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Study: E-commerce generates $1.2 mn revenue every 30 seconds

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New Delhi: The global e-commerce industry generates over $1.2 million in revenue every 30 seconds with Facebook, The global e-commerce industry generates over $1.2 million in revenue every 30 seconds with Facebook, Pinterest and Twitter contributing $5,483, $4,504 and $4,308 respectively, says a joint study by Assocham-Deloitte.

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Social networks are contributing significantly to the growth of e-commerce business revenue. The maturity of social media and its reach across the masses and classes makes it a suitable platform for online sales, said the study which was released here on Wednesday. Social media pages provide information regarding new products in the market, user reviews and ratings of the product, recommendations, and information technology (IT) products.

“Social media also helps e-tailers build brand awareness by responding to customer queries. Seasonal sales and offers are displayed on social networks to reach maximum number of people. “E-tailers have even started to motivate customers with reward points to provide feedback on the product on social networks,” said D.S. Rawat, Assocham secretary general.

According to analysts, social networks increasingly have direct links to e-commerce sites, which provide complete product description, availability status, pricing and delivery information, and access to product reviews and ratings, all of which help prospective buyers to make a purchase.

Social media provides a platform for e-tailers to engage with customers for advertisement, building brand awareness, developing a community of trusted users, spreading word-of-mouth and customer feedback, the study added.

Payment gateways help the e-tailers to receive money instantly rather than waiting for the ‘Cash on Delivery’ payments, thus reducing chances of theft and fraud. The retailers are slowly moving towards payment gateways for improving security and dealing with other complexities which arise with financial transactions. and Twitter contributing $5,483, $4,504 and $4,308 respectively, says a joint study by Assocham-Deloitte.

Social networks are contributing significantly to the growth of e-commerce business revenue. The maturity of social media and its reach across the masses and classes makes it a suitable platform for online sales, said the study which was released here on Wednesday. Social media pages provide information regarding new products in the market, user reviews and ratings of the product, recommendations, and information technology (IT) products.

“Social media also helps e-tailers build brand awareness by responding to customer queries. Seasonal sales and offers are displayed on social networks to reach maximum number of people. “E-tailers have even started to motivate customers with reward points to provide feedback on the product on social networks,” said D.S. Rawat, Assocham secretary general.

According to analysts, social networks increasingly have direct links to e-commerce sites, which provide complete product description, availability status, pricing and delivery information, and access to product reviews and ratings, all of which help prospective buyers to make a purchase. Social media provides a platform for e-tailers to engage with customers for advertisement, building brand awareness, developing a community of trusted users, spreading word-of-mouth and customer feedback, the study added.

Payment gateways help the e-tailers to receive money instantly rather than waiting for the ‘Cash on Delivery’ payments, thus reducing chances of theft and fraud. The retailers are slowly moving towards payment gateways for improving security and dealing with other complexities which arise with financial transactions.

(IANS)

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Digital Transactions in Delhi-NCR Grew by 235% Last Year: Razorpay

Online transactions in Delhi-NCR grew 235% in 2019

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Online Transactions
Online transactions in Delhi-NCR grew by 235 per cent in 2019 and it was the third most digitized region in 2019. Pixabay

Digital transactions in Delhi-NCR grew by 235 per cent from 2018 (January-December) to 2019 (January-December) and the region was the third most digitised state in 2019, thus, contributing 13.05 per cent in 2019 (up from 10.9 per cent in 2018), said a new report by full-stack financial services company Razorpay on Tuesday.

“The last year has been buzzing for the fintech sector in Delhi, with the adoption of new digital payment modes and bringing the digital currency to the mainstream. The last six months saw a tremendous shift in the consumption patterns of businesses and consumer preferences of digital payments in the region.

“With UPI growing by a whopping 442 per cent in Delhi, I am certain that this payment method will overtake cards by at least 20 per cent in the next 12 months,” Harshil Mathur, CEO and co-founder of Razorpay, said in a statement.

Online Transactions
Credit and Debit cards contributed 46 per cent in digital transactions. Pixabay

In 2019, Karnataka saw the highest adoption of digital payments (26.64 per cent) followed by Maharashtra (15.92 per cent) and Delhi NCR (13.01 per cent).

While the usage of cards (46 per cent) and netbanking (11 per cent) saw a decline in 2019, down from 56 per cent and 23 per cent for cards and netbanking, respectively in 2018, UPI (38 per cent) went up from 17 per cent in 2018.

Amazon Pay was the most preferred wallet among consumers (33 per cent), followed by Ola Money (17 per cent) in 2019.

Also Read- India Witnesses Fall in the Number of Cyber Threats in 2019: Kaspersky

The top three sectors in digital payment adoption for 2019 were food and beverage (26 per cent), financial services (12.5 per cent) and transportation (8 per cent).

Among UPI, Google Pay contributed 59 per cent, PhonePe contributed 26 per cent, followed by Paytm (7 per cent) and BHIM (6 per cent) in digital transactions in 2019. (IANS)