A top online shopping experience will be defined by two central qualities: speed and convenience. Customers value the ability to purchase swiftly and easily and are becoming less patient when it comes to waiting – for orders to be delivered, according to a recent study by LS Retail.
However, value is still the prime reason for the purchase of any product, said Vibhor Jain, COO & President – of Network Governance, ONDC.
Jain counts the trends that are going to shape the future of commerce in India. According to him, the emergence of digital public infrastructure (DPI), the evolution of connectivity driven by 5g rollout, robust private sector investments, the rise of vernacular platforms and the democratisation of data will be the boon for commerce.
Jains also explained another five trends which will lead to big disruptions in India and said that commerce will digitise rapidly and ‘phygital’ will become the norm, new models of commerce will emerge including live commerce, social commerce and the metaverse.
A huge shift will happen in the unorganised sector, and small towns and rural areas will drive demand, he said.
He also said that massive advances in tech and data, personalisation and generative artificial intelligence will increase competition across different formats including e-commerce, kirana and modern trade.
By Sangeet Kumar Sanu, Correspondent, BW Businessworld