Business has many ups and downs. Without premeditation, it would be nothing but the world of sheer losses. Undoubtedly, a businessman can generate average revenue from the regular trade activities. But when it comes to profit, it must be exceeding the incurred expenses and capital invested.
E-commerce industry is not an exception from this fundamental. Suppose amazon invests 1 billion in a FY. Earning the same amount would be equal to nil growth. Only profit defines its growth. And also, it lays foundation of that growth. The more the profit is the stronger its financial position would be.
Data can establish you as the trade-king in the present scenario. So, don’t underestimate its power. It’s essential to emphasize on gathering it but be attentive to its authenticity as well. Here are a few practical approaches for e-commerce industry to enhance money as well as data transactions.
Engage consumers: Without customers, a seller has no significance & vice-versa. Online stores are playing the role of passive sellers. Although they have e-stalls but they can’t invite customers directly. So, they have to deploy online marketing techniques. Eventually, it gets promoted.
Do you want to kick-start consumers’ inflow? It’s a walkover. How, let’s see:
- Contemplate to which audience your product targets.
- Specifically identify it.
- Choose the celebrity or star that can be its inspirational figure.
- Employ him/her as your brand ambassador.
- Let your endorser do the promotions.
- Prepare an impactful and really impressive advertisement.
- Highlight your e-store’s special products and specialty.
For example, Myntra.com has collaborated with Indian superhero Hrithik Roshan of Indian biz. Endorsing HRX brand, the handsome hunk is powering the sale of this brand. And it’s growing by leaps and bounds.
HRX chose the heartthrob of modern generation. Likewise, any sportsman or even comic character can do the same wonder for you. It would be a cost-effective idea as well. So, wisely choose your ambassador. Make an influential and heart-stringing, however in-budget, promotional ad. Believe! Employing such an ideal figure influences the sale instantly. Fans will hunt for the product that their ideal role model promotes.
More mergers for apparent segregation: Recently, Amazon has inked a deal in India to bring many more brands, like Arrow, Swarovski and Aeropostale, on its board. The reason is just to introduce more private brands for segmenting online fashion. Now, another e-commerce weightlifter ‘flipkart’ is set to follow its footsteps. These mergers are just to give the customers more feasibility. How this can be done? It’s easy through these steps.
- Contact the high as well as low-profile brands.
- Collaborate with local vendors that sell quality & have many loyal customers.
- Bring them on the online board.
- Segregate their products.
- Put them in appropriate segments.
- Define their sizes, colours, descriptions, categories properly.
Let’s say a virtual shop sells Fort Collins Men’s Jackets. It must categorize it into winter wears. And then, it must attend whether it has specified its colour, price, availability and size in all respect or not. Particularly mention whether its shipping is possible on all locations. If it’s not, specify where it’s possible. This trick throws more alternatives to the customers. Thereby, wooing them for conversion would be a pie.
Discounts on online transactions: Demonetization is in the air. India called it a surgical strike on corruption. Likewise, Pakistan and Venezuela did the same. But chaos did not let Venezuela win. This decision heralded a new dawn-the era of e-payment. Till now, 95% of all transactions happen in cash. And 90% Indian sellers don’t offer card-reader for payment. Even, 70% of the online shoppers prefer ‘cash-on-delivery’ option.
However, Indian government has initiated promoting e-payment. Money to lucky customers doing e-payment is a praiseworthy promotional trick. The challenging task seems no more challenging now. To trigger this trend up instantly, the online businessmen can:
- Provide card payment through card-reader while shipping.
- Provide rebate/discount on e-payment.
- Collaborate with banks to provide cash-back or discount on card payment.
- Add gift voucher as a surprise to boost up sale.
- Provide coupon codes (stating certain ‘off’ on total payment) to frequent shoppers.
Availing e-Wallet: Thee-Wallet is an electronic wallet. Providing bank’s card details (like account number, CVV number, phone number, email address and name etc.), anyone can create its digital wallet.
Many-a-times the customers feel insecure when it comes to share their bank details. And online transactions can’t be possible without disclosing them. But hacking has been emerging as the greatest fear that restricts the customers from sharing them. You can’t dispel it by self. You can hire a reliable outsourcing transaction service. But you can avail them e-Wallet option. There are many telecom companies and volunteers, like Paytm, freecharge, JIO and many more, that provide it. So, go for it to collect data of authentic users.
Instant redressal for refund request: Customers want instant solution to their problems. Be it related to returning or refunding or shipping, they seem in rush to get their issues resolved. After all, it’s their hard-earned money which they spend on transactions. So, pay attention towards instant redressal. Shoot an email regarding updates.