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ISSN 2063-5346
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A STUDY ON IMPACT OF TECHNOLOGY ON E-COMMERCE BUSINESS OF THE LUXURY RETAIL INDUSTRY: AN EMPIRICAL STUDY WITH REFERENCE TO MUMBAI REGION

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Dr. Supriya Kamale*
» doi: 10.48047/ecb/2023.12.si5a.0482

Abstract

The impact of technology on ecommerce business in India has been immense. With the advent of the internet, ecommerce has become a major force in the Indian economy. It has revolutionized the way businesses operate and has opened up new opportunities for entrepreneurs. Technology advancement is both a cause and an effect of the growth of e-commerce platforms in the Indian market. E-commerce and e-retail have boosted B2B and B2C firms alike. When it comes to digital purchases, there has been a 45 percent increase in customer migration to virtual and digital methods. Digital payment ecosystems have sped up, simplified, and improved the comfort of shopping online. This research study explores the impact of technology on e-commerce, with a specific focus on the luxury retail industry. Ajio Luxe, NNNOW.com, Darveys, Tata Cliq Luxury, and Nykaa.com are some of the e-commerce brands as they compete for the opportunity to sell luxury goods to India's affluent consumers. The research begins with a literature review that examines the existing body of knowledge on the impact of technology on e-commerce, followed by a case study analysis of Tata Luxury Cliq's use of technology to enhance the customer experience, streamline operations, and drive sales. The study also includes primary research in the form of interviews with key stakeholders, industry experts, and customers. The research findings demonstrate that technology has had a significant impact on the luxury retail industry, with businesses leveraging advancements in AI, chatbots, virtual try-ons, and personalized recommendations to enhance the customer experience and increase sales. The case study analysis of Tata Luxury Cliq highlights how the company has incorporated technology to provide a unique and personalized experience to their customers, with a website, mobile app, and other digital platforms that incorporate technological advancements to drive sales. The findings can inform future strategies for businesses operating in this sector, with recommendations to incorporate technology to enhance the customer experience, streamline operations, and drive sales.

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