Indian retail market running online is penetrated to be second highest after China and is expected to reach the US $200 Billion by 2020. With having over 57% as e-commerce growth, the country like India is on the verge of surpassing the US anytime soon.
Continuous growth in the reign of e-commerce platforms in India is directly linked to the internet base of 470 million which is like 40% of the total population.
Needless to say, every single online retailer works on the principle of driving sales by enriching a customer engagement, experience, and expectation.
Despite generating revenue through the sales of products or services online by way of doing social media marketing, emails, Chatbots and several other marketing ways. More and more online brands are drawing towards AI(Artificial Intelligence) and VR(Virtual Reality) as a way to change or modify overall online shopping experience on the customer’s part.
Ever Emerging Technical Means
With an aim to increase online brand engagement and sales, a majority of retailers are at the forefront to adopt advanced technical means especially with respect to AI and VR.
True to say the fact that, both AI and VR have changed the way to approach customers with an innumerable number of products, understanding their needs, generating purchasing power, solving queries and most importantly increasing brand loyalty. Therefore, it is necessary to look separately at how AI and VR result in changing the online shopping experience.
The latest technology that has changed the landscape of online buying in India is said to be AI(Artificial Intelligence) that can generate revenue growth anywhere in between 25% to 95%.
This is due to the fact that, AI enables an automated and robotic customer centric approach rather than relying upon manual ways of speaking to a customer executive, wait for minutes or seeing through a whole lot of products at the site.
Ways AI Proves Fruitful for Online Shopping Experience
– Decrease Human Effort: First and foremost,a way that AI helps in enriching e-commerce field in India is by giving quick, relevant and updated response to customers. Rather than relying upon manual human effort mainly at the call centers, a technology like AI answers automated queries of customers that results in a quick buying decision.
– Understanding Behaviour Pattern: Looking at the previous buying experience and current market trend, AI approaches respective customers with a specific product advertising that brings loyalty to consumers.
– Segregate the Data: Keeping purchasing data segregated no matter through a website, social media or from other platforms appear to be an additional task of Artificial Intelligence.
– No Language Barrier: Bringing satisfying shopping pleasure to customers is also done by AI in the form of using IVR (Interactive Voice Response) in a numerous sort of languages. With that means, online shoppers need not to wait for their preferred language to be adopted by the site as complete automation will be given by AI.
Still to Come Virtual Reality into Indian E-commerce Field
Being an online customer, it is completely your right to switch on one shopping portal to another due to pricing, designs and range issue. Most importantly, it would be a try and tested issue that allows consumers to switch platforms.
Of course, earlier it was not possible to try products before purchasing online, but now it is possible. All thanks to Virtual Reality(VR) which is yet to make its debut in the online shopping marketplace of India.
A multi-media approach that takes you into a different physical setting while at your place is a new and innovative way of bringing online purchasing pattern here in India.
Looking at the rate of 85% consumers that prefer to shop at physical stores mainly because of try and tested results will definitely gain from VR which is yet to dominant Indian online retailer’s marketplace.
With an aim to let customers witness every single product at a close quarter through digital means, VR will definitely engage more and more users in a hassle-free manner.
VR is a kind of personalized experience for online customers will definitely leverage online retailers to engage their attention and keep them loyal towards the brand.
Customers have the potential to try out different options with VR with special respect to clothing and furniture and see who it looks in the best manner.