The e-commerce is one of the biggest things that have taken the Indian business by storm. It is creating an entire new economy, which has a huge potential and is fundamentally changing the way businesses are done.
The e-commerce industry continues to evolve and experience high growth in both developed and developing markets. With the emergence of non-banking players in the payments industry and innovative vertical specific startups, the Indian e-commerce market is expanding at a rapid pace. The digital commerce market in India has grown steadily from $4.4 billion in 2010 to $13.6 billion in 2014 while the global market is forecasted to grow at a CAGR of 40%. Nothing has surpassed the power of innovative e-commerce companies, which have proved to be successful.
Newer technologies that could significantly bring a paradigm shift in the online businesses are analytics, autonomous vehicles, social commerce, and 3D printing. Companies have started to invest in data analytics to gain real-time insights into customer buying behavior and thus offer personalized user experience. The e-commerce companies are building communities on social media networks to better understand customer needs and to drive effective marketing strategies. The future of e-commerce is bright and growth will come from mobile platforms, personalization, social media analytics, omni-channel service, and sharing economy business models.