Global E-commerce Industry

The e-commerce landscape is ever-changing! The digital age of Industry 4.0 has provided a stepping stone for this industry to experience tremendous growth. Disruptive technologies have brought a revolution, enhancing the innovative, creative, and analytical level of this industry. With super-fast and smooth connectivity all around, the majority of consumers prefer to shop online instead of following the traditional ways of shopping. From online platforms that provide the most relevant product at the best price, to unhindered shipments and live tracking, e-commerce has reached a new milestone.

Overview

Today, e-commerce is not just limited to rigid commercial transactions online; it is much more than that. Today e-commerce has incorporated many emerging technologies to provide predictive analysis, relevant recommendation, monitored inventory, cost-reduction with dynamic pricing strategies. It also provides a one-stop solution to all purchase needs with personalized user experience, faster delivery, real-time shipment tracking, flexible purchase timings, etc. Technologies have enhanced the e-commerce experience for both businesses and consumers. Even before purchasing a product from a store, people prefer to compare prices, reviews, and options online. From smartphones that lets you order anything at any time from anywhere to devices and sensors that provide the same on voice command, technologies like IoT, AI, Machine Learning, Cloud, DevOps, Automation, etc. has transformed e-commerce industry.

Global E-commerce Industry
Global retail sector technology spending will grow 3.6 percent to reach almost $203.6 billion in 2019. (Gartner)
Global E-commerce Industry
In 2021, over 2.14 billion people worldwide are expected to buy goods and services online. (Statista)
Global E-commerce Industry
Online shoppers in India are expected to reach 220 million by 2025. (IBEF)

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IoT
E-commerce has witnessed major improvements in various areas with IoT around. IoT-enabled sensors are used to gather and analyze data in real-time. Product availability, product expiration, batch ID, stocking and placing, etc. are all taken care without major human interaction, thus, eliminating possible errors. With sensors that monitor the temperature and surrounding for the product to be in its best state, it has optimized processes for e-commerce vendors. Sensors for tracking the order has the highest popularity, vendors and customers can monitor the status of their shipment in real-time. Dash buttons created by Amazon are used to re-stock the orders. IoT has given a new angle of innovation, creativity, and optimization in the field of e-commerce that is benefitting both, the vendors and customers.
Cloud & DevOps
The e-commerce sector is growing at a very rapid pace. Connected to the internet, the combination of cloud and e-commerce is emerging to be very constructive. It has brought scalability, allowing the business operations to upscale or downscale according to the changing scenario of demand, supply, traffic, and needs. Infusing speed in processes by providing greater bandwidth, computational power, dynamic storage options, and cost-reduction in terms of IT- infrastructure services has spiked the revenue streams of e-commerce vendors. DevOps, on the other hand, provides robust solution alignments to e-commerce development challenges. E-commerce is very dynamic in terms of products to be offered, costs, personalized user experience, continuous updates of websites and product details, etc. Functioning as a bridge between the development team and operational team, it builds the e-commerce environment in the most productive manner.
DL, ML, & Big Data
E-commerce sector is one of the major contributors in data gathering in the form of Big Data. Online surveys and browsing patterns to understand the market and needs of people generate data that carries useful information. This Big Data, upon analysis, provides the insights to manage the overall execution of e-commerce for any vendor or a consumer. Machine Learning, on the other hand, contributes majorly in learning the patterns of purchases, returns and other browsing patterns, which can provide personalized user experience, resulting in more relevant purchases for the customer. These technologies offer highly accurate predictive analysis and cater solutions for the enhancement of e-commerce for any business.
Others (Business Courses)
With e-commerce residing on the pillars of online services, it is vulnerable to cyber threats and security issues. Along with building an e-commerce environment for any business, it is of utmost importance to build a security system that secures the business processes and networks. Hence, the need for professionals that can tailor the best services in terms of proofing the security for the business and customers is in high priority. Along with that, professionals proficient in building robust IT infrastructure, networking capabilities, project managing skills, etc. are in high demand.