In the 21st century, the term e-commerce has emerged as a household expression. However, the true past of e-commerce goes back to the 1970s, when the sharing of knowledge opened the way for modern e-commerce. Around 93.5 percent of internet surfers, today just buy online.
What is E-commerce?
The practice of using the internet to purchase and sell goods is predominantly electronic commerce or commonly referred to as e-commerce. E-commerce or internet commerce is also part of the transmission of money and data. As examples of E-commerce sites, you might include major online retailers such as eBay, Amazon, Walmart, Etsy, etc. There are three e-commerce branches: Business to Market, Business to Customer, and Consumer to Consumer, of course.
Believe it or not, China is actually the world's largest and most successful e-commerce market. The 35 percent average growth rate means that this nation already has the fastest developing e-commerce sector. In addition to China, the United States of America and the United Kingdom are both known for their e-commerce market, which accounts for $340 billion and $99 billion in internet transactions each year, respectively.
Ecommerce in Nepal
There are few eCommerce websites currently running in Nepal (Kathmandu, to be more particular). Daraz, Gyapu, SastoDeal, SmartDoko, FoodMandu, Muncha, InternetPasal, and MetroTarkari are the most prominent. They mostly concentrate on the valley of Kathmandu. Outside Kathmandu, several online shops are now beginning to run. In Butwal, Biratnagar, Pokhara, and some major cities, Daraz has distribution networks. In addition, several companies including Bhatbhatenionline (now eSewapasal), 911foodexpress, ug cakes, etc. have their own standalone eCommerce system in operation. These are merely enhancements to their present stores and distribution systems rather than a full-fledged online shop. We may not have detailed statistics on the overall spending, transaction, and benefit of such online markets, but can safely conclude that they are failing in several aspects; the key ones are the distribution and refund policies.
The giant among the online shops of Nepal; Daraz, claims it saw traffic of 7 lakhs in a month and expects the monthly average visit of 25 lakhs in the next 3-4 years. (2018, ) This is a decent amount of traffic if the claims are true.
What are the benefits of E-commerce in today’s world?
Platforms for e-commerce help company owners expand their brand's reach. As they move from the physical brick and mortar shop to the online world, they continue to attract more future buyers. With a high-quality product and proper customer support, with the aid of e-commerce sites, it is easy to achieve success pretty easily. Online retailers are open to consumers 24 hours a day, unlike conventional retail stores. Various marketing opportunities such as pay-per-click ads, SEO services, social media marketing, email marketing, and so on can also be obtained for an accessible cost. You can turn to any e-commerce solution for certain services and get the advantage of tremendous profits.
What is conversion rate optimization or CRO?
One should have a crystal clear understanding of what the conversion rate is before jumping to conversion rate optimization. The conversion rate corresponds to a percentage value that indicates all users on a given website who complete the planned action. Email signups for internet purchases, social media sharing, etc. are common conversions. With proper optimization of the conversion rate, one can improve revenue. These rates fell between 1 percent and 2 percent in the general case.
Conversion Rate Optimization strategies-
If you want to further raise your e-commerce costs, you can religiously adopt the 5 most successful CRO strategies below.
Nowadays, discovering someone who hasn't done any online shopping is tough. So, think about your own shopping experience as you come to build your very own product list. The biggest downside of online shopping is that prior to pressing the purchasing order, customers do not contact the items. To showcase the product from every angle, they need an HD picture. Detailed and high-quality videos about the commodity are often used by certain vendors. This move helps to envision the commodity for the customer. You can also include minute information on a certain product as a product seller. Also, provide feedback and questions in the feature. The prior positive reviews on a new product let the buyer make up his mind before ordering it. If the client does not get what he needs, don't hesitate to work on the swap and merchandise return policies. All of these allow the buyer to consider how sincere the vendor is and this increases the sales rate. Around 55% of internet consumers notify their friends about their disappointment, and you won't want your app to do that. So, from the very beginning, it is very important to concentrate on the product side.
Price And Shipping
A major problem among customers is the price. If this exceeds their budget, some consumers stay concerned about increased delivery costs and ultimately they end up not purchasing the particular product. This implies, however, that a free shipping alternative is a must to lift the conversion rate. This leaves you with the possibility of growing a product's price in order to afford free delivery. With discounts and a limited-time percentage discount bid, you can even tempt your potential buyers. Hold the rates below those of your rivals offering equivalent kinds of goods, no matter what you do. This could sound like a gamble to some of you that can end in a big loss. Yet you are bound to make a profit off your goods if you retain the standard and only meet the target audience.
To a degree, providing live chat apps will improve the user experience. With the aid of this, you will meet your prospective client directly and answer all their questions regarding the relevant product. As online retailers are open 24 hours a day, often you can not be available to assist your prospective client with their doubts. You ought to either recruit additional representatives for your company house who will take care of the questions or use artificial intelligence for those situations.
Safety Of The Website
This move is a crucial one and has a lot of opportunities for your organization to improve the conversion rate. Customers insert their bank details and credit card information for the purchase, so the platform should be fairly stable and safe. You can only use the most trustworthy payment solutions, such as Paypal and other safe options, to establish this amount of legitimacy. When you make sure you are absolutely secure, small safety badges may be added to communicate the details to the paying customer. This trust is instrumental in increasing the conversion rate.
You can include multiple categories and subcategories to the home page to help clients identify their desired product within seconds, which would direct the target audience to their desired product. It can be achieved rather clearly in this categorization.
You should read between the lines and add these points to your everyday sales while you are on the internet to create a brand. But, first, make sure that the baseline level of 1-2% is met by your company. These five valuable points will surely assist you to hit the baseline and beyond. You should get down to e-commerce and CRO as e-commerce revenues will hit at least $4.9 trillion in the next year (2021) and more companies will continue to turn up in the online world. So, hurry before cutthroat becomes the competition.