E-commerce - #SectorUpdates

The Indian E-commerce market is projected to reach $120 billion by 2026. Emerging and fast-growing technologies like Artificial Intelligence (AI), Data Analytics, and online payment gateways like Unified Payments Interface (UPI) are driving the next growth revolution in the e-commerce domain in India. Modern data analytics tools study consumer behaviour through their online shopping habits like product preferences, browsing history, and the time they spend on a webpage. Predictive analytics are then used to thoroughly customise marketing campaigns focusing on individual or group shopping habits. Such methods are successful in striking a chord with the consumer to increase sales. Indian consumers majorly had a cash-oriented mindset and this was a serious challenge for companies trying to create an omnichannel presence for their brands. Third-party secure payment gateways and wallets have addressed this problem by making transactions safe and hassle-free. Additionally, UPI has revolutionized the payments system in India and allows large sum peer-to-peer and person-to-merchant transactions at zero charges.

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