The last decade has seen the advancement and rise of the e-commerce industry. Not just we observed increased buyer interest and support, but the industry likewise recorded humongous sales figures and increased demand. It was a time where B2C e-commerce appeared to be winning the race with B2B e-commerce which isn't the situation now and in India, this will be seen in another couple of years. Either B2B or B2C, the role of technology is the base and the existential factor with regards to E-business industry. Redefining the Consumer Shopping Experience: E-commerce industry has fallen short of retail outlets and cash transactions - in the actual shopping experience. In any case, it has brought in a whole lot of new, innovative, and useful variables to make the shopping experience simpler and hassle-free. Any purchase could be possible at the click of a button and gets delivered at the doorstep. What else can a millennial purchaser request? Giving Personalized Data in B2B Sector: With organizations changing to B2B e-commerce, increasingly more real-time procurement data will be captured. This information will help B2B e-commerce players to better comprehend the behavior of the business buyer and offer information-driven insights. B2B e-commerce business companies will use this data to give a customized experience to each purchaser/business. Artificial Intelligence drives the E-commerce Industry: Artificial Intelligence will find a huge blueprint in B2B e-commerce; unlike B2C e-commerce where there are large numbers of clients and use-cases, B2B e-commerce will have fewer numbers of clients doing large ticket transactions under limited use cases. This makes application and adoption of AI simple yet exceptionally powerful. AI is set to bring efficiency for organizations in terms of decision-making around purchases, robotization of a few mundane tasks, provide basic experiences, and free-up several man-hours behind the procurement and making business purchases insightful and low-cost. Decision Making During the Procurement Process: For the most part, the procurement managers or officials who for corporates find difficulty in settling on choices during the procurement procedure as it will be significant on the development and the business of the company on numerous dimensions. Technology will likewise help the procurement team of businesses to more readily comprehend the needs of the business and give them transparent insights to settle on more informed complicated decisions. Additionally, Business to Business E-commerce organizations will proceed to build personalized dashboards for their clients which will give much-needed data-points and buy proposals. Consequently, a job of a procurement manager will be made easy and in this manner, adds value for the human resource. B2B e-commerce companies will take the personalization further by building integration APIs with the purchasers existing ERP/CRM platforms to make the purchases more organized and consistent. B2B e-commerce will likewise see the application of a few deep technologies, for example, IOT, which will help B2B organizations to additionally reinforce their Omni-channel presence. Many of the trials which have bombed in B2C e-commerce may actually find success in B2B - for example, Kiosk Based sales, IOT Stores for large businesses, IOT driven reordering for basic items, and so forth. Seamless Payment Process: If there's one other thing that has been surprising about E-commerce industry is the mode of payments which is totally computerized as a rule. In spite of the fact that people are gradually moving to online payments, corporates are already in it. E-wallets and gift cards are in the flood nowadays. Because of the technological advancements, this cleaned away the dread of non-transparency and the safety of money. In this manner, Technology's job in e-commerce is inescapable and consistent. It is the root and base of E-business, right from its origin to every single advancement that is going on a daily basis in the industry.
Market Research Vision is a leading market research and market intelligence organization, specializing in research, analytics, and advisory services along with providing business insights & market research reports. Serving as a market research firm, we help our clients in finding: what’s next? We believe in finding creative and innovative solutions through customized and syndicated research reports.