Bhavana N Patil, K.J.Somaiya College of Science & Commerce, Vidyavihar, Mumbai. Dr. Anjali Patkar, SVKM‘s Mithibai College of Arts,Chauhan Institute of Science &
Amruthben Jivanlal College of Commerce and Economics
Abstract
One of the most common roadblocks that online retailers haven‘t completely overcome yet is the fact that people still enjoy the experience of shopping at a physical store. Although the research by Forrester predicts that online retail sales will reach $370 billion by 2017, brick-and-mortar is still a dominant player despite the power of smartphones, tablets and the increased investment in online sales by traditional retailers. But, how will new innovations help the e-commerce world become more appealing to consumers? The solution comes in the form of offline and online merging. Ebay, ModCloth, Walmart, and Delta Airlines, for example, have all experimented with pop-up storefronts to use brick-and-mortar opportunities to advocate for their digital experiences. Implementations of technologies can bring convenience, ease of use, personalization, process simplification, and the high level of comfort that could be a game-changer. Big brands have started to use ―memory‖ mirror technologies led by RFID tags to let customers try on virtual outfits and place iPads in fitting rooms enabling customers to ask for help, read reviews, see what sizes are in stock, and so on
Keywords :- E commerce, digital technology, upcoming technology
Introduction: DIGITAL TECHNOLOGY: American engineers began developing digital technology in the mid-twentieth century. Their techniques were based on mathematical concepts suggested by the seventeenth-century German mathematician, Gottfried Wilhelm Leibniz, who proposed a binary computing system. His innovation inspired such numerical codes as American Standard Code for Information Interchange (ASCII) that described objects with digits.Digital technology is a base two process. Digitized information is recorded in binary code of combinations of the digits 0 and 1, also called bits, which represent words and images. Digital technology enables immense amounts of information to be compressed on small storage devices that can be easily preserved and transported. Digitization also quickens data transmission speeds. Digital technology has transformed how people communicate, learn, and work.Telecommunications has relied on digital methods to transmit messages. In the early 1980s, enhanced fiber optics enabled the development of digital communication networks. Digital technology replaced analog signals for many telecommunication forms, particularly cellular telephone and cable systems. Analog-to-digital converters utilized pulse code modulation (PCM) to change analog data into digital signals. Compared to analog transmissions, digitized signals were less distorted and could easily be duplicated.In 1998, commercial digital television broadcasts premiered in the United States. Communication satellites known as direct broadcast satellite (DBS) transmitted compressed digital signals for viewers to receive several hundred television programming choices. Other forms of digital information, including audio programs, were sent to subscribers via satellite. The Federal Communications Commission ordered all American broadcasts to be digital by 2010.
Digital printing with electro photographic and formatted data technologies have altered how books and magazines are published. The Library of Congress National Digital Library Project
JAN-MAR, 2018, VOL-7/37 Page 28 has worked to preserve and expand access to rare items. Copyright issues concerning digital technology have addressed the copying of music and videos without performers receiving royalties.The Electronic Numerical Integrator, and Calculator (ENIAC) was often credited as the first electronic digital computer. A 1973 court ruling on patent infringement declared John V. Atanasoff and Clifford E. Berry were the digital computer's inventors and that the ENIAC had been derived from their design.In the early 2000s, digital computers ranging from laptops to Internet networks came in many sizes and performed various tasks. Supercomputers performed complex mathematical calculations analyzing vast amounts of data. The Digital Data Broadcast System (DDBS) guided air-traffic control. Digital radiography converted analog signals of x-rays to create digital images. Digital information was stored on plastic disks with pitted patterns of 1s and 0s that lasers translated. By the early 2000s, digital cameras had transformed photography by recording color and light intensities with pixels. Also, digital compression of images and video was achieved by Joint Photographic Experts Group (JPEG) and the Moving Picture Experts Group (MPEG) codes. Animation had often been digitized with some films and cartoons being created entirely with computers.
Relationship of digital technology with e commerce: The increasing use of digital technologies in buying and selling merchandise for convenience and mobility pushed e- commerce in India to an inflexion point in 2016. The rapid growth of smartphones and internet connectivity across the country, especially in tier-II and III cities, has given greater access to virtual shopping and e-tailing for the tech-savvy generation and millennials.Even as e-tail behemoths Flipkart, Snapdeal and Amazon vied for a greater pie of the growing e-commerce market, enterprises and businesses in diverse sectors have joined the bandwagon to hard-sell their products by leveraging digital technology."E-commerce in India is at an inflexion point, thanks to robust growth in consumer demand. Mobile penetration and increasing use of smartphones have led to the emergence of m-commerce, which accounted for about 40 percent of the sector's sales this year," Tata CLiQ Chief Executive Officer AshutoshPandey told IANS.
Current situation: According to a study by the Internet and Mobile Association of India (IMAI), transition to mobile shopping is faster in India, which overtook the US this year in terms of active mobile users (220 million) and next only to China in user base. The emergence of the Omni-channel model in e-tailing has also enabled netizens shop across e-portals, websites, apps and in stores as per their convenience."As a result, e-commerce players are looking at seamless integration of online and offline stores to offer consumers a unique shopping experience in the virtual and real worlds," Pandey asserted. With digital payments increasing through multiple gateways for online and offline buying, the push for cashless transactions in the aftermath of the November 8 demonetisation has driven more and more consumers to e-shopping and m-shopping.Greater use of cloud computing, data analytics and artificial intelligence has made e-commerce players not only competitive and smart in retaining their mass user-base but also map shopping trends and predict purchasing patterns to consolidate their dominant position for sustaining growth."The sector, however, continues to
JAN-MAR, 2018, VOL-7/37 Page 29 face a trust-deficit and last-mile delivery issues persist despite having robust logistics networks and partners. Lack of trust in online transactions makes many shoppers prefer cash on delivery, which is risky and time-consuming," Pandey lamented. The sector is also bedevilled by infrastructure woes across cities and towns, increasing operational cost for timely delivery and expanding the customer base.Though demonetisation has impacted the retail sector due to the cash crunch, digital transactions have enabled e-commerce firms to weather the crisis. Growing at about 40 percent cumulative average growth rate (CAGR), the country's e-commerce market is projected to touch a whopping $38 billion this fiscal (2016- 17), with the online travel segment alone accounting for 70 per cent, followed by e-tailing, financial services, classifieds, job searches and matrimony."The key drivers of the sector's growth have been increased internet penetration, growing acceptability of online payments and an increase in per capita income," a Snapdeal spokesperson said. Favourable government policies and improving infrastructure have also contributed in connecting consumers and sellers across the country."The start-up ecosystem has gone through a phase of consolidation, indicating maturity in the sector for achieving scale, building capabilities and increasing the market share," the spokesperson explained. Given the demographics and rapid adoption of the internet, it's advantage for all the stakeholders to grow and consolidate.
Retail fashion industry: Digitisation helped fashion retailers strategize newer ways to reach and engage with consumers. As a result, many fashion e-commerce sites developed and encouraged consumers to look for online products, offers and new collections. Digital innovation has made it possible for fashion and lifestyle products to be extensively bought online. In the last decade, technological innovations enabled fashion consumers to buy online with near-real experience. At the same time, these developments enabled fashion retailers to sell online in a more efficient way.
Technology enhances buying experience : Variety, trends, fitting, colours and brand options are the main factors that impact the consumer's online buying experience. Technologists across the globe are working to enable such near-real experiences of online purchases. Social media enabled fashion e-commerce and has led to take trends, styles and other influential aspects to the next level with sources of feedback and sharing of user experiences.
● Varied Exposure: Consumers can quickly search for options across various sites via aggregators like ROPOSO. Technological enhancement has made accessibility more convenient with advent of marketplaces, providing customers with more options on a single platform.
● Making decisions on selection:Industry stalwarts are aiming at enhancing consumer experience by enhancing visual appeal for the web store. E-commerce sites are constantly upgrading the technologies. Improved internet speed helps consumers view quality images.
● Multiple images, various angles: Image size, zoom functionality, alignment, margins, background, shadows and viewing angles are features that enable customers to view products carefully to be able to take decisions on whether or not to purchase.
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Latest Technologies:
1. Storefront Digitizing :The thing is the brick-and-mortar will always dominate and would never lose its value ever, despite of the growing e-commerce stores. Now to maintain people‘s interest something very innovative could be adapted. In order to make an impact even more to customers, firms like eBay, Walmart, Delta Airlines, have all started the Storefront Digitizing. They use the memory mirror technology.It is nothing but a virtual mirror where a customer sees him/herself and visualize how they would (let‘s say) look by wearing a particular outfit. They don‘t have to literally wear it. The mirror is able to store their information, their likes and dislikes, and accordingly can interact with them later if a particular item arrives, say of particular size and color. This technology is going to offer reduction in returns to a greater extent.
Augmented Reality Device:In the form of goggles or headsets one can have a 3-dimensional experience of witnessing the virtual items by augmenting the real objects with the virtual ones at the home itself. Suppose you want to decorate your home and have a confusion of what to purchase. You can simply try the virtual objects whichever are visible at the website. This will help you visualize what looks better on your sofas or shelf or center table or walls, and you shop accordingly. You won‘t have to choose randomly about which you wouldn‘t be sure what might look good and what not! The same goes with the dresses available online. Have a virtual experience before actually purchasing and make a wise decision. The chances of returning the products will be greatly reduced, and so do the time.
Voice Assistants:It is a voice-activated, convenient and efficient technology which is based on the IoT (Internet of Things). It listens to the users‘ voice commands and is capable to perform tasks like purchases, searches, help, etc. It can turn off the light while performing the commanded tasks altogether, so that the energy could be saved. The prime examples are Amazon‘s EchoAlexa and China‘s WeChat. WeChat can buy movie tickets, book a taxi, takeout an order, and so on.
Shoppable Videos :