Businesses today have begun to pay serious attention to the online marketing, and why shouldn’t they? As the trend of online shopping has gained pace over recent years, people have also started to go by an understanding that what is not online, is off the line. According to a study by the Associated Chambers of Commerce and Industry of India (Assocham) along with PricewaterhouseCoopers (PwC), India e-commerce industry stood at $17 billion, as of December 2014, and is expected to hit $100 billion by 2019. That is HUGE!
Retail businesses, in particular, can’t just afford to ignore the rising potential of e-commerce and an indispensable need to be present in the virtual marketplace. In a way, having a shopping portal has become a mandate for them. Not only does it save consumers’ time, energy, money, and is way more convenient and insightful for them than the traditional shopping, but it also helps revenues to acquire bigger sizes. Let’s look at a few ways and understand, how.
More shoppers: With an online presence, you suddenly go national (if not global) from being local. Having a shopping portal saves a buyer from the hassles of going out and driving all the way to the store. Now just a few clicks can complete the shopping and seal the deal. This ease of shopping attracts more buyers and motivates them to shop more. This leads to more sales, and in turn more revenue. This especially is one aspect to appeal to in a country with around 300 million online users.
More impulsive buying: Impulsive purchases are very important for online businesses. With anytime access to favourite products, tempting sales and promotions, he/she is further motivated to shop. You can also study the buying patterns and behaviour of the buyer and place your related products or suggested items strategically which can push him/her toward adding additional products to the shopping cart. For the rest, let their plastic money do the magic.
Money you save is money you earn: It’s an old saying but still holds equally good, especially for online businesses. Being online saves you money on the operations of a physical location, and inventory management. All you have to spend is on the maintenance of the website, and courier charges. Saving itself is a form of revenue, isn’t it?
These are just few of the ways how a shopping portal helps enhancing sales and increasing revenues. Just ensure to do the right advertising and product placements, serve your customers well and understand them, and be ready to open bigger gates for your revenues to come.