IMPACT OF DIGITAL REVOLUTION ON ONLINE SHOPPING – BRINGING THE WORLD TOGETHER

Abstract:

Consumers currently are exposed to the global competitors. Traditionally with minimal Digital interventions, organizations were struggling to collect customer data which reflected poorly on the customer experience. In the current era customer experience is revealed as the new brand since it determines the longevity of the organization. In comparison to the brick and mortar businesses, modernized businesses depend heavily on sophisticated systems of engagement that help the organization gather the customer data automatically. Industrial revolution 4.0 is characterized by Cyber-Physical systems. In the year 1999, Kevin Ashton an innovator coined the term Internet of Things (IoT). In simple terms IoT is a mesh of sensors that serve multiple purposes such as sensing the change of state and simultaneously transmitting this information over the Internet to a central repository. This real time information emerging from the IoT implementation is used to perform real time analytics. Globalization and privatization pushed the Indian industries to go online over the Internet. Year 1995, while announced the birth saw an exponential growth by 1999 and became the default channel for certain commodities. Apart from customer preferences such as convenience of cost and product comparisons, there are other major parameters for the online businesses to prosper. These include implementation and wide spread usage of Digital technologies such as Internet of Things and Artificial Intelligence making the business processes agile and proactive. Especially in the current situation, wherein the world has observed the outbreak of COVID 19 Pandemic since December 2019, contactless and Digital channel for online buying is the only option. The chapter discusses the following pointers in support of the impact of Digital revolution on online buying especially in situations such as the current pandemic.Reasons for online shopping.Role of Digital technologies such as Internet of Things and Artificial Intelligence.Impact of Digital technologies on Online shopping.Digital technologies boosting the economy in pandemic (COVID19) situation & related turnaround case discussion on online business.Downsides of Digital Transformation and associated challenges.