A Journey to Ecommerce Market Opportunity
US retail e-commerce sales have surged up by 4.5 percent from the first quarter of 2016, wherein the total retail sales are $97.3 billion. So, it is going well. But is the industry harnessing its true potential?
In an article published on Internet retailing by Stefany Zaroban, e-commerce accounted for only 10% of retail sales but accounted for 60.4% of total retail sales growth. This means that e-commerce growth is strong, but there are still untapped areas that need to be explored by both technologists and entrepreneurs. To get more sales, we need to add more business. And to add businesses, we need reliable, easy-to-use, threat-free technology.
Expand the horizons of e-commerce industry
When we talk about retail and e-commerce, we should try to expand our horizons and include as many products in category online retail selling as possible. It should include all the industries that need to reach their consumer quickly, with transparency. The areas covered by specialty stores should be widened to a range of products that do not require special talent or knowledge from the consumers.
As an example, spare parts of gym machinery, car and motorcycle spare parts, and even building materials could fall into this category.
Free return is the cost of customer?
To include these types of products, e-commerce stores have to provide more product-specific details that lessen the chances of returns and exchanges. An article in Market Watch, written by Tonya Garcia, based on the research by Body Labs, says, “23% of all clothing purchased online is returned.” Most of the prominent companies like Amazon, which is fully dependent on online sales, offer free returns to acquire customers.
According to a report published on Science Daily, a study found that “lenient return policy led to increased purchases.” But the question remains if customers are going to use this opportunity responsibly.
“What’s in the Name?
If a digital marketer or an SEO professional has to answer this question, I think they can come up with a long list. With name comes fame, which is important for self-reliant advertisement. Many of us might open Google to check the Internet, but surely we recognize that Google is not all the Internet. Just depending upon Google to get the ranking on its first page is not enough. An e-commerce organization must do all other forms of advertisement to get a foothold among customers. Choose all mediums of promotions, rather than just relying on one. Try to choose a name that works well with Google and is also attention-grabbing.
E-commerce is gaining popularity because it is convenient. But I think shopping should also be fun and entertaining. Visitors should come again, not just to buy, but to spend time on your e-commerce website. Internet events like voting and polling can be done to understand their opinion and make them realize that people behind companies are human. Good quality content, mobile friendly website development and industry information should also be provided to make it more life-like. They should be continually reminded that they are not just dealing with a computer, but a responsible, reliable business.
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