Online shopping in India has grown tremendously and in next few year it is going to grow exponentially. In the recent Gartner Report, Hype Cycle for Ecommerce, “Ecommerce in India” is showing “At the Peak”. This gives us a clear indication that Indian markets are going to witness spiral growth in this segment. Many brick and mortar storefronts went online and others are planning to. Since opening an online store is no more a challenge, the next generation entrepreneurs have come up with only "brick and click" model. Thanks to Ecommerce technology platforms such as Martjack, Shopclues, Bulidabazaar ,Magento and many others who are providing SaaS based solutions that in effect reducing the overall cost for an Internet Retailer.
The challenge for many is growing competition. We have seen that most of Internet retailers are trying to build customer base, knowing the fact that our market is highly fragmented and it is difficult to build loyalty. Customers are price sensitive. In this kind of environment where competition is high , what internet retailer should do to survive and make a leapfrog jump and be ahead of competition. Here we have figured out some of the things that would help Internet Retailers.
Real Estate – What we meant from real estate is basically screen size. This is the thing that every internet retailer got it equal. Now it depends on each one how you want to use it. Some are making G+4 floors and some G+50!
Conversion - It is all about how best you are able to sell your things. Some people come visit and go? Why? Is there any genuine buyer that we are not able to see. Typically, conversion rate in E-commerce is about 2-3 %. But the top 10 websites in the world in terms of conversion are over 10%. We will discuss in detail in our next post.
Delivery Mechanism – “The Wow effect” or creating a customer delight. Is it quick delivery, packaging Or? How to create this wow effect without spending extra money?
We will discuss each points in detail in our next post.