Govt plans national e-commerce policy as smartphone proliferation aides to industry growth
The e-commerce industry is on an upward growth trajectory, thanks to its unique growth strategy that has resulted in supercharging. The widespread availability of the Internet along with factors such as competitive pricing and hyper-personalization are the main drivers of the growth and evolution of e-commerce. However, the online shopping landscape has changed dramatically due to the proliferation of smartphones.
In its bid to democratize the e-commerce industry, the Modi government is working on a national e-commerce policy. The policy is being formulated by the Ministry of Commerce and Industry. The Department of Promotion of Industry and Internal Trade (DPIIT) held a detailed discussion in August with representatives of e-commerce firms and a body of domestic traders on the proposed policy.
In particular, the rise of the e-commerce industry has fueled mobile commerce, which is dramatically changing the way people shop. In fact, it could soon evolve to become the most popular way of shopping in the near future.
“The technology boom integrating augmented reality and virtual reality into mobile shopping experiences has reshaped the online retail sector by creating more immersive and interactive experiences for users,” said Kumar Saurav, chief strategic officer of Adcounty Media.
These areas are poised to have a transformative impact on mobile commerce (m-commerce), with an estimated revenue of $198 billion projected by 2025.
The mobile shopping experience determines the acquisition and retention of a loyal customer base. According to data from LinkedIn, it is suggested that 96 percent of shoppers stay loyal to a brand when the customer service is on point. Conversely, 89% are likely to switch to a competitor’s brand when they have a bad online shopping experience.
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