Three e-commerce players mark the spot on India’s unicorn list. They played an important role in strengthening the country’s emerging ecosystem. But their growth stories are full of twists and turns. Despite the increasing losses, loss reports have questioned many experts on the journey of these startups.
The challenges facing the Indian e-commerce industry are not new. But this segment serves the second largest market in the world.
As players continue to grow, challenge new aspects and find better ways to find customers, Entrepreneur India will be experts on how the sector plans to overcome the obstacles to come in 2018. I told you.
Say goodbye to sales monopoly
E-commerce now focuses on two main things for the customer experience — offering the lowest cost and fastest delivery. However, considering both of these factors makes it difficult for e-commerce players to increase profitability.
While doing so, Saahil Goel, CEO and co-founder of Craft, while doing so, entrepreneurs often end up in success or reaching thousands of major distributors to achieve their goals through online sales.
I think I’ll focus on the manufacturer.
He believes that in this routine, e-commerce players have forgotten SMBs that have a unique and diverse inventory. They can bring entrepreneurship to trade and provide a more direct and thoughtful customer experience.
And that’s where they need to focus on 2018-built e-commerce by allowing sellers from all available channels.
“There are new demand channels such as Facebook, Google, Whatsapp, which will accommodate the next 100 million American digital consumers. Do not allow long-time sellers to reach these new buyers,” E-commerce players are mostly doing through traditional channels. them, “says Goel.
Customer acquisition with unique products
Indian e-commerce users prefer cash on delivery for most orders. However, monetization and GST have increased their willingness to pay digitally.
More consumers outside Tier I and Tier II cities are considering digital transactions for online orders. Sujayath Ali from CEO and co-founder of Voonik.com believes 2018 will have more prepaid offers compared to the previous year.
“The overall increase in the prepaid rate improves the customer experience and significantly reduces the waste of e-commerce players.
Now all we need is a smooth listing process and improved payment process. Be prepared for the transition,” Ali said.
But e-mail trading is not just about payment.
Payment is made at the end of the user’s complete shopping experience. What users need is a simple interface for online shopping. Ali believes it is possible to improve the experience by staying away from the language.
“New local customers should be able to easily understand their offerings, compare prices and make orders,” he said.
Agreeing with Ali, Goel believes that one of the biggest challenges of e-commerce business is to secure customer loyalty and make repeat purchases.
value propositions for buyers by opening their own inventory, hyper-personalizing buying experience, opening new categories or introducing entirely new methods. He says you need to focus on online shopping.
“In recent years, products based on commoditized needs have occupied a large part of GMV, but a large catalog of structural forms has yet to be found online and sets future shopping trends. It will do,” he said.
Most experts believe that better technology can be used on this topic. RIVERSONG’s e-commerce manager, Arup Das, says the e-commerce segment will see more use of artificial intelligence. This allows brands to reach a targeted audience with lower bids.
Cross-border business is growing
Given that India is the second largest market for e-commerce, world-renowned players have entered the country. This has intensified competition between foreign players and domestic companies. Goel believes this also has an advantage.
“Businesses are able to focus on bridging the supply of available overseas supplies with Indian vendors,” he said.
According to him, there are several areas that bring win-win opportunities to all stakeholders in cross-border trade, including logistics, imports, payments, and multi-channel marketing.