Fashion continues to dominate India’s e-commerce space with new inventions
22 April 2022, Mumbai:
Quick adopter of new technologies, the fashion e-commerce industry reported 51 per cent order volume growth in FY21. As per a Unicommerce, e-commerce fashion report, many traditional offline retail companies built online presence during the year. They adopted new technologies and supply chain innovations to connect with customers across multiple touchpoints.
Currently, one of the most significant technological trends in the fashion market is: Artificial Intelligence. Providing a personalized experience to customers, the technology addresses customers’ individual needs. Its visual recognition feature predicts future fashion trends by decoding customer chats on social media, observing their previous purchase behavior, noting their time spent visiting brands’ websites, etc.
Addressing customer needs with chatbots
Another popular emerging trend in fashion e-commerce space is the adoption of chatbots. D2C brands use chatbots to increase their interactions with consumers. Chatbots help address customer queries and increase their engagement with the brand. Brands are also using social media platforms like Whatsapp, Instagram, and Facebook to increase interactions with consumers.
Exploring new avenues with D2C
Brands are also setting up more online stores. These stores give brands a complete access to customers’ data. Through this data, brands can plan their future growth strategies more effectively. The D2C technology also enables brands to explore new digital avenues like social commerce and mobile apps to re-establish connection with consumers.
Warehouses for efficient order processing
To enhance post-purchase delivery experience, brands are also setting up new warehouses. These warehouses help brands fulfill orders in real time, encouraging them to step up investments in order, inventory, warehouse and logistics management. They also facilitate a complete view of the available inventory across multiple warehouses, and enable brands to restructure order processing accordingly. The pandemic led to reinvention of many retail strategies. More brands are adopting omnichannel retail to ensure a constant shopping experience across offline and online platforms. The strategy also enables brands to clear inventory faster besides allowing marketplaces to ship orders directly to customers.
Fostering growth of new marketplaces
Traditionally, Myntra has been one of the most prominent players in India’s fashion e-commerce market. However, in recent years, Reliance backed Ajio and Tata-owned Tata Cliq also gained market share. Indian fashion e-commerce is big enough to allow multiple marketplaces to co-exist and grow their business simultaneously.
A frontrunner of new inventions, the Indian fashion industry has fostered the growth many successful online business. It will continue to dominate the e-commerce space in India with new technologies and product innovations.
