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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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‘Shoppers’ Data with E-Commerce Giants Alibaba, Amazon Key to Reducing Inventories in Supply Chain

Alibaba group has fast emerged an e-commerce giant with monthly active mobile users increasing by 236 million over the past two years

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Shoppers, data, E-Commerce
Highlighting the crucial role of data in manufacturing, he noted that production was fast becoming consumer-centric from being product-centric. Pixabay

Shoppers’ data with e-commerce giants such as Alibaba, Amazon and Flipkart are fast proving to be the key to reducing inventories in the supply chain.

Hangzhou-headquartered Alibaba sees the new age production getting integrated with front-end data held by retailers.

Underscoring the huge significance of consumer data, Chen Xiao Ping, CEO of Intime Retail Group – an Alibaba unit which is converging online and offline retail – said: “(For us) each payment is a beginning of new payment.”

Highlighting the crucial role of data in manufacturing, he noted that production was fast becoming consumer-centric from being product-centric.

Shoppers, data, E-Commerce
Hangzhou-headquartered Alibaba sees the new age production getting integrated with front-end data held by retailers. Pixabay

Alibaba group has fast emerged an e-commerce giant with monthly active mobile users increasing by 236 million over the past two years till September 2019.

The Chinese retail behemoth sold $30.8 billion worth of merchandise during its mega one-day global shopping event in 2018.

Industry experts have forecast that it will break its previous year sales record this time. The mega shopping festival billed as Double 11 is set to kick off from midnight Sunday.

The bigger sales number means bigger data too which could be used to bring efficiency in the manufacturing sector.

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“The future of retail effectiveness and efficiency is predictive retail. And predictive retail will depend on second to second data,” said Bengaluru-based brand and retail expert Harish Bijoor.

With their fingers on the pulse of consumers, using big data and analytics, digital companies like Alibaba, Amazon and others are sitting on a huge data bank considered the new oil.

Alibaba uses enormous data it has on consumers, search terms, links shared and merchandises browsed etc.

Digitization helps in real time footfalls, order management, inventory numbers and potential areas of bottlenecks.

Shoppers, data, E-Commerce
Underscoring the huge significance of consumer data, Chen Xiao Ping, CEO of Intime Retail Group – an Alibaba unit which is converging online and offline retail – said: “(For us) each payment is a beginning of new payment.” Pixabay

“New retail driven by digitization is the going to be key growth engine for the industry,” Intime’s Chen said.

During this year’s Double 11, the 11th in a row, various digital platforms of Alibaba are offering 200,000 brands to over 700 million consumers.

Also Read- Cyber-Security Project of Google Named ‘Chronicle’ Imploads in Trouble

In China, e-commerce accounts for 18 per cent of total retail. (IANS)