The revenue of the global e-commerce market is expected to reach US$2.5 billion in 2020.
Sales halted. Operations stopped. As the novel COVID 19 pandemic hits the global economy, sales of all sorts of businesses staggered. With the situation remaining unprecedented, a recovery in sales sector or its regular operation is hard to access. Moreover, this is neither the first incident of global crisis nor will remain so. Natural disasters, pandemic, recessions are some of the events that contribute to plummeting global sales. As these events are sudden, no one can predict the amount of damage these events will cost to the businesses. It also saddles the businesses with challenges of changing customer experiences, both in Business to Business (B2B), and Business to Consumer (B2C) enterprises. This implies that with an altered economic landscape, the customer becomes more conscious about the choices they make, and focus only on the urgency and necessity while buying a product.
All these factors affect the sales of any organization significantly. An enterprise which is not digitized particularly bears the maximum brunt of changing economic landscape. A report by Statista says that compared to traditional market set-up; the revenue of the global e-commerce market is expected to reach US$2.5 billion in 2020. As revenues are profoundly influenced by sales, this indicates that digitized sales are adding value for the digitized market.
Also, the sales are heavily governed by the supply chain. If a digitized supply chain is not in retainer during the time of crisis, the outcome will be a decrease in the sales of the products. That’s why, time and again, experts have pointed out for a digital shift in organizations. But setting up a business in the e-commerce market and getting maximum sales and revenue is not a child’s play. It demands comprehensive strategies so that sales would not get affected. In this article, we will observe the tenants of setting up digitized sales in an e-commerce market.
Setting up an e-commerce Market
The main element in the success of any business is the customer experience. The better the customer experience, the possibilities for an increase in sales becomes expounding. For improved customer experience, the organizations must provide seamless, frictionless and smooth transactions to the customers. As digital communication is the key, organizations are required to establish a stellar digital journey from engaging via transacting and fulfilling through the services.
This approach holds for both B2B and B2C organizations. The information associated with the product must be retrievable, consistent and correct, with appealing visualization so that customers will have more options to try from. A feasible check out option, and valid registration and login processes will be a bonus. Additionally, coherent customer support, using Conversational AI in the form of chatbots and voice bots will maintain trust amongst customers. Though a personalized human communication is preferred by organizations, but by deploying the technologies of AI, such as Conversational AI, chatbots and voice bots, to answer the query of the customers, will assist the employees to focus in the most urgent tasks.
Instead of availability for a particular period, the Conversational AI and chatbots will be present 24/7, to answer customer queries and adding value to the customer experience. Moreover, by integrating the customer Data Platforms, the organizations can have an insight into the customer patterns and behavior. This provides space for improvement in sales and operations.
Setting up an e-commerce business also demands digital marketing and campaigns, to make the website or the business visible for the customers. A scaled-up Search Engine Optimization does this job right.
As most of the e-commerce businesses are still small, putting the products in an online market place like Amazon and Alibaba would increase the chance of visibility of the products. True that it will rank up the competition with the peer businesses, but it would also provide scope for improved operations, and sales. Any business in the e-commerce market place can easily gain insights about the customers’ preferences through this channel.