When it comes to digital influence, it's interesting to know which technology-based innovative business models may accelerate in 2022 and which ones may not remain popular next year. With the pandemic, digitization has been a major theme of how business models are emerging in the retail and consumer industries in India and around the world. In India, e-commerce has seen double-digit growth in FMCG and apparel. This trend may accelerate in the coming years. Sales of all durable consumer goods are estimated to be digitally impacted by 2024. Transformative Business models of the new age are gaining traction and Metaverse and Social E-commerce platforms are headed that way. #TWN
With the pandemic, digitization has been a major theme of how business models are emerging in the retail and consumer industries in India and around the world. In India, e-commerce has seen double-digit growth in FMCG and apparel. This trend may accelerate in the coming years. Sales of all durable consumer goods are estimated to be digitally impacted by 2024.
When it comes to digital influence, it's interesting to know which technology-based innovative business models may accelerate in 2022 and which ones may not remain popular next year.
The last few years have seen social trade, a mix of live-streaming (on stages like Taobao), exchanging, and purchasing in bulk (Pinduoduo), increase essentially in China. It is assessed that almost 33% of the Chinese populace (roughly 450 million) is snared to streaming live. In India, social trade is in its phase of early stages, and increasing in the following a few years is reasonable.
In three to five years, social e-commerce trading is probably going to create 2% to 4% of all-out deals across retail and customer enterprises, particularly in apparel and beauty care products. The hidden framework for social trade is probably going to be social media, stages for selling (like Amazon), and online influencer-led exchanging networks (like Meesho).
Over the last two-three years, the shift from chaotic to coordinated exchange retail and buyer-oriented businesses is being worked in stages, and it is probably going to speed up in 2022.
For example, JioMart is facilitating the huge transformation in FMCG (Fast-moving consumer goods) Kirana outlets by focusing on 300,000 vendors on its platforms. Even in different enterprises, for example, customer durables and agriculture, this is probably going to speed up. An intriguing component of this innovative business model is growing associations with new companies and wellbeing and health players. For example, in agriculture, new companies like DeHaat and CropIn, are driving farm efficiency and productivity across the value chain.
Indeed, even in quickly developing New Age ventures, for example, gaming and dream sports that are growing over 20%, this will altogether increment in partnerships with FMCG and other shopper-driven organizations stepping in as accomplices.
In India, the time isn't right for the metaverse yet. The metaverse is increasing in the US and South Korea (with properties, advanced symbols, and athletic apparel being bought on the metaverse by organizations like Nike, Ferrari, and Coca-Cola), yet it is probably going to make its presence felt in India in a few years and not quickly because of the absence of 5G infrastructure.
In any case, the mixing of the physical with the digital is probably going to increase. This will appear with a more prominent presence of virtual shopping specialists, chatbots for client support (think Swiggy), utilization of AR/VR while buying clothing, and contactless booths. Across the channel organization, this will likewise appear in digitizing an area sale (from retail outlet to the last customer) and proper personalization in disorderly exchange.
The wild run for 10-minute/15-minute/20-minute delivery of food and fundamental items will continue to go on the following year, with significant subsidizing being siphoned into this model.
Like South Korea, pilots are on the way to Bengaluru to test robots for the last-mile deliveries of food yet. They are probably not going to enter the market in 2022 because of the conflicting nature of streets in most local locations.
Simultaneously, automated stores (for example, Amazon Go) are probably not going to increase even in areas like exquisite cuisine because of the inborn social cohesiveness expected in Indian culture and the powerlessness to pull off such a model in swarmed, thickly populated Indian urban communities. As the pandemic proceeds, the standpoint for locally situated cleaning robots, becoming on a more modest base, is probably not going to increase fundamentally because of high evaluation and the simple accessibility of domestic help once the pandemic retreats.
These innovative business models work solely on content creation & social media presence.
For most retail and buyer-driven organizations, the future will revolve around a biological system of content, gaming, substitute trade, and New Age channels. As a component of the substance procedure, there will be a critical scale-up in content towards bundle marking, source-driven permeability, ecological supportability, customer tributes, and biological system publicizing.
This is a beginning stage toward the bigger shift of vivid encounters and the Internet of the senses. Even though organizations like Sony, Asics, and Coca-Cola have shown their interest to be a bigger part of the NFT (non-fungible tokens) space, it probably won't increase in 2022, barring a couple of superstars attempting to adapt their collectibles to it.
Conclusion
All in all, a great deal of the above patterns is in their phases of outset and are probably going to observe a scale-up in the years to come. Be that as it may, web foundation, particularly 5G, and fitting equipment are probably going to be the critical drivers for the equivalent.