Next generation e-commerce marketplace is here and technology is fuelling its growth
By Rahul Garg
The current trend in e-commerce marketplace has stretched its wings in various directions today, in comparison to how it started. Today’s e-commerce marketplace is no more just an online platform where people can buy or sell things; from being hyperlocal to infusing artificial intelligence to offering even intangible goods and services like GST compliance or short-term loans, e-commerce marketplace has evolved rapidly.
The future perception of the marketplace is on the edge of a complete change with the advent of technology progressing at light’s speed. However, it is certain that the next generation of e-commerce trends rests on customer experience which are being enhanced via Internet of Things (IoT), artificial intelligence, data analytics, logistics, personalization and the hyperlocal space, to say the least. Let’s take a dive into some of the things that are and will gain momentum in the near future in the e-commerce space in developed and developing markets.
Hyperlocal e-commerce market
Hyperlocal e-commerce players are delivering products within a few hours of ordering. They are taking the e-commerce space to an extreme high. Amazon has already entered this space in India with its grocery deliveries. Reports suggest the hyperlocal space in India is expected to grow at a considerable CAGR rate. It will overcome the 2,306 crore INR mark in the next two years.
E-commerce is no more a marketplace to buy only consumer products. Many companies today are providing solutions and services such as loans, GST compliance, warehousing and other solutions and means to run businesses in a more efficient and smoother way.
Online to Offline marketing
In earlier days, most offline brands didn’t pay any heed to the online space. Gradually, every other brand tried to invade this space. More and more established online players are expanding their businesses by venturing into the offline market. Combining both online and offline marketing techniques, increases the chance of attracting potential customers and improving the overall customer experience.
AI is not just a ‘buzzword’ in the technology world. It is the fastest growing technology in the 21st century. From chatbots to humanoids, AI is successfully implementing a change in the economies around the globe. Indian e-commerce companies like Flipkart are implementing machine learning and AI to resolve the problem of accurately locating addresses in India.
Data and Analytics leading to a more personsalised experience
Today, the online marketspaces bet big on data. There is no doubt that data and analytics will drive the future-prospects of all kinds of online and offline businesses. Companies are garnering more and more information on users to offer them a more personalised experience using artificial intelligence that will enable them to offer customised recommendations to customers.
It is one of the key growth indicators in e-commerce space. It is fast coming up as a key differentiator with regards to customer relationship services. Logistics are improving by the day via integrating technology wherein shopping carts connect through web xml, API or other connection to a shipping management system to enable customers to receive the exact price quote for delivery of large items. This results in improved communication, improved customer satisfaction, transparency into the supply chain and on time deliveries along with cost reductions.
The e-commerce game is no longer about being the fastest in the space but about being able to deliver in a price range that matches with the customer needs. Considering the immense potential, the sector holds, it is likely to see entry of many more players in the coming years. The companies providing the most seamless services and unhindered user experience will be here to stay.
What is a Smart Contract?
“Anything that removes a middleman and gives me direct access to what I really want is beautiful.” –Jon Crawford, Storenvy
A brainchild of Nick Szabo a cryptographer in mid-nineties. tax smart contract can be called as a digital contract or a self executing contract. So what exactly does it offer? lf contracts help you exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman. A smart contract simplifies the complexities involved with a middleman, it enforces all the terms and conditions automatically without the intervention of a third-party. No hassles of going to a notary or an advocate. The terms and conditions are simply coded into the contract and if the conditions are met the contract executes itself. Since its available on distributed ledger platform like Blockchain, a smart contract is immutable and secure.
One can use smart contracts for all sort of situations that range from financial derivatives to insurance premiums, breach contracts, property law, credit enforcement, financial services, legal processes and crowdfunding agreements.
Role in Supply Chain
Smart Contract work on the basic premise of If-Then. To simply put it in Jeff Garzik’s Words “If I receive cash on delivery at this location in a developing, emerging market, then this other product, many, many links up the supply chain, will trigger a supplier creating a new item since the existing item was just delivered in that developing market.” As we know, supply chains are manhandled by paper-based systems, where forms have to pass through numerous hands for approval, which increases exposure to loss and inflict lack of transparency. The blockchain nullifies this by creating a secure, accessible digital ledger to all parties on the chain and automates tasks and payment.
In Smart Contract we Trust
Smart Contracts provide autonomy and trust. Since you are making the agreement yourself, you don’t need a broker or a lawyer. Consider the savings on a million such transactions and not to mention the freedom from the hassles involved. Long gone are the days when trust was put in the middleman .“Always remember young man, the art of good business is being a good middleman” a dialogue from Matthew Vaughn’s Layer Cake 2004. The future is digital and without the presence of a deceitful middleman. In a smart contract your documents are stored on a encrypted distributed digital ledger, so you can invest your worries on issues other than safety and security. Any change on this ledger is reported to all parties simultaneously and recorded in an indelible manner.
Moglix organises a fire-side chat with Amit Singhal aka God of Google Search
Today, Google search has radically transformed our lives. We tap a button, Google anything and get the answer. It has become second nature to us. Wouldn’t it be great to meet someone who has been instrumental in making Google Search as powerful as it is today?
Moglis had the chance to be a part of a fireside chat with Amit Singhal, Ex – Senior Vice President, Google, the man behind “The Google Search” and popularly known as the God of ‘Google Search’, and having named by Fortune as one of the smartest people in Tech.
On July 30, Amit Singhal shared some interesting insights into his experience with Google. He also talked about technology and the disruption in the space today. A few interesting insights shared by Amit Singhal were:
- If you want to create anything innovative and unique to the likes of Apple, Facebook or Alibaba, be open to bring about a radical change in the system of the sector/service.
- How can one continue to drive innovation at work, eg., when you are already numero uno in the space like Google search/Moglix.
- Create an environment of trust, transparency and mentorship, let everyone be a leader in the company in their own workspace.
- He spoke about how outdoing the competition is a way to keep striding ahead.
Amit Singhal was named a Google Fellow as a reward for re-writing the search engine in 2001. In 2011, he was inducted as a Fellow of the Association for Computing Machinery. Fortune named Singhal one of the smartest people in tech. In 2011, he was given the Outstanding Achievement in Science and Technology Award at The Asian Awards. In addition to this, he was also elected as one of the members of the National Academy of Engineering.
Rahul Garg, CEO and Founder, Moglix speaks at National Conference and Technology Display: Electric Mobility – Scaling up Auto Component Industry in India 2018
Automotive Component Manufacturers Association of India (ACMA) organized a National Conference & Technology Display – ‘Electric Mobility – Scaling up Auto Component Industry in India’, on August 7, 2018, in New Delhi. The conference was supported by SIAM. It focused on emerging technology trends, and showcased through a display the capabilities of the component manufacturers in the domain of electric mobility as also the components that vehicle manufacturers are seeking to be localised.
Moglix founder and CEO Rahul Garg was one of the esteemed speaker and shared his thoughts on how to scale up the component industry.
Government’s mandate of promoting electric vehicles, in the country, localisation is an imperative to reduce the cost of electric vehicles and to make them affordable. The component industry therefore needs direction as to how it can scale-up to meet the challenges and opportunities of e-mobility in India.
Joyjeet Maity, Vice President, Moglix speaks at Roundtable Discussion on Blockchain for Defence
A ‘Roundtable Discussion on Blockchain for Defence’ was organised on 03 August 2018 at Directorate General of Information Systems, Rao Tularam Marg, New Delhi to leverage the expertise of industry for providing impetus to Information System projects being undertaken by the Indian Defence Forces.
Joyjeet, Vice President of Moglix, presents his views on how data is playing a pivotal role in the rise of blockchain.
Rahul Garg, CEO, Moglix participates in CEO Breakfast Meeting with the Chief Minister of Karnataka
Karnataka has always been the torchbearer for innovation, science and technology in India. Rahul Garg, CEO, Moglix met the Hon’ble Chief Minister of Karnataka to discuss about emerging technology trends and some of the technology projects which govt. intends to take in future in Karnataka.
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