E-commerce industry generates $1.2 million revenue in every 30 sec: study
Updated: Aug 19, 2015 04:59:27pm
New Delhi, Aug 19 (KNN) Every 30 seconds, global e-commerce industry generates over USD1.2 million revenue with Facebook, Pinterest and Twitter contributing USD 5,483, USD 4,504 and USD 4,308 respectively, reveals the ASSOCHAM - Deloitte study joint study.
Social networks are contributing significantly to the growth of e-commerce business revenue, according to jointly conducted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) and Deloitte.
The maturity of social media and its reach across masses and classes makes it a suitable platform for online sales. Social media pages provide information regarding new products in the market, user reviews and ratings of the product, recommendations, and information technology (IT) products.
Social media also helps e-tailers to build brand awareness by responding to customer queries. Seasonal sales and offers are displayed in social networks to reach maximum number of people. E-tailers have even started to motivate customers with reward points to provide feedback on the product on social networks, said D S Rawat Secretary General ASSOCHAM.
Prospective customers also interact with users of the product or service on social networks before making purchase decision.
According to analysts, product reviews and ratings, as well as product recommendations, were the most popular social commerce features integrated into leading e-commerce sites as of August 2013 Increasingly social networks have direct links to e-commerce sites, which provide complete product description, availability status, pricing and delivery information, and access to product reviews and ratings, all of which help prospective buyers to make a purchase.
The social media provides a platform for e-tailers to engage with customers for: advertisement, building brand awareness, developing a community of trusted user, spreading Word-of-Mouth and customer feedback.
Besides, payment gateways help the e-tailers receive money instantly rather than waiting for the Cash on Delivery payments, thus reducing chances of theft and fraud, it said.
The retailers are slowly moving towards payment gateways for improving security and dealing with other complexities which arise with financial transactions. Banks as well as the e-tailers are offering different offers like cashback and Equated Monthly Installment (EMI) to encourage customers for card-based payments. (KNN Bureau)
Social networks are contributing significantly to the growth of e-commerce business revenue, according to jointly conducted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) and Deloitte.
The maturity of social media and its reach across masses and classes makes it a suitable platform for online sales. Social media pages provide information regarding new products in the market, user reviews and ratings of the product, recommendations, and information technology (IT) products.
Social media also helps e-tailers to build brand awareness by responding to customer queries. Seasonal sales and offers are displayed in social networks to reach maximum number of people. E-tailers have even started to motivate customers with reward points to provide feedback on the product on social networks, said D S Rawat Secretary General ASSOCHAM.
Prospective customers also interact with users of the product or service on social networks before making purchase decision.
According to analysts, product reviews and ratings, as well as product recommendations, were the most popular social commerce features integrated into leading e-commerce sites as of August 2013 Increasingly social networks have direct links to e-commerce sites, which provide complete product description, availability status, pricing and delivery information, and access to product reviews and ratings, all of which help prospective buyers to make a purchase.
The social media provides a platform for e-tailers to engage with customers for: advertisement, building brand awareness, developing a community of trusted user, spreading Word-of-Mouth and customer feedback.
Besides, payment gateways help the e-tailers receive money instantly rather than waiting for the Cash on Delivery payments, thus reducing chances of theft and fraud, it said.
The retailers are slowly moving towards payment gateways for improving security and dealing with other complexities which arise with financial transactions. Banks as well as the e-tailers are offering different offers like cashback and Equated Monthly Installment (EMI) to encourage customers for card-based payments. (KNN Bureau)
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