Social networking sites facilitate the purchasing of products from the comfort of our homes, offices, or anywhere with easy login. Also, e-Commerce sites have made the buying and selling of various products online. But now, it has become more than just selling and buying goods. So, the Internet has become the most significant part of e-Commerce for carrying out all day-to-day transactions smoothly. With this, India has shown tremendous growth in the eCommerce sector and provides new openings for all job seekers with great opportunities.
With this in mind, more companies work constantly with ingenuity to deliver products to reduce cost, time, and effort. Also, such companies offer customers “Buy Now” options that redirect them to new pages with options like item details, colors, sizes, and shipping addresses. These facilities have allowed the emergence of new technologies such as robots, chatbots, AI, and others. So, these technicalities support eCommerce businesses to enhance the customer’s shopping experience by eliminating geographical boundaries. For instance, if a person wishes to buy any cloth available in Jaipur, they could easily order Them online while sitting in Delhi.
In addition, as internet use has increased, the eCommerce business has also witnessed a sudden flourishing with it. This leads to an understanding that the internet has influenced the broadening of eCommerce businesses to a considerable proportion. So, we may expect the blooming of eCommerce marketing in near future in connection with the rise in internet usage. Also, eCommerce has made the transportation of goods and services between consumers and online shops an effortless task. It even offers customers a tension-free environment to customers and makes their purchases more smooth.
Scope of E-commerce Business
Customers get a clear understanding of any online product with detailed information present on the site. Such information may involve the product’s functionalities, specifications, and images with prices. With this, businesses hope to gain the trust of customers along with other details with all online security measures followed. Most of them involve E-wallets, online card payments, and m-banking which makes the payment procedure quite flexible. Thus, such steps taken by e-Commerce businesses present a highly customized and user-friendly experience for both the entrepreneur and the consumer. So, ITSWS Technologies addresses all risks and challenges regarding the e-Commerce business for its smooth functioning.
Also, today’s youth is becoming tech-savvy and prefer to have all their products in the comfort of their house or any area. They hardly either have time for visiting shops or feel it more convenient to have everything at their doorstep. So, the connection of e-Commerce businesses with the Internet has made India’s youth and even other generations’ life contented. However, India has people with different backgrounds in rural, urban, and metropolitan areas. So, presenting each product according to the requirements of living from these three different backgrounds has also become more convenient with eCommerce shopping websites.
Thus, ease of shopping, easy accessibility to the internet, and highly safe and secure payment modes have revolutionized eCommerce businesses in a positive direction. It led to entrepreneurs emerging with new business models relating to the increase in internet access. Also, with eCommerce, customers book their products online with no extra time and effort. With this, businesses focus on on-time delivery of goods once any product is booked by the customer and share them with each step details. This encourages the customer to believe in that particular eCommerce business and make their future purchases from the same.
So, the scope for eCommerce businesses in India looks to be ever-increasing and growing with its trend increasing already. With this in mind, ITSWS Technologies work on various e-commerce sites in India like Amazon, Flipkart, Snapdeal, Jabong, and others. Most of these sites plan to combine online and offline stores to maximize their selling potential. Also, due to these firms, India had become one of the fastest-growing eCommerce markets in Asia/Pacific with China investing as much. Along with that, many analysts believe that network connectivity has been a major cog in the wheel for such growth in the market.
With all major factors, India has become the heart of the e-commerce market and its growth indicates that it would hit 900 million in the coming years. Another significant contributor to this big hit in India could be the e-tailing industry largely dealing in providing jewelry, kitchen appliances, and apparel online. So, we hope that any eCommerce website should soon be the best business in India, as far as profits and growth are concerned. However, the government of India is making a huge push for eCommerce by providing numerous startups, cyber parks, and so on through its Digital India program.
Advantages to Sellers and Customers
The reason for the rising scope of eCommerce is the advantages that it provides to sellers and customers with innumerable benefits through online selling and purchasing.
Benefits to Sellers: Through eCommerce, sellers widen their reach to customers beyond their cities. They get customers from every corner of the country or even the world provided they will ship their products. Also, small businesses get benefits through eCommerce by extending their sales area beyond their shop walls. With this, their small businesses could witness enormous growth with massive savings on infrastructure. Again, online stores offer savings on salaries with no minimal staff, electricity bills, and other utilities.
In addition, through eCommerce, sellers need not worry about their losses during holidays, strikes, or even lockdowns as they remain functioning around the clock. Further, sellers could deal in a wide range of products by responding quickly to market demands. They may even analyze customer buying patterns, and preferences, and offer them customized discounts and services. In addition, small traders and manufacturers get the seal of legitimacy by selling via online retail sites like Amazon, Flipkart, and others.
Benefits to Customers: The most valuable advantage that customers witness in any eCommerce purchase is the savings of their precious time. They could easily buy any product from their home, during their travel, or from other areas at any time. So, they need not worry about store closing time, any holidays, commuting, traffic jams, or any other issue. Also, customers could easily compare their products and prices at different online stores. In addition, the payment function has multiple options that offer more convenience and safety as gateways are secure and encrypted.
Online stores also benefit people like elderly persons, differently-abled people, those who suffer from some illnesses or injuries, or those stuck in one place due to various issues. So, these people could easily shop with no problems visiting shops, no fear of getting pushed by the crowd, or any other. Also, you could return or exchange any item through these sites’ return and exchange policies. In addition, you could get details about the product with some offering even demo videos about its working, materials/ingredients, and other information. Thus, online shopping sites offer customers safe shopping and a plethora of choices, especially in times when the pandemic has almost eliminated public outings.
Categorization Of eCommerce Business
E-commerce stands for purchasing, selling, and exchanging goods or services using Internet-enabled devices, where we perform transactions or sales electronically. However, electronic commerce emerged in the early 1990s but its use increased in the later few years. So, in today’s world, having an eCommerce-enabled website and operations of business via the Internet has become a necessity. With this, we may buy anything from food, clothing, and furniture to any other goods or services online. Such online business has been divided into broad categories; B2B (Business-to-Business), B2C (Business-to-Consumer), C2B (Consumer-to-Business), and C2C (Consumer-to-Consumer). So, let us understand each of these business categories in detail.
B2B (Business-to-Business): This type of business mainly involves one company doing business with another company via internet-enabled devices. For instance, a clothing brand manufacturer buys from different raw materials manufacturers. Such B2B eCommerce Business remains volumetric and price varies based on the quantity of the order and is often negotiable.
B2C (Business-to-Consumer): In this type of business, one company sells goods or services online to the general public through an eCommerce website or mobile application. These companies sell their product directly to the customer with no middlemen present. We may come across various B2C eCommerce portals like Flipkart, Snapdeal, and others. Also, in such a business, transactions would be direct like when individuals buy a dress through Myntra.
C2B (Consumer-to-Business): Through C2B, customer posts their requirements on an online website. Then, several companies review such requirements and quote on the project. With this, the customer reviews all bids and finalizes the deal with the enterprise going to complete the project. So, C2B involves consumers seeking products or services from a business/company. For instance, we may take the example of indiamart.com.
C2C (Consumer-to-Consumer): In consumer-to-consumer eCommerce businesses, users sell products to other prospective customers. So, several sites offer consumers a platform to directly sell their products to other relevant customers with no issue in transactions. OLX and Quikr happen to be such sites where one seller with unused furniture might sell it to another in need of it with no inconvenience.
Challenges of eCommerce In India
eCommerce businesses propose several challenges despite huge possibilities like other enterprise ideals. But, the way we attack and overpower these challenges decides whether we abide or depart. So, every business owner must understand these challenges before starting them out. However, India is a great place for the scope of eCommerce projects with a profitable eCommerce market. Thus, many investors, capitalists, private companies, and high-net-worth individuals invest money in eCommerce, no matter the business size.
Let’s understand some of the hurdles that several eCommerce businesses face in India.
Infrastructure Problem: The Internet has become the mandatory foundation for eCommerce as a major ingredient for an eCommerce industry stays on Internet connectivity. But, the major population of India lives in rural areas, with around 0.5% of this population having strong access to Internet connectivity. So, these factors hold back the eCommerce industry from reaching heights.
Marketing Activities: The setting up of an eCommerce website demands marketing and branding which have become two of the most expensive activities. But, branding and marketing ensure that each product reaches the target audience. So, targeting individuals online has become more expensive in comparison to the traditional method. However, with appropriate branding, the chances of customers coming to the website increase.
Increased Competition: It’s not just your eCommerce business that plays its role in attracting consumers in the online market. Instead, you have several competitors getting stronger day by day which might make your survival in this field difficult. So, many businesses provide unbelievable discounts, offers, and price reductions on quality goods. With these steps, they attract more audiences to their eCommerce businesses. Thus, customers purchase from those eCommerce sites that pull them closer to these attractive features.
Supply Chain and Shipping: Logistics also plays a significant role in eCommerce businesses. So, your company’s service might end up being blacklisted if any error occurs in this process. However, it is more secure to keep a ‘return convenience’ in case of damage or disaster that is unexpected. With this, you could make your business appear more genuine and trustworthy by driving consumers to your brand.
Apart from all these, one major challenge that the eCommerce business faces is the physical appearance of the product. Most people in India still prefer to have offline shopping as they believe in touching and feeling the goods before buying them. With this, they ensure the quality of products that surely lacks in online businesses. So, we need to find a way out of it to make eCommerce businesses more successful.
Future of E-commerce Business
The eCommerce industry could still reach great heights though there are several challenges. Let us find out about all eCommerce trends emerging soon.
Social Media: Social media plays a significant role in the success of eCommerce businesses as clients stay updated via the posts published on media. Also, social media creates a stronger web presence that promotes the business. In addition, you could promote your business through social media campaigns and even add like & comment buttons for customers.
Drone Delivery: We hope that the future of the eCommerce business would change with the use of drones. It would help in delivering the goods to the customer’s doorstep on the same day of the order being placed. Also, drones with sensing equipment would provide the facility for remote sensing. With this, the growth in the eCommerce business would surely enhance.
App-Only Approach: It has become quite difficult for people to live without their mobile devices. It has increased the production of new applications for eCommerce businesses. So, these businesses are switching to the app-only approach to connect with their customers conveniently.
Google Buttons: Google has introduced the “Buy Now” button that allows e-shoppers to search for any products on Google. With this, customers could purchase any product with just a single click. So, the shopping process becomes flexible with no inconvenience to the customer.
Artificial Intelligence: Many experts in the eCommerce business predict that the role of AI in eCommerce would be inevitable shortly. It would help in improvising eCommerce as investors are on a quest to invest in innovative technologies.
ITSWS Technologies Pvt. Ltd. offers all kinds of web design solutions. Also, we have become one of the leading eCommerce web development companies in India with exceptional experience in various technologies. So, you may contact us for further detail in such fields.