STUDY | Gobal E-commerce generates $1.2 million revenue in every 30 seconds..

Social networking is playing a major role in growth of e-commerce. Advertisers now swear by remarketing, boosting the revenue of the e-commerce industry. Mobile payment companies with their luring offers are making buyers irresistible. Just yesterday we also spoke of how e-commerce is seeping into rural India, with so many sites and apps coming up in multiple languages and consumption of Hindi on the Internet growing by 90%, mobile has changed the face of Internet. Not just in India, but across the globe. E-tailers such as Flipkart, Amazon and Jabong now get 50 per cent of their revenues from consumers shopping on their mobile phones. No wonder they’re keen on jumping unto app only models.

The global e-commerce industry generates over $1.2 million revenue in every 30 seconds with Facebook, Pinterest and Twitter contributing $5,483, $4,504 and $4,308 respectively, reveals a joint study conducted by The Associated Chambers of Commerce and Industry of India (Assocham) and Deloitte.

The study report added that the maturity of social media and its reach across masses and classes makes it a suitable platform for online sales.

The popular EMI option which can be availed by credit card users with online payment are luring customer to pay online upfront for high-value items. The payment gateways use various security measures such One Time Password (OTP), CVV in case of debit/credit card, etc. Amongst the several payment gateways in India, some well-known payment gateways that are widely used include CC Avenue & Tech Process.

 

According to analysts, product reviews and ratings, as well as product recommendations, were the most popular social commerce features integrated into leading e-commerce sites as of August 2013. Increasingly, social networks 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.

 

When you and I surf Facebook for an instance, we are bombarded with ads related to our search history. Somewhere down the line, this influences buyer behavior. Getting reward points for writing reviews or even rating various products and gaining out of it, is a trend that has widely caught up over the Internet. Even before buying a single product, one can scroll through the reviews and know if it’s really meant for you!

E-commerce may dominate marketing trends in 2015

Social media pages provide information regarding new products in the market, user reviews and ratings of the product, recommendations and IT products, it said.

“Social media helps e-tailers to build brand awareness by responding to customer queries. Seasonal sales and offers are displayed in 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,” Assocham secretary general DS Rawat said.

For e-commerce giants, the big fight is for your phone’s screen

According to analysts, product reviews and ratings, as well as product recommendations, were the most popular social commerce features integrated into leading e-commerce sites.

“Social networks 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,” the study pointed out.

Besides, payment gateways help the e-tailers receive money instantly rather than waiting for the cash on delivery payments, thus reducing chances of theft and fraud, it said.

“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.

The rise of digital activities like social networking is the driving key for formulating e-commerce strategies, thus affecting the business model and driving growth for e-commerce players.

 

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