EMERGING and connectivity of the BRIC market is

EMERGING SHIFT IN ECOMMERCE

 

·  
Globalization

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Globalization
of consumer preferences and the localization of the purchase experience               (localizing payment methods, currency
support as well as marketing and merchandising campaigns).

 

·  
Ensuring
Compliance in a Complex Legal World

Company
will have to manage the legal hurdles of regulation with local knowledge and
strict  business practices. Example: Singapore
Government enforced companies to comply with its Personal Data Protect Act in
2014.

 

·  
Importance
of the BRIC Countries

The
buying power and connectivity of the BRIC market is growing. In terms of smart
devices, the International Data Corporation (IDC) predicts that shipments to
BRIC countries will overtake more developed markets in 2014.

 

·  
Social
Commerce Evolves

Social
media networks will increasingly be the initial point of contact and research.
Companies will actively encourage buyers to make purchases and talk about goods
on their favorite social networks. As social media analytics evolve, companies
will seek better ways to measure the ROI from their social efforts.

 

·  
Big
Data and Analytics

Big
Data and analytics will evolve beyond segmentation for email lists. E-commerce
merchants will collect and analyze data to discern shopping patterns that have
predictive value and to understand consumer experiences in digital and physical
contexts.

 

·  
New
monetization models

Game
commerce and Software-as-a-service (SaaS) provide new ways for businesses to
engage and reward their users for using the application. Whole, data driven
business models will aim to personalize what might otherwise be an impersonal
online experience.

 

·  
B2B
Replicates B2C Successes

B2B
companies will increasingly provide the same convenient shopping experience for
their business customers similar to B2C. In addition, they will also offer
videos, graphics and interactive content, all which have been effective in B2C
e-commerce.

 

Recent approaches in payment systems

 

 Online payment is a form of electronic
payment, which is provided by a third party payment interface between banks for
real-time payment. Compared with the traditional payment, online payment
systems are more convenient, fast, efficient and economical. Users can use
their own PC or mobile phone with Internet to complete the entire payment
process in a very short time. Online banking is a very common way of online
payment systems. Online payment system also has plenty of risks. Financial
risks are possible during the transaction process. There is a plenty of
competition which may cause a negative impact on online payment.

                   Some of the commonly used
online payments include Net banking, Paypal, Google Wallet, Amazon Payment,
Authorize.Net, Wechat Wallet. In India, paytm wallets, mobikwik wallets etc has
brought a massive impact on the payment methods by the customers.

 

 

 

 

EMERGING ANALYTICS

 

·       
Data
analytics

Managing and channelizing data to work towards customer
delight as well as generate healthy profits is crucial to survive prosperously.
Some of the data analytics techniques are Big data analytics in the cloud, Hadoop (The new
enterprise data operating system), Big data lakes, SQL on Hadoop, Deep
learning, In-memory analytics.

 

·       
Network
analytics

Network analytics
technology performs advanced traffic forecasting that consists of data load
forecasting, device performance, and application performance and user behavior.
The optimization of networks using network analytics helps in retaining
customers by providing a better experience. The network analytics market is
showing rapid growth in the near future.

 

·       
Mobile
analytics                                                                                               Mobile analytics is boon for ecommerce players and helps to
optimize their mobile channel engagement. It defines a measurement framework
exclusively for mobile platform. It analyses the behavior of the mobile
visitors and create appropriate targeting strategy. It identifies the way to
grow app revenue and also tests different variations in the apps and mobile
sites.

 

BIG DATA

Big data works in terms of 3 characteristics, volume, velocity and
variety also referred to as 3 V’s – Variety refers to the heterogeneous nature
(made up of structured and unstructured datasets), Velocity depicts the speed
at which data is captured, and Volume refers to the size of data. Some key uses of big data analytics for online retailers
includes, Personalization, Logistics (Customers expect to know the exact
availability, status, and location of their orders), Customer Service, Managing
Fraud (Larger data sets help increase fraud detection, but it requires the
right infrastructure, to detect fraud in real-time), dynamic Pricing (Online
retailers need dynamic pricing to stay competitive). In India the usage and
application of Big Data Analytics is still in very nascent stage. Big Data and analytics will evolve beyond segmentation for email
lists. E-commerce merchants will collect and analyze data to discern shopping
patterns that have predictive value and to understand consumer experiences in
digital and physical contexts.

 

CONCLUSION

        

 E-commerce has
become an unavoidable and integral part of the modern life of people. New tools
and techniques used by the ecommerce traders have made the use of these
websites easy and comfortable to use. The risk regarding the security has
drastically reduced by the techniques used by the businesses. E-commerce has
achieved more market places, competitions, faster transactions and more
advanced technologies to make activities between customers and sellers more
active. In this paper, we have analyzed the recent tools used and the emerging
trends in the ecommerce business. An analysis on the recent payment modes and a
study on the concept of big data is conducted in the paper. Ecommerce
businesses focuses on future growth and development and provide various
customer support and thus it leads to another level and a different dimension
of business practice.