Time taken to deliver items & returns are the key pain points for e-comm consumers
- The FedEx survey reveals that consumers are looking for innovations in personalization, shoppertainment and payment options.
- Consumers in India are much more likely than those in other
AMEAmarkets to forecast future growth in e-commerce. Asia Pacific’s ecommerce sales will reach $2.09 trillion in 2022.
AdvertisementShopping online has now been normalised, thanks to the pandemic but this trend is only going to gain further momentum but consumers are increasingly becoming more demanding. The latest e-commerce trends from a report by logistics company
The e-commerce survey, which polled both small and medium sized enterprises (SMEs) along with consumers, has found that there is room for further growth in the already booming e-commerce sector across Asia-Pacific.
The What’s Next in E-Commerce survey polled Small and Medium sized Enterprises (SMEs) and consumers in India, and 10 other markets in the Asia Pacific,
Of all those surveyed, 83% Indian consumers have purchased more from e-commerce platforms in the last three years and this momentum is likely to continue. Consumers are looking for innovations in personalization, shoppertainment and payment options that enhance their shopping experience.
“COVID has accelerated our lifestyles to a pivot point where shopping online has been normalized across all demographics, and there’s no going back. With that, e-commerce is set to take a growing proportion of total consumer spend,”
“With more people shopping online, consumer preferences are becoming increasingly sophisticated. As SMEs and e-merchants evolve their online sales platforms, our research uncovers opportunities for businesses to capitalize on what consumers want,” he added.
Consumers in India are much more likely than those in other AMEA markets to forecast future growth in e-commerce. “SMEs are the growth engines of the Indian economy. During the pandemic the e-commerce sector provided many SMEs with an opportunity to recover and expand their business. Today, cross border trade has emerged as a key business priority for SMEs in India and a major opportunity to bolster growth,” Kami Viswanathan, senior vice president of
E-commerce sector matures but further growth ahead
Asia Pacific, which includes the world’s biggest e-commerce markets like India,
Eight in ten SMEs across Asia-Pacific believe e-commerce will become more important in their business in the next three years and nine in ten believe they are well prepared for the challenge.
AdvertisementSMEs in India, Malaysia, Philippines, and Vietnam were among the most optimistic about their future e-commerce growth in the next three years, a sentiment shared by consumers in these same markets.
In India, 80% of SMEs agree that consumer buying behavior has fundamentally changed due to COVID and most of them predict e-commerce will continue to boom, and be integral to their business growth over the next three years.
However, interestingly, whilst the importance of marketplaces is clear, it’s worth noting that 58% of SMEs currently sell directly to customers through their own e-commerce platforms.
Maintaining customer service quality is also proving critical. Deliveries taking too long is the key consumer pain point (53%) followed by handling returns (42%).
Of all the e-tailers surveyed, 65% in AMEA also reported they were struggling to handle the growing number of orders they were receiving.
AdvertisementIn India, 80% of SMEs had experienced extremely high levels of resignations over the past 12 months. Apart from India, SMEs in Thailand, Vietnam have been most affected by the talent challenge.
SEE ALSO: Gurgaon-based Indifi disbursed ₹2,800 crore worth of loans to small business owners
Amazon’s 2022 Hardware Event — here’s what's new on Kindle, Echos, Fire TV Cube, and Halo Rise
Meet the former Lieutenant General Anil Chauhan — the next Chief of Defence Staff
Popular on BI
- No festive cheer for auto cos in March: PV sales ‘flattish’, 2Ws to see a slight uptick
- Star Sports gets a tech upgrade for IPL 2023: Dolby Atmos, Real-time Highlights, Ambience-only mode, and more explained
- Untimely rains and hails damage about 20 pc of mango crop: ICAR
- Here’s how much you would have earned if you invested in gold in 1970
- Top winners & losers of Nifty500 in FY23