The value of an idea lies in the use of it
Do you want to grow your business this year?
Are you looking to boost your sales?
Then, why haven’t you got into E-Commerce yet?
If you are thinking that a Small Medium Enterprise doesn’t need E-Commerce, then you are probably living under a rock.
E-commerce has experienced considerable growth since the dawn of the internet as a commercial enterprise. The ongoing digital transformation in India is expected to push up India’s total internet user base to 829 million by 2021 from 560.01 million as of September 2018.
And E-Commerce has transformed the way business is done in India, playing a crucial role in the global economy. But, whenever we think about the global economy, we think of Fortune 500 and skyscrapers. In reality it is the smaller business that is backbone of our economy. If you are not into E-Commerce yet, don’t hold up. You should do it right away!
Are you a Small Medium Enterprise? Well, you’ve come to the right place.
In this blog, we’ll share 5 important lessons you should learn from the E-Commerce giants.
Read the market-
Have you heard of Nykaa? If you haven’t, take a look at it. It’s a true E-Commerce sensation. Nykaa is an e-commerce platform for beauty and cosmetics products. They noticed a huge gap in the beauty products markets in India. They observed that the demand was on the top but there were very few places to get genuine beauty products.
A good understanding of the market and a great execution has grown Nykaa’s revenue close to 300% in the last two years.
Don’t fear to experiment-
Flipkart, one to the top E-Commerce companies in India, has never stopped experimenting. One of the biggest experiments they did was the BBD (Big Billion Day). They received a lot of criticism for it, but hey, they experienced 1 Billion hits on their servers that day and saw a sale of over $100 Mn in that single day.
Experiment, it doesn’t matter if you lose or win, because you grow through it.
Listen to your customers and build what they want-
You might not succeed every time, but it’s always worth taking the risk, especially when customers are looking for it.
When Amazon launched Prime, nobody believed in it and didn’t see any future for it. However, by listening to their customers and seeing how they reacted to previous experiments with free “Super Saver Shipping,” they understood that fast, reliable shipping would become a core component of the business in order to successfully compete with in-store retailers.
Now, the service has become one of the company’s most popular membership programs and see how many happy customers they’ve got!
Customer Care Experience is the priority-
All of us have heard the saying, “Customer is king”, and man, it’s soo true. Amazon has long invested heavily in creating the best possible customer experience for their community. If you’re having an issue with anything, you’re just one click away from immediate support. Goibibo (Travel booking) is one of the wildly successful services that have integrated chat as their primary mode of support.
Even if you can’t provide a 24/7 customer service, make sure you provide a way for customers to reach you for any queries.
Customers can make or break your company. Make them feel important.
Frequently identify new market opportunities-
When new competitors arrive and circumstances change in the retail marketplace, you have to be quick to adapt. Book My Show, is a well-known E-Commerce company that has changed the face of the Ticketing System. It has started with movie ticketing and has now spread its wings into events, plays, sports, and activities.
Every opportunity is a blessing. Did it up, and make it yours.
There is no denying the fact that we are moving towards a world that would be internet dependent. As an owner of a small business, it’s the right time for you to understand the benefits of E-Commerce and learn from the big giants. And who knows, you might just be the next big thing.
