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There has been a huge surge in online sales in 2020, due to the COVID 19 Pandemic. Even after the relaxation of restrictions, people have still turned to E-Commerce, valuing their safety. E-Commerce website development companies are giving retailers, continued hope in this drastically changing environment.
Fast-Paced Growth:
Brands like WOW Skin Care, Mama Earth, BoAt, have hit the Rs.100 Crore Revenue mark within 2-3 years of going Digital. They used the services of E-Commerce Website Development Companies. This fast-paced growth is purely through Content Marketing through Social Media like Facebook and Instagram. Such growth attracts investments from serious investors.
Revenue Projections:
A study conducted by Oberlo compiles all the most compelling E-Commerce Stats. An estimate of 2.14 Billion people will be shopping online by 2021, the revenue of which could be 17.5% of all retail sales in the world. This is a very conservative estimate, especially now that we are hit by the COVID 19 pandemic.
Scalability:
By eliminating the need for physical expansion, the huge overhead costs of running multiple physical stores are reduced. The revenue can be diverted to upscaling the E-Commerce line into various verticals. A good E-Commerce Development Company will ensure that you can scale up in the following 3 areas.
- Size: No geographical barriers, meaning you can go Global while running operations from a single store. All you need is a seamless supply chain.
- Time: No time restrictions, making your services and products available 24×7. It is a convenient arrangement for the customers, as it gives them the freedom to shop at their whim and will.
- Inventory: The inventory can be diversified to hold almost anything without any restrictions on space and brands. You can offer brands that have now recently assumed a Digital-First approach.
Information Exchange:
E-Commerce allows retailers to educate customers about the products they carry. This is not possible in Offline shopping. Customers can read the info and make informed choices. This is crucial in establishing a good reputation with the end-users.
The preferred model for the current generation of Shoppers:
India has a favorable demographic that Retailers can use as the perfect tailwind to launch their Online portals. The attractive discounts and ability to compare prices across different suppliers has led to increased demand for E-Commerce. Statistics showing customer preference are,
- A Third of 21,480 respondents in the 2019 Global Online Consumer Report by KPMG, almost a Third used online shopping at least once in a week. Their numbers are increasing by 5% every year.
- Over 75% of Millenials and GenZ population, actually preferred online shopping as it offers them privacy and has the convenience of being open 24×7.
- 65% of consumers actively compare online prices even while shopping at a physical store. Online stores tend to give more discounts as overheads are low.
Key Areas of Improvement
Although we do see exploitable potential in E-Commerce for Retailers and Customers, it has its fair share of obstacles, preventing low scale retailers from accessing it.
Choosing a good E-Commerce website Development company that has a direct understanding of their business and can build a custom E-Commerce Website for them.
Evaluating the output quality of suppliers they are partnered with.
Finding a reliable logistics partner for timely, hassle-free deliveries.
Internet penetration is only 74%, leaving a chunk of people inaccessible to the online market.
Resistance to cashless transactions and revealing personal data, fearing data security.
The personal experience and banter they enjoy with their local vendors.
However, the technical gap is easily bridged, as the current generation is accepting technological penetration. It is the Emotional Bridge that has to be achieved, by strategically reinforcing the benefits that E-Commerce has to offer. OpenDesigns is one of the most sought after E-Commerce Website Designing Companies in India with 20+ years of experience. We specialize in building custom E-Commerce platforms that organically boost your brand’s reach. If you are a retailer looking for the Best E-Commerce Development Company in India, Contact us via <Envelope icon> on the upper right of the page, for a Consultation.
