Increased usage of mobile devices, adoption of ecommerce shopping, high growth in cross-border online purchases, rise in the adoption of alternative payment methods by online shoppers worldwide are some of the major key driving factors for the growth of the B2C Online Ordering Market. However, lack of organized offline retail sector, underdeveloped logistics infrastructure and low credit card penetration are some of the factors which is expected to hinder the growth of the market. Personalization and customer engagement, use of enhanced technological advancement, interactive product virtualization is some of the factors which is expected to boost the opportunities for the market.
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Impact of COVID-19 onB2C Online Ordering Market
1. The Pandemic have not only created a huge impact on health but brands across the globe are worrying about how coronavirus (COVID-19) will impact ecommerce as a whole. Ecommerce, B2B, B2C, and brick-and-mortar brands alike are all bracing for the impact that coronavirus will have on their business
2.In addition to this, the pandemic has also increased online shopping usage, globally. In India, it has led to a rise in the number of FTUs or first-time-ecommerce-users in India, who had been so far inhibited to shop online. In these tough times, to maintain their consumer base great majority of B2C ecommerce retailers, draw customers to shop online by offering bargains such as free delivery, discounts, buy-one-get-one-free and exchange offers.
4. This spike in B2C ecommerce in India is of course due to existing online shoppers stocking up on essentials given the coronavirus outbreak and the lockdown imposed by the Government. Thus, the pandemic have surely increased opportunities for exciting customers as well as added new customer data thus increasing the overall opportunities for the B2C online ordering market for the upcoming years.
The technology is enhancing rapidly and is expected to increase in the upcoming years as well. Artificial intelligence, robots and chatbots are expected to enhance the customer’s overall experience. Artificial intelligence have the capability to handle a number of tasks which is usually assigned to a human such as managing inventory or handling inquiry. In addition to this, chatbots also helps to fulfill a number of customer service needs such as answering questions related to products or discussing complaints Thus, these technological enhancements will help to reduce the time in turns helps to improve the focus on other aspects. Thus, this would help to increase lucent opportunities for the market.
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As the world is moving with enhanced technological advancement, has increased the adoption of usage of mobile. The vast population, increased internet penetration and scarcity of organized retail majorly in the small and medium enterprises have fuel to drive the growth of the market. In addition to this, adoption of smart phones has also helped the ecommerce sector to be more reachable and efficient.
The increase in the mobile usage have also increased the demand of online purchasing as it offers enhanced flexibilities, scalability and convenience of shopping for the online platforms. By offering overabundance of options available to shop from the comfort of home in this evolved and amid a busy lifestyle.
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Leading Market Players:
➢ Asos Corp
➢ Flipkart Ltd.
➢ EBay Inc.
➢ JD.com Inc
➢ Amazon Corp.
➢ OLX Ltd.
➢ Make My Trip Pvt Ltd.
➢ Craigslist, Inc.
➢ PayPal Holdings Inc.
➢ Alibaba Group Holding Ltd.
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