With the introduction of digitalization in India, businesses have been trying to bring their solidarity on the digital track to attain a global audience in the industry limited.
Online business is the future of the digital world and so most business owners are taking this global step of introducing e-commerce to businesses.
The Indian e-commerce industry has been on an upward growth trajectory. The Indian e-commerce market is estimated to be worth over $55 Bn in Gross Merchandise Value in 2021 after the surge in digital adoption during COVID-19. This online retail market is estimated to be 25% of the total organized retail market and is expected to reach 37% by 2030. Further, by 2030, it is expected to have an annual gross merchandise value of $350 bn.
If you’re into a retail business looking for options to expand it globally it’s high time to introduce your business to e-commerce. Techsaga Corporations, an IT company for e-commerce gain a better understanding of what it takes to sustain an e-commerce business.
Let’s look into the positive prospects of e-commerce to revamp your business strategies and connect to the global aspects of your business goals.
Staying Competitive: If we go with the thought of Entrepreneurs, Online shopping is expected to grow at a great pace. Plenty of people will continue to shop in-store, and this market is still far larger than online shoppers. In the US 56% of Gen Xers and 67% of millennials are the most likely demographics to make purchases.
To receive information about e-commerce and its benefits in business is quite essential for business makers because over the last few years with revenue of $700 billion in the US just last year, e-commerce(especially mobile e-commerce) has grown by 300%. It is expected to make up 17.5% of global retail sales by 2021 (up from 7.4% in 2015), and sales are predicted to hit $4,878 billion in the next few years.
Global Approach: e-commerce could be the key to your revenue depending on your product or service. It goes without saying that brick-and-mortar setups are bound by location. But even if you think that your business 'needs' to stay local, expanding globally could allow you to expand into new facets of your business.
For instance, if your business is primarily service-based, It may also be that you are able to tap into the travel and tourism market more easily if you move towards online selling, if you may want to complement your local offerings with products that people can purchase online from you, such as a hairdresser offering specialty accessories.
Lower Costings: Adding an online component to your existing business doesn’t need to be a high-risk investment since e-commerce tends to carry far lower costs than brick-and-mortar setups. In most cases, e-commerce would be a far better choice than opening another storefront if you feel that losing money would be a more fragile option in your business.
Well, now the question arises, Why is it lower cost to run an online store?
Let’s give it a keen look.
As compared to conventional means, digital advertising is quite inexpensive and is adjustable in varying budgets. Email can be an example of a simple digital tool that remains a cost-effective and simple method to send information to segmented markets.
You won’t have to pay in-person staff and in fact, could consider integrating something like a chatbot into your social media and customer service activities instead of living help.
Those who use e-commerce may allow you to gather, digital marketing and selling models synthesize and use customer information and data more easily than traditional channels.
If they feel pressured, Upselling and cross-selling might become easy as you don’t have to face your customers in person and you are not stuck with an uncomfortable face-to-face situation where the customer could be turned off.
Bringing out an online presence can help you understand and grow in your market field better so that you can offer your customers new and innovative products as well as promote your store on a ground level.
The key benefit of introducing e-commerce to your business is that it’s not too difficult to scale your business and you can easily optimize and scale your budget in accordance with all other aspects of the business.
Techsaga Corporations, an IT company, understands tech sector needs and shifts in consumer behaviors, slowly redefining its technological move with the ever-changing market conditions.
E-commerce certainly might not be right for everyone, maybe not even the right time for you, but if you have a retail operation or even an idea you want to put into action over the next several years it’s important to consider an e-commerce-based strategy.
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