In the last few years, it is seen that touch commerce technology emerged as a convenient method of doing payment by cards or e-wallets. It makes a shopping experience quick and pleasant for the customers. Touch commerce technology is playing a crucial role in helping merchants to retain their customers in this infographic. The demand for touch commerce techniques among sellers has increased due to the rise in usage of mobile phones, growth of data analytics, the constant evolution of payment methods and technological advancements like augmented reality.

The recent rise in digital literacy rate has led to an influx of investment in e-commerce companies, levelling the market for new players to set up their base, while churning out innovative patterns to disrupt old functioning. The Indian touch commerce technology market is expected to grow to US$ 188 billion by 2025 from US$ 46.2 billion as of 2020.

Impact on Healthcare

Because of the increasing rate of touch commerce technology via mobile phones penetration and a hike in the usage of mobile or internet apps, the healthcare sector is witnessing extensive use of medical applications like medical consultation, telemedicine and other related services. In a way touch commerce technology has made it possible for the healthcare providers to connect with patients, assisting them in the area of medical regimen compliance, chronic disease management.

Most of these things help in keeping people healthier and overall engaged in managing their overall health needs. Touch commerce technology has also removed or at some extent reduced the inconvenience related to the shopping of health and wellness products. The technology has helped to reduce time consuming and redundant activities which most medical professionals and healthcare providers have to undertake to render their services.

“The healthcare industry is digitizing quickly as the consumers are getting comfortable in going online to source for their healthcare needs by researching on symptoms, specific doctors, buying products, paying bills and getting more educated about their health option”, says Amy Madonna, Founder of Madonna.

Manufacturing Sector

For many manufacturers or industrial companies, touch commerce could be a new territory and a highly complex undertaking. Maybe that’s the reason behind companies examining their product portfolios in an entirely different way. Infact, this technology provides better visibility, particularly over inventory or warehouse stock levels which reduces manual work and enhances productivity for the workforce. If the ERP of the manufacturing companies is integrated with commerce platform, manufacturers can easily ensure that customers don’t buy out of stock items which in turn will save them from any inconvenience. Companies can provide customers more autonomy over the information they require, right from seamlessly browsing products and generating quotes to tracking order status.

Amazon has held a patent on the technology, which stores a customer’s preferred payment and shipping information to enable a customer to complete a purchase with a single click. “We believe that the sector needs nurturing and the focus should be on growing the sector, enabling B2C exports via e-commerce and integrating MSMEs in national and global supply chains”, says Amit Agarwal, Global Senior VP and Country Head, Amazon India.

Automotive Industry

In these rapidly changing times, automotive companies understood that their customers which include both end consumers as well as other players in the value chain, want to buy via online channels. They also recognized the advantages that touch commerce can bring some positive changes like improved understanding of customer preferences and buying habits. It provides them greater control over their brand and the opportunity to increase profits by cutting costs, boosting market share and removing the intermediaries.

Touch commerce technology is also enabling new approaches to the supply of spare parts. Many distributor networks and dealers can participate in peer-to-peer marketplaces and make details of their own inventories accessible to others on an online platform. It allows other participants to order components from them as required.

“Automotive retailing is extremely complex and the best way to create a truly frictionless, end-to-end buying experience is to fully integrate our technology with the back end systems that power dealership sales, finance and operations, regardless of provider”, says Andy Moss, CEO and founder, Roadster.

The Road Ahead

Further ahead, the touch commerce technology could be a game changer, enabling highly realistic and interactive consumer experiences in a safe and socially distanced manner. As consumers becoming more comfortable with making purchases on smartphones, the number of users tapping on touch commerce technology will increase by five times by the year 2030. This technology is relatively straightforward for retailers and brands to participate and will remove the negative aspects surrounding mobile transactions by transforming the process. Touch commerce will immensely help retailers leverage the growing amount of time that shoppers spend on their mobile devices while on the go.