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With physical stores and other retail outlets facing a serious hit, due to the current events around the world, the viability of Electronic Commerce or E-Commerce has come under scrutiny. This is a path that has been sought by many over the years but was looked at with an apprehensive eye, especially by smaller retailers. But right now the only ones who can help put businesses back on their feet is an E-Commerce Development Company.
Types of E-Commerce business
Whenever you employ an E-Commerce Development Company, you need to be very clear about what type of E-Commerce you would come under. This clarification is vital to develop the best strategies and reach the correct demographic.
B2B: The Business to Business model is two are more businesses exchanging services or goods.
E.g: If you are a company that manufactures Glass sheets, you could partner with a company that makes Window frames.
B2C: The Business to Consumer Model is a business that caters to the requirements of the end-users directly.
E.g: If you manufacture or retail in clothes, which are directly sold through your own outlets.
C2C: The Consumer to Consumer Model, works where the End users directly interact with each other to exchange or sell products.
E.G: Sites like OLX where individuals can themselves post their goods, with you acting as the host for the exchange.
C2B: The Consumer to Business model, is the versa to the vice of B2C models. This is a loose term for individuals who provide supportive services to organisations.
E.g: If you are an individual who can provide hardware service for an organisation.
Projected Scope of E-Commerce
The E-Commerce industry is expected to achieve 200bn USD, by the end of 2027, in India alone. That’s right! 200Billion. This projection is supported by the internet penetration of 687.6 Million users. The E-Commerce penetration is estimated to be 74%, which is facilitated by Government policies like 100% FDI allowance for B2B E-Commerce. Just in 2019, E-Commerce companies in India have received 4.32 Billion USD in private equity and venture capital.
These staggering figures should be enough to convince you that E-Commerce is the future of commerce worldwide. Businesses everywhere are warming up to the partnership with E-Commerce development companies to hone their online presence and build a user-friendly interface. E-Commerce Website Design in India is actually one of the most sought after services these days.
https://www.ibef.org/industry/ecommerce.aspx
https://www.statista.com/topics/2454/e-commerce-in-india/
Tipping Points to Choose E-Commerce model
E-Commerce comes with a lot of financial and operational benefits that outweigh the initial set up costs.
It removes geographical barriers. Operating from a single location, E-Commerce allows you to garner international attention. Your services and products are availed, all over the world, at the click of a button.
Reduced Operational costs involving only logistics, while physical expansion burdens you with the resource, real estate, and the consequent operational costing.
It enables a convenient shopping experience. This is starkly evident in the lockdown, as anyone stepping out runs the risk of infection. This is perhaps the perfect timing to build your brand online.
Variety of payment options, increasing the spending capacity, and affordability of consumers.
While earlier your revenue was dependent on your operating hours, with an E-Commerce platform, your consumers can now reach you 24×7, reducing the time they would spend on getting ready, commuting, etc. It also enables them to shop at their leisure.
The E-Commerce platform will eliminate the Middle Men operating system, where a good share of the profits would be lost in these exchanges. Now the entirety of the profits comes to your business, allowing you to offer attractive discounts, to gain customers.
The Government has started offering various subsidies and finance options like Foreign investment for the development of E-Commerce.
The pros of developing an E-Commerce platform for your business are more than your reservations could be. Opendesigns is one of the best E-Commerce Development companies in India. For a brief consultation, leave us a message with the Comment feature below or by clicking on the <Envelope icon> at the top right of the page.
FAQ
How can I use customer reviews and testimonials to improve my business?
Customer reviews and testimonials can be a valuable source of information for improving your business. Here are some ways you can use them:
- Identify areas where you can improve your products or services.
- Get feedback on your customer service.
- Learn what your customers are looking for.
- Use positive reviews to attract new customers.
- Use negative reviews to improve your customer experience.
- Keep track of your progress over time.
How should I respond to negative reviews?
When a customer leaves a negative review, it's important to respond in a professional and courteous manner. Here are some tips for responding to negative reviews:
- Start by thanking the customer for their feedback.
- Apologize for any inconvenience or dissatisfaction they may have experienced.
- Explain the steps you're taking to address the issue.
- Offer to help the customer resolve the issue.
- Be honest and transparent about the situation.
- Don't get defensive or argumentative.
- Focus on resolving the issue and providing excellent customer service.
How can I encourage customer reviews and testimonials on my e-commerce website?
There are a number of things you can do to encourage customer reviews and testimonials on your e-commerce website, including:
- Make it easy for customers to leave reviews. The easier it is for customers to leave a review, the more likely they are to do so. Make sure that your website has a clear and concise review process.
- Ask for reviews. Don't be afraid to ask your customers to leave reviews. You can do this in an email, on your website, or on social media.
- Offer incentives for reviews. You can offer incentives for customers to leave reviews, such as discounts, free products, or gift cards.
- Respond to reviews. When customers take the time to leave a review, it's important to respond. This shows that you value their feedback and that you're committed to providing a great customer experience.
- Promote reviews. Share positive reviews on your website, social media, and email marketing campaigns. This will help to attract new customers and build trust with existing customers.
Why are customer reviews and testimonials important for e-commerce businesses?
Customer reviews and testimonials can help, e-commerce businesses in a number of ways, including:
- Increasing sales. Studies have shown that positive reviews can lead to increased sales. For example, one study found that a 1-star increase in product rating can lead to a 5% increase in sales.
- Building trust. Reviews can help to build trust with potential customers. When potential customers see that other customers have had a positive experience with a product or service, they're more likely to trust the business and make a purchase.
- Improving customer satisfaction. Reviews can help businesses identify areas where they can improve their products or services. By taking customer feedback into account, businesses can improve the customer experience and increase customer satisfaction.
- Providing social proof. Reviews can provide social proof that your products or services are worth buying. When potential customers see that other people have had positive experiences with your business, they're more likely to trust you and make a purchase.
What are customer reviews and testimonials?
Customer reviews and testimonials are feedback from customers about their experience with a product or service. They can be written on a company's website, social media pages, or third-party review sites.
What are the future trends in e-commerce analytics?
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- Personalization: E-commerce businesses will use AI and machine learning to personalize the shopping experience for each individual customer. This will include things like recommending products that the customer is likely to be interested in, providing targeted discounts, and sending personalized marketing messages.
- Augmented reality (AR) and virtual reality (VR): AR and VR will be used to create more immersive and engaging shopping experiences. For example, customers will be able to try on clothes virtually or see how furniture would look in their home before they make a purchase.
- Voice search: Voice search will become more popular, as customers become more comfortable using their voice to interact with their devices. E-commerce businesses will need to optimize their websites for voice search in order to make it easy for customers to find the products they're looking for.
- Real-time analytics: E-commerce businesses will use real-time analytics to track customer behavior and make changes to their website or marketing campaigns in real-time. This will help them to improve the customer experience and increase sales.
What are some common mistakes that businesses make with e-commerce analytics?
There are a number of common mistakes that businesses make with e-commerce analytics, including:
- Not tracking the right metrics: Businesses often track metrics that are not relevant to their goals. It's important to choose metrics that will give you the most valuable insights into your customers and your business.
- Not analyzing the data: Even if you're tracking the right metrics, it's important to analyze the data and identify trends and patterns. This information can help you make informed decisions about your business.
- Not making changes based on the data: Once you've identified areas where you can improve, you need to make changes to your website, marketing campaigns, and products based on the data. Otherwise, you're just wasting your time and money.
- Not using an e-commerce analytics platform: E-commerce analytics platforms can make it easier to track, analyze, and act on data. If you're not using an e-commerce analytics platform, you're making things more difficult for yourself.
How can I get started with e-commerce analytics?
If you're just getting started with e-commerce analytics, here are a few steps you can take:
- Choose an e-commerce analytics platform that is right for your business.
- Set up your tracking code on your website.
- Start tracking metrics that are important to your business.
- Analyze the data and identify areas where you can improve.
- Make changes to your website, marketing campaigns, and products based on the data.
What are the benefits of using an e-commerce analytics platform?
There are many benefits to using an e-commerce analytics platform, including:
- Ease of use: E-commerce analytics platforms are designed to be easy to use, even for businesses that do not have a lot of experience with data analysis.
- Powerful features: E-commerce analytics platforms offer a wide range of features that can help businesses track their performance and make informed decisions.
- Scalability: E-commerce analytics platforms can be scaled to meet the needs of businesses of all sizes.
- Cost-effectiveness: E-commerce analytics platforms are typically more cost-effective than hiring a data analyst to collect and analyze data manually.
What is the difference between e-commerce analytics and web analytics?
E-commerce analytics is a subset of web analytics that focuses specifically on data related to online stores. Web analytics, on the other hand, is a broader term that encompasses all data collected from websites, regardless of whether they are e-commerce websites or not. Some of the key differences between e-commerce analytics and web analytics include:
- E-commerce analytics focuses on metrics that are specific to e-commerce, such as sales, conversion rates, and average order value.
- Web analytics focuses on a wider range of metrics, including traffic sources, bounce rates, and page views.
- E-commerce analytics data is typically more complex and difficult to interpret than web analytics data.
- E-commerce analytics is more important for businesses that sell products online than for businesses that do not.
What are the types of E-Commerce?
There are 4 main types of E-Commerce –
- B2B (Business to Business) – Here, a business sells its products or services to another business. In a majority of cases, the business that is at the buying end further sells the products or services to the consumers.
- B2C (Business to consumer) – This is the most common of all the types wherein a business sells its products or services directly to the consumer.
- C2B (Consumer to Business) – This is where consumers sell products or services to the companies.
- C2C (Consumer to Consumer) – This is where consumers exchange goods and services among themselves and make money by charging transaction or listing fees.
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 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
What is the difference between website design and website development?
When searching for a web developer, it is important for you as a client to know the difference between website design and website development. The difference is quite distinct but a web developer is capable of doing both if they are skilled enough. Web design is the initial ideation and planning of a website’s layout, appearance and content. Web development is the actual process of developing code for creating the site and its subsequent maintenance. Web design is about creativity, while web development is completely technical. You need to engage the services of web developers who can help you with both, as they know how to recreate your brand personality on the website.
