Ecommerce - In India, the e-commerce business is undergoing a huge transformation. According to data, the sector is expected to surpass $100 billion in the next five years, accounting for 4% of India's GDP. Increased internet and smartphone usage, online payments, and favorable demographics are all changing the way businesses connect with their clients. E-commerce enterprises are currently concentrating their efforts on expanding their reach through mobile apps in order to achieve greater growth. Mobile platforms, customization, social media analytics, omnichannel service, and sharing economy business models will all play a role in the future of e-commerce. Let's take a peek at what this industry's future holds.
Omni-channel services - For the future of e-commerce, omnichannel services will show to be a powerful value proposition. Many e-commerce businesses and brands are likely to have many channels, further enhancing the consumer experience. Companies will be able to grow revenue and expand their reach by using omnichannel services. People may even be able to purchase something online and then exchange it offline. Instant gratification will be extended beyond everyday convenience goods (which account for the majority of today's e-commerce purchases) to one-of-a-kind and personalized items.
Consumer-centric businesses - The convenience of the consumers would dictate the entirety of business activities and action plans. The consumer would be spoilt for choice, with businesses attempting to attain the minimum required Points of Parity, ranging from customization for limited edition items (to be facilitated by accessible 3D printing centers) to dynamic pricing matched with demand for non-commoditized goods. For example, there is a case to be made for extending a freemium model for commodities from the app world to the real world.
Artificial intelligence - With customer intelligence, AI has the potential to empower brands. Accurate knowledge of client preferences can aid in forecasting future demands and modifying/developing products to meet those needs. E-commerce businesses will be able to bring vividly familiar products to people's daily feeds using big data and pattern recognition. The social and personal spaces will be streamlined. Shopping, for example, will be interwoven with one's (digital) social life, with browsing and purchasing alternatives available at one's leisure.
Augmented reality - Through the touch-and-feel notion, augmented reality has the potential to transform retail experiences. The demand for AR-compatible product catalogs to be shown on e-commerce sites will be undeniable. Size (/fit) consideration prior to buying would extend beyond lifestyle products to custom decor items. AR will assist brands in providing a more personalized client experience and successfully removing any pain spots.
Chatbots - This is the way customer service will be in the future, and it will help with work automation. AI-powered chatbots will be used for specialized tasks such as voice-enabled orders. This would further limit the chances of errors and provide a pleasant purchasing experience for the customer. This is already being used in applications ranging from time management and task scheduling to online ordering.
Cashless transactions - Sales will soon be cashless as more and more firms go digital. This tendency has been accelerated by the emergence of electronic payment gateways and mobile wallets. Cashless transactions are expected to account for around 55 percent of internet commerce by 2020, according to estimates. As a result, the use of mobile wallets is expected to increase.
Films - Virtual reality (VR) has been heralded as the future of filmmaking for decades, promising exponentially more immersive experiences than traditional cinema and television. Morton Heilig, a cinematographer, prophesied in his book The Cinema of the Future, written in 1955, that filmmaking would progress to the point that it could "present the new scientific reality to man in the full sensuous vividness and dynamic vibrancy of his awareness." Most of those qualities of augmented reality were explained by Heilig, but he didn't use those terms because they hadn't yet been coined.
The future has arrived, as the cliché goes, yet cinema has a long way to go before it combines the mind-bending technologies popularized in films and television shows like The Lawnmower Man and Star Trek. The current period of motion pictures is akin to the very experimental early years of motion pictures in the late 1800s and early 1900s when many filmmakers switched from regular cameras to 360 cameras (which capture views from all angles).
In a nutshell, we're at the start of a new filmmaking revolution. A variety of fast-evolving technologies, such as augmented reality (AR), artificial intelligence (AI), and computers' ever-increasing capacity to power detailed digital worlds, provide exciting prospects for the future of motion pictures.
With virtual reality technology progressing at a breakneck pace, the possibilities – to use a cliché – are limitless. Steven Spielberg warned in 2016 that the virtual realm "gives the viewer a lot of latitudes not to take direction from the storytellers but to make their own choices," describing virtual reality as "dangerous" because filmmakers operating in this space have less control than they do in non-interactive experiences.
Many people see this kind of future as a good, rather than a problem because viewers will be able to create the narratives they see. The ability for viewers to make their own decisions supports Heilig's forecast that "future cinema will no longer be a visual art, but an art of consciousness.”
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