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There has been a huge surge in online sales in 2020, due to the COVID 19 Pandemic. Even after the relaxation of restrictions, people have still turned to E-Commerce, valuing their safety. E-Commerce website development companies are giving retailers, continued hope in this drastically changing environment.
Fast-Paced Growth:
Brands like WOW Skin Care, Mama Earth, BoAt, have hit the Rs.100 Crore Revenue mark within 2-3 years of going Digital. They used the services of E-Commerce Website Development Companies. This fast-paced growth is purely through Content Marketing through Social Media like Facebook and Instagram. Such growth attracts investments from serious investors.
Revenue Projections:
A study conducted by Oberlo compiles all the most compelling E-Commerce Stats. An estimate of 2.14 Billion people will be shopping online by 2021, the revenue of which could be 17.5% of all retail sales in the world. This is a very conservative estimate, especially now that we are hit by the COVID 19 pandemic.
Scalability:
By eliminating the need for physical expansion, the huge overhead costs of running multiple physical stores are reduced. The revenue can be diverted to upscaling the E-Commerce line into various verticals. A good E-Commerce Development Company will ensure that you can scale up in the following 3 areas.
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- Size: No geographical barriers, meaning you can go Global while running operations from a single store. All you need is a seamless supply chain.
- Time: No time restrictions, making your services and products available 24×7. It is a convenient arrangement for the customers, as it gives them the freedom to shop at their whim and will.
- Inventory: The inventory can be diversified to hold almost anything without any restrictions on space and brands. You can offer brands that have now recently assumed a Digital-First approach.
Information Exchange:
E-Commerce allows retailers to educate customers about the products they carry. This is not possible in Offline shopping. Customers can read the info and make informed choices. This is crucial in establishing a good reputation with the end-users.
The preferred model for the current generation of Shoppers:
India has a favorable demographic that Retailers can use as the perfect tailwind to launch their Online portals. The attractive discounts and ability to compare prices across different suppliers has led to increased demand for E-Commerce. Statistics showing customer preference are,
- A Third of 21,480 respondents in the 2019 Global Online Consumer Report by KPMG, almost a Third used online shopping at least once in a week. Their numbers are increasing by 5% every year.
- Over 75% of Millenials and GenZ population, actually preferred online shopping as it offers them privacy and has the convenience of being open 24×7.
- 65% of consumers actively compare online prices even while shopping at a physical store. Online stores tend to give more discounts as overheads are low.
Key Areas of Improvement
Although we do see exploitable potential in E-Commerce for Retailers and Customers, it has its fair share of obstacles, preventing low scale retailers from accessing it.
Choosing a good E-Commerce website Development company that has a direct understanding of their business and can build a custom E-Commerce Website for them.
Evaluating the output quality of suppliers they are partnered with.
Finding a reliable logistics partner for timely, hassle-free deliveries.
Internet penetration is only 74%, leaving a chunk of people inaccessible to the online market.
Resistance to cashless transactions and revealing personal data, fearing data security.
The personal experience and banter they enjoy with their local vendors.
However, the technical gap is easily bridged, as the current generation is accepting technological penetration. It is the Emotional Bridge that has to be achieved, by strategically reinforcing the benefits that E-Commerce has to offer. OpenDesigns is one of the most sought after E-Commerce Website Designing Companies in India with 20+ years of experience. We specialize in building custom E-Commerce platforms that organically boost your brand’s reach. If you are a retailer looking for the Best E-Commerce Development Company in India, Contact us via <Envelope icon> on the upper right of the page, for a Consultation.
FAQ
What is ROI?
Return on Investment is a measurement that is used to evaluate the efficiency or profitability of your investment. To put it in simpler words, it is used to directly measure the amount of return on a particular investment. It is one of the most popular metrics used by businesses worldwide to measure the performance of an investment. More people prefer Return on Investment as a reliable metric because of its simplicity and versatility. The calculation will not be complicated and it can also be an efficient rudimentary gauge of an investment’s profitability. It can be used to calculate returns from other investments, thereby allowing on to measure all types of investments involved in business and transactions involved in it.
Is Digital marketing the future?
Digital marketing is one of the ways in which you can boost the business sales like never before. Having said that, considering how reliant everyone has become on digital marketing, it is all set to rule the future. Here is why –
- The extent to which people these days are using the internet throws light on how increased internet usage would be in the days to come.
- Digital marketing is an excellent way of building brand awareness among people.
- All the digital marketing strategies put forth by the companies can be monitored as well. The expectation vs. reality picture becomes way clearer now. This further helps in opening up doors for improvement, if any.
Is digital branding the same as digital marketing?
No. Digital Marketing and Digital Branding are different from each other. Digital Marketing focusses on promoting a particular product or service, highlighting its benefits and how useful it would be to the consumers. Digital branding on the other hand is much more subtle and highlights the personality of the company or brand as a whole. Products and services will come and go. Digital marketing strategies will change to suit the seasonal needs or are tailor made for the product in question. However Digital branding is like a long tern digital marketing strategy to bolster the reputation of the company. It communicates what are the core values of the company and what they do to upkeep those values to give the best customer experience.
What would be the E-Commerce future in India?
By the end of 2021 there will be over 600 million internet users in India. On account of the users, the E-Commerce sector is expected to hit a whopping 200 billion USD by 2026. There are several E-Commerce trends that are making their way online, including smart devices that use voice activated commands to do your shopping on. There has been increased personalization in ads and promotions that has significantly boosted conversions. Much of online marketing will soon be automated, freeing precious human resource from mundane marketing tasks. There is widespread use of AI and VR to enhance customer experience. In 10 years, India’s E-Commerce industry is expected to become the second largest E-Commerce market in the world.
What are the most important principles of web design?
By now a lot of businesses have realised the importance of good web design. However there are some important principles that need to be followed to ensure that your website turns out perfect.
- Ensure the website loads fast, as this reduces website abandonment.
- Show your intent on every page so customers landing on any page are aware of what your business does.
- Keep it simple so you don’t distract visitors from their purpose, with too many elements.
- Make the navigation as easy as possible, with any part of the website accessible in 3 clicks.
- Maintain the hierarchy in the layout. You don’t want your customers to keep scrolling back up each time they want to refer something.
- Use simple, attractive and value adding content that can convince visitors into becoming customers.
- The site must be mobile friendly for customers to access it on the go.
What is the purpose of website design?
Your website is the first impression that an online customer gets of your business. It is important to make a positive impact on your clients. The website design has the potential to convert a random visitor to a customer and boost organic sales. A great web design will keep customers loyal to your brand as they find the platform comfortable and convenient to use. It provides a good UI/UX to your clients and nurtures your leads. Better the website design, more the engagement with it, bringing in more traffic. It improves the accessibility of your website to a wider audience. It has a significant influence on the brand image and it is important that you get professionals to design your website.
What are the benefits of having a website to your business?
It has come to a point that a business is only considered successful if they have a strong online presence. This is evidently done by creating a dedicated website to the brand. The benefits of owning a website for your business are,
- A credible repository of information on your business
- 24 x 7 customer access to your business
- Boosts interaction with the brand
- It helps expand your market reach
- It improve brand awareness to a global scale
- Provides you with valuable consumer insights
- Helps you beat other competitors with online presence
- Access to all digital modes of advertising
- Makes information exchange easier
Why Digital marketing is important for marketing?
Digital Marketing has become an essential part of today’s business world. It has become so competitive that traditional marketing methods are no longer as effective as before. Digital marketing can improve your conversion rate, boost traffic to the site, keep your customers engaged, helps you understand the market and customers with valuable insights, increases your reputation, and is generally cost effective. Most of your online customers are using their mobile phones to access your site. Digital marketing helps make your business more accessible to mobile users, who make up nearly 60% of the clientele. It makes the entire customer journey more interactive and memorable, bringing you loyal customers, who come just for a good user experience. Digital marketing can also be automated, freeing you from the hassle of keeping track of the campaigns.
