Heard the words Online store, Online digital payments, and Mobile Commerce, I hope you do. If you are reading this blog, there is probably a high chance that you are interested in finding out how to implement one or all of these E-Commerce platforms on your website.
All of these play an important role in e-commerce, but why should you have interest in them? What impact will these have on you and your business? I believe if you want to stay in business and continue to grow your business’s brand, one of the terms mentioned above probably motivated you to read more.
Believe it, with the exponential growth in internet users, e-commerce industry in India has experienced a boost and won’t be going anywhere anytime soon. Government Policies had strengthened the market further. This included 100 percent foreign direct investment in B2B e-commerce. According to estimates by brokerage firm Jefferies, online retail is currently 25% of the total organised retail market: by 2030 it can jump to 37%. Indian online shoppers currently spend ₹12,800 per shopper per year; that number is expected to rise to ₹25,138 by FY 30. Online retail in India will touch $170 billion or 8% of the total retail market of the country by 2030 growing at a CAGR of 21%, higher than the growth that offline retailers will see in the same period.
What exactly is e-commerce? E-commerce stands for electronic commerce and can be defined as the process of selling, buying, transferring or exchanging products and services and/or information via computer networks, mostly Internet and intranets. Although the terms e-commerce and e-business are used interchangeably, however they are different. E-business provides a more extensive scope of the e-commerce process. E-business includes the e-commerce and also involves collaborating with business partners, servicing the customers, conducting electronic transactions. Both involves in the buying and selling of products or services over the Internet.
People use the terms online store, online shopping, and others interchangeably, but whatever name you use to describe it, everyone agrees to the fact that it has transformed the consumer shopping experience forever. Over the last few years, because of online retailers such as Amazon, Flipkart, Paytm, Myntra, Jabong, have caused a great impact into the shares of offline retailers such as Kishore Biyani-backed Future Group, Tata’s Trent, Arvind Retail, and Reliance Retail — which have pivoted to an “omni-channel” retail model that helps shoppers buy both online and offline. This dramatic increase shows the tremendous growth, influence, and power of e-commerce on our society as well as on our economy. It also demonstrates the numerous opportunities available for big and small businesses.
Intense competition exists between e-commerce players to attract the customers and remain in top list to sell the products to their customers. E-commerce players use social media platforms such as Facebook, Instagram, Pinterest, Twitter along with mobile apps to intervene themselves into consumers’ lives while trying to influence their buying behavior. No matter how hard you try or what you do, you can’t ignore e-commerce. It is not emerging for a short period of time. It’s everywhere and will be there in the future. From fast-food restaurants that allow us to order online and either pick up or have our food delivered to our location, or big e-commerce platforms like Amazon.in, Flipkart.com, paytmall.com have played a major role from past many years and inspire small e-commerce players to see their future in this field. It is projected to continue to rise in the years to come.
We know E-commerce players like Amazon, Flipkart, and Paytm are growing. If you have a desire to sell your products online, the question arises why should you create your own E-Commerce Website. It has several benefits to consider:
• Sell your products or services to a global audience.
• Sell physical or digital products and services.
• Unrestricted store hours, which allows you to sell 24/7.
• Reduce overhead costs such as rent, utilities, and salaries due to doing business over the Internet.
• Create and maintain your own store without paying expensive consultants to do it.
• Sell to customers on any Internet-connected mobile device.
• Improve customer service.
• Setup is quicker and easier than a brick and mortar store.
You may be having all the above plans in mind, always remember that first and always you will be in the people business. Without people with a need for your products or services, you won’t have a business nor a need to sell online. In today’s world, anyone with any sized company can set up an online store with relative ease with low cost using efficient technology such as WordPress and Woo-commerce. As the house should not be built without a blueprint, similarly you should not create an online store without one. Planning is essential.