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Big Data Insights: The Game Changer for Indian E-Commerce

E-Commerce companies

E-commerce users in India generate over 30-40 terabyte of data daily, on general days e-commerce platforms receive tens of millions of visits and 100s of millions of product reviews.

E-Commerce has also, increasingly become the starting point for most product and price discovery & searches for customers. There is a large number of people who are benefited from E-Commerce.

The data regarding the customers provides an opportunity for E-Commerce companies to deeply understand each and every user. From the moment a user fires up the website, or mobile site or app, thousands of software codes run to constantly generate useful insights. And these insights are used to give customers a most personalized experience.

As per the traditional search engine are great at answering specific questions, they stumble on the broad question. So there was a need for innovation to personalize user experiences. The key lies in matching user insights with available products, similar to what we experienced at local shops, except that it has to be done with billions of data points and for millions of users in real-time. With every customer activity ML algorithms helps decode that customers shopping psyche like demographics, behavior, location, and product attributes, trust level-with reviews and ratings, delivery expectation.

These kinds of insights are used to select the right products are being generated from the big data platforms, an innovative tech platform which helps in building and launching new ML Techniques & Artificial intelligence models to process behavioral data at scale.

Indian e-commerce has grown significantly over the past few years but continuing the innovative streak to personalize experiences is a long and continuous journey. E-Commerce fundamentally changes people’s lives for good.

“India has long suffered from the ‘missing middle’ syndrome. SMEs were not evolving to become mid-sized enterprises for many years. For the millions of MSME’s B2C and B2B e-commerce platforms along with favorable Government policies gave them a significant push to enable them to become mid-sized businesses and generate employment,”

As per one of the leading report, B2B e-commerce was valued at the US $ 300 billion in 2014 and is expected to reach the US $ 700 billion by 2020.

From an investment point of view, considerable funding in the e-commerce ecosystem has led to the emergence of new business models across B2B, B2C, Logistics Service Providers, Payment Wallets, Digital Advertising and Analytics. These investments have enabled the e-commerce companies to leverage leading technology and related practices to reach out to millions of new online customers by delivering services more effectively and efficiently.

The e-commerce B2B segment is showing signs of rapid digital adoption which is likely to feed the significant rise of MSMEs and entrepreneurs. With the evolution of E-Commerce, several challenges have been faced in areas like taxation, logistics, payments, internet penetration, and skilled manpower.

Cash-on-Delivery continues to dominate the payments for e-commerce sales in India. Mobile wallets, mobile internet and the implementation of the UPI are expected to give further impetus to digital payments and cashless CoD transactions.

The government of India[1] has recently announced flagship programs such as Digital India, Make in India, Start-up India, Skill India, and the Innovation Fund. With the proper implementation of these programs, the E-Commerce ecosystem will be supported and challenges related to ineffective rural internet penetration and lack of skilled manpower will be overcome.

As the digital ecosystem is evolving in India, So E-Commerce Companies need to continuously innovate to embrace digitization and analytics to remain relevant. In order to differentiate from other companies, e-commerce companies will have to focus parallelly on business and also on disruptive growth.

Narendra Kumar

Experienced Finance and Legal Professional with 12+ Years of Experience in Legal, Finance, Fintech, Blockchain, and Revenue Management.

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