Are You Missing Out on the E-Commerce Wave?
Crowd, parking problems, lack of multiple options for a product and time constrain are all possible dampeners of a pleasant shopping experience. Vitiating these factors and booming multi-fold are online stores. Browse, add to cart and pay — shopping has been made easy by the eCommerce industry.
This has opened the floodgates for an idea and passion in finding its niche in this industry as a possible business opportunity. The exponential growth shown by homegrown players like Flipkart, Jabong and Snapdeal due to the huge investor interest around these companies has displayed the immense potential of the market. The competition is expected to continue, with eCommerce companies experimenting with different strategies to attract and engage new customers in order to increase online traffic.
Through this case study, we would attempt to showcase the ease of carrying out business by selling online and discuss 4 companies who have benefitted on selling online – giving us their views and insights on the e-commerce industry and its myriad opportunities.
ITS TIME TO GET ONLINE:
Since the eCommerce industry, is fast rising, changes can be seen over a year. “The sector has observed the fastest growth in the e-retailer section among Asia-Pacific countries, growing 133.8% in 2014 and 129.5% in 2015. By 2015, e-retailer sales was amounted to 14 billion US dollars and are projected to grow to 55.26 billion US dollars by 2018.”, as stated in an industry report.
The eCommerce industry in India is increasingly attracting buyers from Tier 2 and 3 cities, where individuals have limited access to a variety of brands but have high aspirations. According to reports, these cities have seen a 30% to 50% rise in transactions. Allowing SMBs to choose an eCommerce platform as a preferred channel of sales in comparison to Brick and Mortar stores.The boost to the Indian eCommerce industry is largely due to the aspiring middle class of 75 million households or 300 million individuals want to ship products that are value-driven. The country’s 938 million people between the age of 15 – 34 years have access to more money that has resulted in independence, desire and a demand for products. Further, providing a demographic dividend that favors the growth of eCommerce in India.
EASE OF SETTING E-COMMERCE PORTALS
In the 1990s, building an eCommerce platform from scratch was the only go-to solution for retailers ambitious to sell online for the first time. Today, this solution has fallen out of favor for most except, for a handful of retailers who can invest heavily in the platform development and have the in-house resources and expertise to keep up with ever-changing technology.
Today, more and more retailers are adopting cloud based e-commerce platforms like KartRocket due to their lower costs, greater agility and the ability to remain up-to-date as the digital landscape evolves. This trend extends beyond eCommerce where a cloud system is revolutionizing all aspects of retail business from personalized store designs, marketing and integration with customer engagement tools to business applications like personalized SMS and Emails to customers, secured payment gateway to easy shipping solutions.
For eCommerce companies, the move to cloud based platforms has seen a steep rise in the last five years, as stated in an industry report by L2 Digital Index.
RETAILERS ON ECOMMERCE PLATFORMS SEE GREATER FINANCIAL GROWTH
The agility of using an end-to-end eCommerce platform like KartRocket has a real financial impact on the overall business growth. Because such platforms are able to provide a more efficient platform development support. E-retailers are further able to implement a larger number of revenue-generating features such as selling on social channels, rewarding customers with loyalty points, creating coupons and using customer engagement tools for direct interaction.
With the above discussed accelerations, we have already reached the tipping point in the retail industry – a point where online channels for sales can no longer be considered a separate or distinct business. Instead, being present online is fundamental to the entire business and the entire shopping experience. As this new reality begins to have a greater impact, retailers should change dramatically the way they think, measure, and invest in their online sales strategies and address their customers’ needs and wants.