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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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5 Tips for Launching an E-Commerce Store

Get the rest of your affairs in order and do enough research before proceeding.

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E-commerce
It’s important to know how the system as a whole works. Flickr

Launching your own e-commerce store is easier than ever nowadays, and even though the market has become quite crowded, there are still plenty of opportunities that one can take advantage of. It’s important to know how the system as a whole works and what issues to be on the lookout for. You also need to be prepared to take a hit financially if things don’t work out.

  • The Right Balance in Niche Competitiveness

Perhaps the most important question you’ll need to answer in the beginning is what niche you want to work in. There are tons of options in this regard, and new ones keep popping up on a regular basis. There are advantages and disadvantages to both ends of the spectrum that you should consider. Being in a highly competitive niche means that you’ll have lots of potential customers and a lot of references to get inspiration from, but it also means more stores competing for the same chunk of the market. On the other hand, choosing a less popular niche may be a slower, but steadier option.

E-Commerce
There are lots of those on the market today, and many of the popular ones are really easy to set up and get running.

 

  • Use an Established System

Unless you have a very good reason not to, you should always go with a pre-made e-commerce system. There are lots of those on the market today, and many of the popular ones are really easy to set up and get running. You’ll just need to worry about your inventory and promotion, instead of having to deal with security, payments, layout and a huge number of other issues.

  • Promote Constantly

People aren’t just going to come to your site randomly, you need to guide them there. Invest enough in constant, ongoing promotion and ensure that it hits the right targets. It’ easy to waste a lot of money on marketing that does nothing in the long run, and without analyzing your results and doing enough research, you’ll never know if that’s not the case for your own business. Whatever you do though, don’t stop experimenting until you’ve found a formula that works.

 E-Commerce
You should also be prepared to face some failure in E-commerce. Flickr
  • Control Your Money Wisely

This might seem like an obvious one, but it’s common to see entrepreneurs in this field spending all of their funding on various things that don’t make sense. Or, alternatively, not knowing how to acquire additional funding when they need it. If you qualify for a business loan, it can make a huge difference if you’re in a situation where additional investment can boost your business significantly. There are many ways to ensure that you’re utilizing your financial potential to its fullest, so make sure that you look around the market regularly, not just when you need the money.

  • Reward Loyal Customers

Loyalty programs will never go out of style for a number of reasons, and it’s a good idea to look into them if you want to maximize the potential of your e-commerce business. It will make people more inclined to come back to you and shop again, it will improve satisfaction rates, and it will also give you some extra data to work with for your analytics. All in all, it’s a great move that can improve the state of your business significantly, and it doesn’t take a lot of effort to implement either.

You should also be prepared to face some failure, especially if you’re going into a riskier niche that has more competition. If you can’t afford to see your business closing down, then perhaps it’s not the right time to be starting something like that in the first place, so get the rest of your affairs in order and do enough research before proceeding.