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Indian E-commerce

Indian E-commerce Market Trends 2024

The world of e-commerce saw some rapid changes post-pandemic lockdown but as the people started adjusting to the new normal new trends started to emerge. The shopper’s behavior has evolved, with marketplaces enhancing the shopping experience with augmented reality and a flurry of mega-sale seasons. During the festive season in 2023, brands promoted their product with extensive sponsored activity and launched new products aggressively. This festive season was coupled with mega events for advertising the Cricket World Cup in India 2023. But what’s next in the eCommerce arena? Let’s move beyond 2023 and dive deep into what this will lead to and what to expect in 2024. eCommerce Trends for 2024 1. Rise of Value-First Shoppers The shopper’s behavior is getting complex and challenging to predict day by that with multiple choices, platforms, and steep competition. Online shoppers buy different products at different prices for various reasons. Understanding their motivation and need is key to excel in 2024 & beyond. Among the most common types of shoppers are impulse buyers, casual shoppers, need-based, research-oriented, and those who follow the trends, value-first shoppers have carved their niche looking for products that offer value for money and are on par with their lifestyle needs. Brands need to tap the buying potential of such shoppers and use insights competition to become the top pick of these shoppers. Health & Wellness, Beauty & Personal Care categories are key target segments. The digital native brands (DNB) catering to such niche of shoppers also need to track competition strategies on e-commerce and quick commerce platforms. 2. Expansion Across Tier 2, 3 Cities & Beyond Brands need to understand the landscape of online shopping has moved beyond tier-1 cities with more influx of shoppers coming from tier-2 & 3 cities. The ease of payment and high-speed internet penetration across tier-2 cities and beyond has led to rise of mobile commerce and social commerce as platforms like Meesho earned 60% of its sale during festive season sale from tier-2 cities. The 2023 was the year of expansion and discovery where tier-2 & 3 cities experience rise in presence of quick commerce -dark store for swift delivery. Even Amazon is witnessing an influx of shoppers into the prime ecosystem from tier 2 and 3 consumers discovering new categories. In 2022, during the prime day sale, the e-commerce retailers saw 65 percent of the growth coming from tier 2 and tier 3 cities. Brands need to identify opportunities in these geographies and explore new opportunities. Identify gaps in the market presence at pin-code level. 3. Personalized Experience with Global Localization The world is shrinking in terms of reach and information access. Shoppers are aware of what’s going on in the global market and what is in trend but personalized experience and connect with products is still a key point in making purchase decision. Brands selling in global e-commerce ecosystem across multiple countries must be in-tune with needs of the local market and competition activities as one marketing experience not necessarily works on other marketplaces. Big brands need to monitor multiple platforms and geographies like one of the largest global beverage brands does it with mScanIt global digital shelf monitoring dashboard in AMESA region. Brands need to provide personalized experience and keep track of what’s trending on in the marketplace in their categories to extend their market share. 4. More Convenience with Quick Commerce The quick Commerce platforms has led to new era of online sales with convenience and fulfilling last minute need. Brands in Food & beverage category are approaching the platforms more aggressively as its dominating over in-store sales which cost hefty margins. The key challenge for platforms and brands on quick commerce in 2024 is optimizing performance and expanding across geographies along with monitoring needs of shoppers at granular level within cities. The rate at which quick commerce platforms are expanding product categories and number of SKUs the signs are looking more positive with rise in order volume and cart value. The new trends of quick sale and product launches have been witnessed recently like Unicorn Info Solutions (Apple reseller) partnering with Blinkit to deliver the latest-generation iPhone models in minutes. 5. Rise of D2C Commerce The D2C Commerce has been a breath of fresh air in 2023 as more investment comping in the wide variety of D2C players in e-commerce 2024 is looking bright. Digital Native Brands expanding horizon beyond their e-commerce websites and venturing into the e-commerce marketplaces and quick commerce arena. With the extension of reach and new sales platforms D2C ecosystem is all set to achieve new milestones in coming years especially in Beauty & personal care, Fashion and Health & Wellness product categories. D2C brands do not need extensive inventory tracking but need to be aware of the competition in traditional e-commerce and in niche category. Digital commerce intelligence for them is more about identifying the gaps in the market and building data-driven strategies. 6. E-commerce Intelligence for Competitive Monitoring Data driven growth is the mantra for 2024. Business intelligence build with competitive analytics and real-time actionable insights can give brand much need edge in highly competitive e-commerce landscape. The e-commerce intelligence help brand boost their product discoverability, keyword share and monitor stock availability in real-time versus competition. The product page content can be optimized to extend brands share of search with adherence to different guidelines across e-commerce & quick commerce platforms. Rating & Reviews tracking help brands identify what working for them and what’s not by keeping track of what people are talking about and working on it to enhance customer experience. Data -driven e-commerce business decision are going to set the tone for future of brands in upcoming rat-race of brands in digital commerce ecosystem. What Brands should do to keep up with the emerging e-commerce trends of 2024 trends? The brands need to be well aware of rapidly evolving shopping behavior and trends across platforms and geographies. The customer preference for tier-2 cities is quite in contrast to the tier-1 cities. Brands need to map what’s their preference is and identify the geographies and platforms

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eCom Platform Marketing Service: “Everything Everywhere All At Once”

Yes, you read it right. But we are not going to talk about an Oscar-winning movie. It is about a complete Marketing console in one place, eCommerce Platform Marketing Services like what Amazon provides for its sellers. The eCommerce giant Amazon has expanded and enhanced the services for its shoppers and sellers alike. The integrated comprehensive marketing console, Amazon Marketing Service (AMS), helps Seller control and monitor how the product does on the platform and organize what it needs to boost performance. The collection for several Amazon services for sellers, AMS has tools for Amazon Sponsored Brands, Amazon Sponsored product management, and Amazon Display Ads. But the question is – Is it enough for the brands and sellers?1 Let’s take a deeper look at the platform marketing services and highlight ways to optimize services like AMS. What does AMS do? Why does it need optimization? While all other eCommerce platforms are evolving in terms of Advertising Services provided, Amazon is leading or could say dominating in it. The massive presence of Amazon in the eCommerce Retail domain led to the rise of a fiercely ecommerce competitive landscape. As a brand, business, or seller here you are running against thousands of others running a race against every evolving algorithm. To stand apart and reap high profits, brands need to advertise with a clear understanding of segments and competition. Platform Marketing Services like AMS Provides Complete Amazon Advertising Console Support for Amazon Sponsored Products, Sponsored Brand Ads, and Amazon Sponsored Displays. The competition is fierce in a global marketplace like Amazon. Most online advertising platforms allow you to pay for impressions and clicks but Amazon takes a different approach. As it provides an option to choose how much you want to pay when a shopper clicks on the ads. This provides hands-on control over the ad budget. This also impacts the conversion rates based on the strong purchasing intent of the audience. They also streamline it to provide advertising reports. They may not be the best ones to get deeper insights into customers’ search patterns, but they are extremely useful to understand what works for you and what doesn’t. This created the need for optimization of marketing services provided by the platform to save time and money along with enhancing brand recognition. Challenges for Sellers using Amazon Marketing Service No Visibility of High-Performing Keywords​: Identifying high-performing keywords plays an essential role in making effective campaigns and efficient product display pages. Building a comprehensive keyword bidding strategy is key to the upscale product. Brands or Sellers must be aware of high-performing keywords that work or don’t work. Time-consuming and prone to manual errors: The need for an auto-generated response is key to reducing the time consumed and mitigating errors caused by manual entries. Tracking performance and managing optimizations can lead to greater achievements. No Standardized Automated Process: Standardized processes are needed to avoid hit & trail elements like keywords bidding. High returns are expected if the standard processes and data-driven decisions are used for AMS. Missed Opportunities with Uncertain Returns​: Ambiguous returns of advertising campaigns need to be consolidated and sustained with a clear process in place to boost advertising performance. Perks Of Platform Marketing Service Optimization Optimize Ad Campaign- Reduce Ad Spend Optimization of Platform Marketing Services empowers eCommerce Platform Advertising Campaigns. Full-fledged coverage is provided from setting up your different Ad Campaigns (Own, Competition, Generic) and managing your budget in Ad Groups via AI-based Automated System. Advanced Automated Solution raises your advertising game Crystal Clear Data for better understanding to drive overall sales Business decisions driven via actionable insights lead to sustained growth Saves hours of manual work by bypassing Amazon Advertising complexities 1. AI-driven marketing Optimization Amazon Advertising Campaigns gets a boost through AI & ML, keeps track of the performance of the keywords and help adjusts your campaign budget to maximize your Return On Ad Spend (ROAS). The sophisticated AI is used to automatically turn competitor keyword bidding ON/OFF depending on the stock availability of the competitor. Completely Automated Process Product code Bidding Keyword Bidding Comprehensive Budget Planning 2. Continuous Optimization of Keywords Identifying and monitoring keywords should be a continuous process as the bids need to be optimized according to the keyword performance change. The use of AI can turn on/off bids on keywords, based on Keyword performance. The campaign performance can be optimized by bidding on high-performing keywords. Brands or sellers need to be aware of keyword performance on a real-time basis to optimize the campaign and avoid waste of ad spending. The Return on Ad Spend (ROAS) can be optimized with an automated process in place. 3. Effectively Optimizing Ad Budget Platform Marketing Service Optimization boosts campaign performance not just by optimizing Campaign Spends and deciding what amount to spend but also how and when to spend it. The click and traffic analysis can help generate automated bid prices and empower budget shuffle across multiple ad campaigns for optimal ad spend utilization. 4.  Adding Value to Brands The optimization of advertising services raises the brand’s advertising game. Plugging in automated solutions for optimization can add value to the services. Improvement in ROAS and Conversion Rate is a key value addition to the brand performance with data-driven decision-making. The automation of the process reduces advertising complexities and saves several hours of manual work. Final Thoughts Marketing on eCommerce platforms has eased with comprehensive marketing services provided by the platform but that’s too much manual work considering the massive number of products and wide geography to cover. The Optimization of platform marketing services automate systems and reduce ad budget by making ad campaign more effective. mScanIt eCommerce Platform optimization tool can help guide brands or sellers to automate and optimize advertising strategies on the eCommerce platforms. With the pace at which advertising is evolving, it’s important to get hold of things swiftly as any lag in strategy can push back your brand way behind other sellers or brands. The digital commerce universe is so much bigger than you realize. Brands need to gear up with the

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