Life changed for everybody as a result of the COVID outbreak. On the one hand, it had a major effect on people’s social lives. Other companies, especially small businesses saw a significant drop in their turnover sales. When they followed the conventional business model.
Lockdown was seen by some companies as an incentive to get their hands dirty and start changing their businesses. “In India, small companies are remodeling right now. Their business plan is to keep and gain new customers. By using digital platforms and applying rigor to grow their online presence. They will gain more market share.”
Today’s businesses strive to work in lean and agile ways. It operates on the basis of a hybrid model of traditional brick and mortar stores. In addition, in the post-pandemic era, there is a greater emphasis on online presence. In 2021, the latest mantra in India and elsewhere is to concentrate on digital channels and sell directly to customers.
As a result of the pandemic’s sales trends, businesses have proved to be much more resilient than we would have anticipated. Merchants who developed an online presence during the pandemic now have a clear understanding of consumer behavior and buying patterns. It’s not all about this pandemic; lockdown reminded companies that in order to remain ahead of the competition, they must continue to focus on differentiators and innovate.
Businesses need to continuously upgrade their product offerings and have to become more agile to experiment and remodel their operations to remain efficient. With this new surge in e-commerce and online presence, India is changing gears quickly to protect the customer’s rights as the number of customers purchasing online is now increasing every minute.
According to the recent
report
published by J P Morgan:
- India is one of the fastest-growing e-commerce markets, and one with the greatest untapped revenue pools globally.
- Increased bandwidth availability, affordable data plans, and increased awareness driven by government programs are rapidly bridging the digital gap between urban and rural India.
- India is sharpening its customer protections in an effort to regulate its burgeoning e-commerce market and to offer consumers a sophisticated customer experience in line with more developed Western e-commerce markets.
Post COVID-19, here are some interesting statistics to look at:
Shopify published a report Future of Commerce 2021. That marries global merchant and consumer data to predict how the commerce landscape will shift in the coming year. The report aims to capture the shopping habits of consumers around the world to the evolution of running, marketing, and funding an Omnichannel business today.
Shopify after analyzing data from more than one million merchants around the world and insights from their customers, this first annual Future of Commerce report reveals five key predictions for businesses in 2021 and beyond
1. Young consumers will be the game changers in the business landscape
2. Physical retail will give local businesses new advantages.
3. Consumers want to shop independent. Businesses will adapt to make that easier.
4. More consumers will use wallets.
5. Financial solutions could disrupt business and consumer banking, financing, and lending.
According to Statistica report more than 5, 00,000 new companies registered across India. In FY 2020 in the area of business services and trading alone. According to another report published by Globe Newswire, The Indian Digital payments industry still has a lot of potentials to grow
- Mobile payments are expected to grow at 58% CAGR to reach INR 245 Tn by FY25.
- This growth will be driven by
- P2M Market (merchant payments) currently stands at INR 4 Tn and is expected to grow at 52% CAGR to reach INR 33 Tn by FY25.
Road Ahead
- According to some reports. The Indian E-commerce industry is on its way to becoming the second-largest E-commerce market in the world by 2034. Digital payments, logistics, AI-driven customer engagement, and machine learning algorithms will likely support the growth in the sector. The rise in smartphone usage as evident during and post lockdown is expected to continue the momentum to reach over 850 million by 2022.
- The E-retail market is expected to continue its strong growth – over the next five years. The Indian e-retail industry is projected to exceed ~300-350 million online shoppers.
- COVID-19 in one way has acted as a silver lining for eCommerce businesses, as it now became evident. That digital payments have got a wider acceptance. In some surveys, users showed their reluctance to completely switch back to cash as a method of transaction.
How Can We Help!
Hashstudioz Technologies
HashStudioz Technologies Pvt Ltd is a leading product development company. Set up a goal to enable Startups and Enterprises in embracing technologies. And provide the best class user experience and highest value to the customer. We work relentlessly to help organizations adopt new technologies.
Help them automate and streamline their processes or offerings using cutting-edge technologies. We want our clients to focus on tapping additional revenue. While we work as an enabler to provide the best quality go-to-market solution in the least possible time.
We are a team of highly skilled technology experts. In blockchain, cloud, mobility, e-commerce, web application development & automation. Our portfolio includes some products that we successfully developed for the travel sector, the Internet of Things, B2C applications, B2B solutions, a marketplace for health services and consumer goods.
Our team comprises skilled designers, developers, analysts, programmers, testers. Also domain experts, specialists, project and program managers, and evangelists. Who work together to develop applications that are then used by millions of consumers worldwide.
We take pride in the quality of delivery. And our biggest asset is the smile that we bring to the face of our customers. Which motivates the team to go the extra mile each time.
Our team is skilled to work globally while closely working with our clients spread across Australia, the US, Canada, UK. Apart from our large client base in India.
Feel free to reach out and connect to discuss how HashStudioz can help you with the next turnaround story of your success and help you to open up new avenues for your business. There is no better time than doing it now as things are settling down in the right direction after the recent disruption due to the COVID-19 pandemic.
The developers who are well aware of these techniques find them really impressive for the growth of the related industry.
However, one thing that aids the growth of both of these techniques is, of course, the mobile apps.
IoT in Top Mobile App Development Company
IoT communication protocol makes this technique an exceptional one to utilize in mobile app development domain.
There is no doubt about the fact that chatbots are the next big thing for top mobile app development company.
The bots hold so much potential that they are capable of replacing mobile phones in the future.
Today, we find the presence of IoT everywhere from home to office.
Though the healthcare, energy, and agriculture sectors have already started leveraging the IoT advantage, other industry sectors will soon join them with the concepts of smart cities and smart retail.
There is a risk of being obsolete for the IoT mobile app, and the flexibility can help you mitigate the risk.
In other words, the IoT mobile app functionality depends on the features of the connected devices.
But then, the mobile app developers have to deal with the third-party software by using a range of APIs.
The mobile app development domain goes beyond the Android and iOS with the advent of IoT technology.
Blockchain IOT development Agency Australia In today's digital era we are listening to the two buzz words which are the blockchain and IoT( Internet of things)In this block, you're aiming to recognize the connection and the way they each are going to be operating along.It’s all regarding moving forward with the technology and with the assistance of it rising your potency.To enhance the services with advanced security and governance to anyone’s info, Blockchain IOT Development will work collaboratively to deliver it.
It seeks to attach associated management objects remotely across an existing network infrastructure.
It continues with dynamic the method of organization’s processes operate, however it obtains it provides and the way it serves folks be they client or subject.
IoT world encompasses a ton to realize from blockchain, and also the capability for purchasers to manage their digital identity and potency to opt-in or out of exchanging their non-public info reciprocally to be used to services or money rewards is appealing.
For any money product, you'll be able to request a quote, as an example, automobile insurance and you'll be able to save yourself from finishing those on-line quote request kind abundant time.
Things can get additional advanced and simple with tremendous speed.
The use of Mobiles has changed dramatically, the society has transformed and businesses have been asked to change ways, courtesy- the disruption caused due to mobile technology.
According to a stat from the Office for National Statistics, around 65% of adults access the internet away from the office via the mobile device.
However, with mobile, we don’t refer to generating a mobile version of your existing website, but an entirely new piece of your business in the form of a mobile app.
Although the mobile version has its own importance and is easily accessible on multiple devices, a mobile app takes your business to an altogether new level.
The mobile app can help achieve this feat as queries would be solved quickly with features available at their fingertips while they are on the move.
The visibility of your app and the chances of users opening your app increases, which isn’t the case with mobile-ready websites.
