- January 7, 2019
- Posted by: admin
- Category: Uncategorized
E-commerce is growing year over year in India. Every seller seeking strategies to double up the profits with every passing year. However, it was becoming quite tough to work inline with new policies and laws enforced by government bodies.
Recently, the DIPP (Department of Industrial Policy and Promotion) on wednesday introduced changes to FDI (foreign direct investment) rules banning eCommerce giants from selling products from entities in which they have equity interest. It is going to make the worst impact on the exclusive offers which were highly prominent in smartphones and electronics segment.
The policy clearly stated, “E-Commerce marketplace entity will not mandate any seller to sell any product exclusively on it’s platform only” and “Ecommerce entity providing a marketplaces will not exercise ownership and control over the entity to be sold.”
Earlier, the chinese top brands like xioami and Oneplus choose the exclusive sale strategy to enter into the Indian market and settled themselves into offline market as well. According to the rules, an E-marketplace entity can’t enter into the agreement with seller to sell products exclusively.
As per the sources, the largest sellers like cloudtail, Appario on Amazon and Retailnet on flipkart are still unsure about the policies changes and expecting the more clarity on the subject.
The way things are moving ahead in Indian e-commerce, it seems that Govt of India trying to make it level playing game for sellers of all level. Hence, the chances of improvement in sales figures and growth will always be there for all the seller.
India brand equity foundation, a federal agency, projects Indian e-commerce sales to reach $64 billion by 2020 and $200 billion by 2026. IBEF projects India to surpass the U.S. to become the second largest ecommerce market in the world by 2034.
Indian e-commerce is rising as the trending business model in India and many new entrants are opting it as key strategy to expand their businesses. However, there are several factors to consider before start selling online in 2019.
1. Product Videos
Earlier, the product cataloging was limited to a product title, description and 4-5 images but consumption of video’s content has strengthen the buying decision as mentioned below:
- 62% of consumers watch product review videos before making a purchase.
- 84% of consumers surveyed were convinced to buy a product or service after watching a brand’s video.
- 97% of video marketers reported that video increased user understanding of a product or service, and 76% reported video helped them increase sales.
- Including a video on your landing page can increase conversions by more than 80%.
- 56% of consumers believe that a company should have video content on its website.
Make sure, your video is the mixture of entertainment and product explanation.
2. Omni Channel Selling
Omni-channel sales strategy is now becoming necessary as your buyer can be using any channel at the point of time before making a purchase decision. Apart from your own website, you should also make yourself available on popular e-marketplaces, social media, google shopping and brick and mortar stores.
One of the key reason the merchant’s shy away from omni-channel strategy is the underlying difficulties of managing multiple channels but it’s becoming easier with ecommerce platforms like Shopify
When it comes to customer satisfaction, chatbots are real game changer for the sellers as replies from chatbots are 1000 times faster than talking to a real person. More than 75% online customer expect response time less than 5 minutes but on an average it takes more than 10 minutes by a real person to meet the deadline on first interaction.
On the other hand, an average response time to a query by chatbot is 45 seconds, way far quicker. Experts suggests, more than 80% customers will be using chatbots by 2020.
4. Voice Assistant and Voice Search
Voice assistants like Amazon Alexa and Google Home are already prominent in the homes. It has also been noticed that 20% of the mobile searches on google are now voice searches and this trend will keep on improving and expected to reach 50% of overall searches by 2020.
5. Choosing the Right E-commerce Platform
There are several E-commerce platform available for selling product at your own but choosing the best one as per the latest technology requirements is quite difficult. It depends upon the market which a business is trying to target to find their customer. We’ve explored the latest trend and found the answer as mentioned below:
No doubt Magento was leading since long time but 2019 is the time of Shopify and Woocommerce which are going to be the ultimate winners and improving upon themselves. If we compare Shopify and Woocommerce, we would recommend Shopify due to it’s ability to leverage the E-commerce by providing the more security, integration support to major e-marketplaces and widely acceptable payment methods.
Doesn’t matter if you’re already selling online or planning to begin sell. These 5 tactics are must for your online business success in 2019.