmented Reality(AR) that are really changing the game. 

Moreover, offline stores come with space constraint and stocking large inventory is a tough call especially for small and midsized retailers. To ease such scenarios, ShopX offers a Virtual Inventory feature, which allows less investment per product, and rotates working capital faster and better across multiple products. ShopX works as local touch point for small retailers to deliver ‘digital offline’ shopping to kiranastores and mom-and-pop stores in every corner of India.

“Before SHOPX, I was a selling small quantity of stationery items in my shop. I had tie-ups with different schools andcolleges and so had to buy inventory in bulk and  invest large amounts of money. After partnering with SHOPX, I can now sell products across categories. The best part about the SHOPX app is that I do not have to worry about maintaining inventory or invest large sum of money,” saysPrateek Jain who is currently using the SHOPX Platform. {As published on the company website)

Technology is Making Selling Easy 
Traditionally, the experience is measured from the viewpoint of buyer in the e-commerce world. All the investments have been made to make the buying experience easy. Now, we have started seeing whole range of solutions to improve the experience for sellers as well.  Sellers are no longer required to micro manage things, be it inventory, logistic or payments. There are tailor-made solutions available to cover the core operations. 
ShopXretail app is-one stop solution for sellers as well shoppers as it aids each shopperwith customised buying options as per the selected location. 

Technology Ensures Seamless Payment Processing
Digital payments are the backbone of e-commerce. The rat race is going on to grab the pie in this lucrative segment. The concept of Payment Hub is not new; in fact, it has been widely explored by banks and other financial institutions.  However, the term is slightly new in the world of digital commerce.  SHOPX initiated SUVIDHA is the credit marketplace for fueling the digital retail economy in India.  With SHOPX, it is possible to use the demographic and transaction data of retailers to build a “credit profile” indicating the creditworthiness of the retailer. This can then be used by banks and NBFCs to extend loans to retailers and distributors. ShopX also ensures faster loans at competitive interest rates with easy repayment options.

Publish Date
Not Sponsored
Live: People Reading Now