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Digital disruption is the new buzzword these days. It wasn’t long ago when Indian buyers were solely reliant on offline stores for their necessities, but the situation has drastically changed in recent years. Because of digital disruption, people’s preferences have shifted to buying almost everything online. Digital disruption is the reason why preferences and comfort have switched to buying practically anything online. It has proven to be a boon for retailers caught between well-funded competitors and a highly uncertain market. The digital transformation never ends in the life of a retailer who keeps their business up to date. Kudos to the proliferation of the internet, smartphones, and FDIs!
Disruption occurs when an industry, way of doing business, or ecosystem is significantly challenged by newcomers or incumbents who have mastered certain skill sets. In this article, we’ll be highlighting the trends around digital transformation and disruption in the context of the upcoming mega-market for e-commerce.
1. Data-Driven Commerce:
It involves providing a richer and more seamless client experience by maximizing the use of data. There is an abundance of data available everywhere. In fact, we contribute to it on a daily basis by purchasing online and updating our whereabouts, thereby leaving a digital footprint every time we browse online.
In simple words, a modern shopper takes many paths to complete their purchase journey. They browse items online, visit stores, go through reviews, place an order, and post about their experience on social media. Similarly, a brand selling on ecommerce, as well as each platform will also have data relating to their own growth and hygiene metrics. This results in massive amounts of important data being stored in silos across all channels.
Businesses of all...