Google Shopping is actually a bridge between retailers and consumers, wherein the transaction and delivery of products will be handled by the merchant only. The crux of launching Google Shopping is to personalise the shopping experience and empower the customers to make informed choices.
Amazon, Flipkart etc. will slowly become a thing of the past. With the new shopping search features launched on Google, e-commerce has got a new edge.
With a dedicated portal for showcasing the products from across portals, Google has positioned itself as an expert allowing users to compare the deals available on various websites. Here, a user can filter and choose their products based on latest offers, compare prices offered by various retailers, and choose the product they are looking for.
E-commerce is the cash cow of Digital Economy and Google wants to leave no stone unturned to share the rewards advantage of an e-commerce driven economy.
Indian shoppers will be able to search deals using the Google Shopping home page and a mobile-friendly web app. It will also have a new “shopping” tab on its search engine along with its image recognition app Google Lens.
The search engine giant plans to derive revenue from advertisement by various merchants. Google also said that to increase its reach users will be able to search for items in English as well as Hindi.
According to a research report by Nasscom and PwC, India’s e-commerce market will be valued at $150 billion by 2022. India has a population of more than 1.3 billion and the rapid growth in Digital economy has dominant firms like Flipkart, PayTm, Snapdeal, Ajio, lenskart etc.
These firms started as unicorns but have become e-commerce giants due to the wave of consumerism that has taken India by storm.
The war between e-commerce players in India is only getting interesting and it will surely be the survival of the fittest. However, with the recent entry of Google in the e-commerce segment, there will be new trends that can be seen in the near future.
(1) Consumers will continue to be flooded with lucrative deals, discounts and cashbacks. Each e-commerce player will want to outdo each other by providing the best possible price.
(2) The market will be ripe for acquisitions. The bigger players with good cash balance will try to take over the smaller e-commerce players to gain muscle power in the war.
(3) Existing players will pay more attention to product recommendation features and personalised search experience for the buyers. The customer acquisition costs also could go higher for these players.
(4) There will be a lot more startups coming in with innovative solutions and product offerings. We can expect more start ups to focus on niche segments like healthcare, beauty, childcare or gourmet products. They have the confidence to experiment and incubate new ideas because they are hopeful of being acquired by biggies in times to come.
(5) There will be increased reliance on data analytics. There will be cut throat competition and no one would want to go wrong with crucial decision making. With so much of data repositories available, more and more e-commerce players are likely to resort to prescriptive and predictive analytics.
Right from driving traffic to the website to presenting the right offers to the customer base. Marketing campaigns driven by data analytics will be more in use because it yields better results.
(6) There will be more focus on customer engagement. The existing players would need to strengthen their customer base by communicating more effectively with them.
Communication with customers will be a more tech-based affair. Live Chat bots and Digital assistants like – Siri, Google Voice, Alexa and Echo will be extensively used to address real-time customer issues, recommend products and engage more with the clients.
(7) Existing clients may offer Virtual shopping experiences to get an edge over each other. With Google entering the e-commerce space, customers can expect new experiences backed by technology.
Currently, a few players offer experience wherein you can try the products online and experience live shopping from the comfort of home. Virtual Shopping helps customers to visualize how products will look when used without having to go to the store physically.
A sea of opportunity waits to be unleashed
In a nutshell we can see that the entire e-commerce landscape will change and become more evolved. There is bound to be a prevailing sense of competition and one will try to outdo the other on the back of technological advancements.
In fact, as more international players join the bandwagon, the operations and marketing will be more advanced and seamlessly integrated with the back-end. Needless to say, more and more local merchants will also try to reap benefits out of this and channelize e-commerce to enable a reach of their products to maximum possible users across the country.