Growing e-commerce in india

The e-commerce has transformed the way business is done in India. The Indian e-commerce market is expected to grow to US$ 200 billion by 2026 from US$ 38.5 billion as of 2017. Much growth of the industry has been triggered by increasing internet and smartphone penetration. The ongoing digital transformation in the country is expected to increase India’s total internet user base to 829 million by 2021 from 604.21 million as of December 2018.  

Growing e-commerce

India’s internet economy is expected to double from US$125 billion as of April 2017 to US$ 250 billion by 2020, majorly backed by e-commerce. India’s E-commerce revenue is expected to jump from US$ 39 billion in 2017 to US$ 120 billion in 2020, growing at an annual rate of 51 per cent, the highest in the world.

e-commerce and the market

Propelled by rising smartphone penetration, the launch of 4G networks and increasing consumer wealth, the Indian e-commerce market is expected to grow to US$ 200 billion by 2026 from US$ 38.5 billion in 2017 

e-commerce market

Online retail sales in India are expected to grow by 31 per cent to touch US$ 32.70 billion in 2018, led by Flipkart, Amazon India and Paytm Mall. During 2018, electronics is currently the biggest contributor to online retail sales in India with a share of 48 per cent, followed closely by apparel at 29 per cent.

e-commerce website

Modern electronic commerce typically uses the World Wide Web for at least one part of the transaction's life cycle although it may also use other technologies such as e-mail. 

e-commerce website

Typical e-commerce transactions include the purchase of online books (such as Amazon) and music purchases (music download in the form of digital distribution such as iTunes Store), and to a less extent, customised/personalised online liquor store inventory services. There are three areas of e-commerce: online retailing, electronic markets, and online auctions. E-commerce is supported by electronic business.

Components of e-commerce website

• Design - The success of an online store is majorly influenced by its website design. In fact, 48% of people determine the credibility of a business by its website design. Busy designs easily lose their allure with time. But an e-commerce website design with a simple colour scheme and elegant typography can look appealing for longer. Similarly, the more elements you put on a web page, the more they may distract users from the main purpose of the store. Removing unnecessary elements can help you draw your visitors’ attention to what matters most. A website will also load faster, which can help you reduce bounce rates and engage more visitors. So, if you want to optimise your store for more conversions, you should keep it simple and make sure the focus is on closing the sale. Clean and simple e-commerce website designs are always better.

• Navigation - E-commerce brands are spending huge amounts of money to bring visitors to their websites. It is crucial for brands to build websites that can guide visitors to make a purchase. That’s why your site’s navigation should help shoppers find products quickly and easily. Good navigation can help you improve user experience and lead to more sales and revenue. On the other hand, poor navigation can annoy users and lead to a higher bounce rate.

Navigation

• Image -  Product images help visitors form their first impression of your product. They can either attract or turn them away.Would you trust a store that failed to properly photograph their products. Unlike brick-and-mortar retail stores, consumers can’t see, touch, feel, or try your products when they purchase online. It’s often by looking at product photos that they decide whether or not they should keep looking. If your product images are too small, pixel, or there’s is just one picture of each product, will it inspire people to purchase the product? Probably not. That’s why you should invest in high-quality product photography to properly showcase your product. Online shoppers want to see how the product actually looks. In fact, 33.16% of consumers prefer to see multiple photos of a product before they make a purchase. You can also include a 360-degree shot or video that shows off all of the important features of your product. Including a few in-context or lifestyle images of your product would be even better. It is a great way to help users visualise the product as their own and build an emotional connection. Product images or videos are the best bet of any e-commerce website. They can help you encourage more users to buy your products and boost revenue. A home furnishing store, Pottery Barn, uses a variety of impressive images and videos to show off their products.

Images on the site

• Content - The product descriptions should provide relevant and useful information about your product. They should cover the benefits of your products and their features.When a visitor likes a product, they want to learn how your product can help them. So make sure that your product descriptions effectively convey the value your product can provide.

Website content

• Checkout process - This is obviously one of the most important elements of an e-commerce website. You should focus on delivering a great checkout experience to buyers. It should be easy for buyers to add items to their shopping carts and proceed to the checkout page. Make sure that you don’t confuse users during checkout. They should be able to view exactly what they have in their cart. Use a simple and clean design. Give users an easy checkout process with features like a guest checkout option, easy form-filling, multiple payment options, and persistent cart summary. One should also optimise your checkout page for speed. Improving your checkout experience can help you encourage more sales in the future and increase your customer retention rate.

Checkout process

• 
  Mobile responsive - A significant number of users shop online from their mobile devices. One should optimise your website for mobile devices to ensure that visitors have a pleasant experience.Responsive design can make your e-commerce website design more user-friendly. Your mobile site should allow visitors to easily access all of the important features, offers, and products in no time.

Responsive Design

Conclusion

India has an internet users base of about 475 million as of July 2018, about 40% of the population. Despite being the second-largest user base in world, only behind China (650 million, 48% of population), the penetration of e-commerce is low compared to markets like the United States (266 million, 84%), or France (54 M, 81%), but is growing, adding around 6 million new entrants every month. The industry consensus is that growth is at an inflection point.

Voxforem Technologies Pvt. Ltd. is a leading software development and service company situated in Technopark, Trivandrum, Kerala. We have extensive experience in both software and hardware in various platforms. Our experienced professionals had worked in design and development of e-commerce website in India and abroad.

For e-commerce website development visit www.voxforem.in

Contact us on                                               india.voxforem@gmail.com

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Importance of ERP system today

Enterprise resource planning (ERP) enables a business to manage all the components of their operation in one place, featuring "modules" that work together to automate processes. An ERP can often be built specifically for the organisation's needs, combining elements such as accounting, CRM, staff management and more. By automating many of these day-to-day back office tasks, businesses can become more efficient, with staff freed up to focus on business innovation and growth. Not only does ERP combine the essential functions of a business into an automated platform, but it can also help businesses concentrate on their core functions such as manufacturing, product planning, marketing and development. There are countless ERP platforms available – some have been developed for specific verticals, while others are more generic, suited to any business type.

ERP system

ERP and its Benefits

What makes ERP such a business changer is that everything can be managed from a central console, eliminating the need to jump between different tools to manage everything. 

ERP uses

This also allows collaboration between departments, permitting staff to access the areas they need to carry out their jobs, with the entire business working towards the same goals with minimal intervention required from the IT department.  This central dashboard will also allow stakeholders to get a better overview of the entire business, providing the visibility to make more informed decisions based upon the data across performance, resource distribution and more.

ERP Modules

What makes ERP such an effective tool for businesses is that they can mix and match the modules they need to manage their business, rather than having to buy a huge software ecosystem with features they may never use. It means businesses can cut costs, only using the features they need to make their business tick. 

ERP module

For example, if parts of your business operation are managed externally, such as finance or HR, you don't need to add on those modules. ERP platforms are extremely flexible for this reason and modules can be easily switched and changed as your business does. For example, if you bring HR in house, you can simply tag on the HR module so your new HR staff can use the same system you're already using. It means that the functionality can be extended, while ensuring everyone in the business has visibility of its operation (at least those who are permitted access to it).

Types of ERP

ERP Types

There are a vast array of ERP systems available. Some are more suited to a specific sector, while others are more generic and focus on the operation rather than vertical. If you're unsure which type of ERP system is right for you, we've outlined the benefits of each.

Vertical ERP

Some ERP tools are developed for a specific industry vertical - for example, if you run an engineering firm which has very specific processes and/or equipment, there would be tangible benefits when choosing a system that  caters to the need of that sector rather than a generic solution.

Size of business

If you’re a large company, it’s likely your business will operate in a very different way compared to a small enterprise. For starters, you’re likely to have more staff and each person’s role will be limited in comparison to a smaller firm, whose employees are more likely to overlap in their day-to-day duties.

Platform

ERP tools are available to run both on-premise and in the cloud. Carefully consider which is right for your business. Those based in the cloud are generally more scalable because it’s much easier to increase capacity rather compared to on-premise solutions that have limited storage. However, you may require the security of on-premise if your industry is heavily regulated. Cloud-based options also run on a month-by-month or an annual subscription model, avoiding the upfront costs that come with purchasing a system outright. Over the medium to long term however, the cost-benefit analysis may swing towards on-premise ERP systems. 

Compliance

Similarly, if your industry sector is highly regulated, you may need to find an ERP tool that specifically ensures you are complying with regulations and will provide the reports you need to present to an industry body, for example. ERP tools offer massive advantages to a business, boosting productivity and innovation, but they can also be a big investment. Whilst off-the-shelf ERP systems are usually suitable for small enterprises, it is important to remember that these less expensive choices may not be the most economical. Investing in a system which does not suit your business demands will not only be a waste of capital, but will affect processes and efficiency.

For more details visit www.voxforem.in

Contact us                    india.voxforem@gmail.com

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