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88% of Indian Shoppers Abandon Online Carts: Accenture

Indian Shoppers Overwhelmed by Online Information, Accenture Report Finds

A recent report by Accenture revealed that 88% of Indian shoppers abandon their online shopping carts due to being overwhelmed by too much information and excessive ads.

The report also found that 67% of Indians haven’t noticed any improvement in the time and effort it takes to make a purchase decision, with some feeling it has become even more time-consuming.

Vineet R Ahuja, Managing Director and lead of Strategy & Consulting at Accenture in India, stated that companies need to simplify how they market their products to help consumers make confident decisions without getting lost in the noise.

The study surveyed 19,000 consumers across 12 countries, including India. It highlighted that the rise of generative AI and other technologies is changing how people view brands and make purchase decisions.

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Amneet Singh, Managing Director and lead of Products at Accenture in India, mentioned that AI can help companies understand their customers better, offer more engaging experiences, and drive business growth.

Despite the challenges, the report found that 79% of Indian shoppers still enjoy some parts of the online shopping experience. However, 74% feel frustrated when the product they want is out of stock.

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Business

The Rise of E-Commerce: Navigating the Online Business Landscape

Introduction to E-Commerce

E-commerce, short for electronic commerce, has revolutionized the way businesses operate and consumers shop. With the advent of the internet and technological advancements, buying and selling products and services online has become increasingly popular. This article will explore the evolution of online shopping, and the global e-commerce market, and provide insights on how to navigate the online business landscape.

Evolution of Online Shopping

Online shopping has come a long way since its inception. From the early days of basic websites and limited product offerings, e-commerce has transformed into a multi-billion dollar industry. Today, consumers can browse and purchase a wide range of products from the comfort of their own homes or on the go, thanks to mobile devices.

The Global E-Commerce Market

The global e-commerce market is growing at an unprecedented rate. According to Statista, worldwide e-commerce sales are projected to reach $6.54 trillion by 2022. This exponential growth presents immense opportunities for businesses to expand their reach and tap into new markets.

Building Your Online Store

When venturing into e-commerce, one of the first steps is to build an online store. Choosing the right e-commerce platform is crucial for success. There are several platforms available, each with its own features and pricing structures. It is essential to consider factors such as ease of use, scalability, and integration capabilities before making a decision.

Design and User Experience

The design and user experience of your online store play a significant role in attracting and retaining customers. A visually appealing and user-friendly website can enhance the overall shopping experience and increase conversions. It is essential to prioritize functionality, simplicity, and intuitive navigation when designing your e-commerce site.

Mobile Optimization

In today’s mobile-driven world, optimizing your online store for mobile devices is crucial. With a significant portion of online shopping happening on smartphones and tablets, having a mobile-responsive website is essential. Mobile optimization ensures that your store is accessible and user-friendly across different devices, improving customer satisfaction and driving sales.

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Digital Marketing for E-Commerce

Effective digital marketing strategies are essential to drive traffic and increase sales for your online store. Social media advertising, search engine optimization (SEO), and email marketing are some of the key tactics to consider.

Social Media Advertising

Social media platforms provide a valuable opportunity to reach and engage with your target audience. Paid advertising on platforms like Facebook, Instagram, and Twitter can help increase brand awareness, drive traffic to your online store, and generate sales.

Search Engine Optimization (SEO)

Optimizing your online store for search engines is crucial to improving visibility and organic traffic. By implementing SEO best practices such as keyword research, on-page optimization, and link building, you can increase your website’s rankings on search engine results pages (SERPs).

Email Marketing Strategies

Email marketing is a powerful tool for nurturing customer relationships and driving repeat business. By building an email list and sending targeted campaigns, you can promote new products, offer exclusive discounts, and keep customers engaged with your brand.

Logistics and Fulfillment

Managing logistics and fulfillment is a critical aspect of running an e-commerce business. Efficiently handling inventory, shipping, and delivery is essential to ensure customer satisfaction and maintain a competitive edge.

Managing Inventory

Proper inventory management is crucial to avoid stockouts or overstocking. By implementing inventory management systems and utilizing data analytics, you can optimize stock levels, streamline operations, and reduce costs.

Shipping and Delivery Solutions

Choosing the right shipping and delivery solutions is vital for timely and cost-effective order fulfillment. Options such as partnering with third-party logistics providers or utilizing dropshipping can help streamline the shipping process and improve customer satisfaction.

Customer Service in E-Commerce

Providing excellent customer service is essential for e-commerce success. Promptly addressing customer inquiries, offering hassle-free returns, and providing personalized support can help build trust and loyalty.

Adapting to Trends

E-commerce is a dynamic industry that constantly evolves. Staying updated with the latest trends and consumer preferences is crucial for long-term success. Embracing emerging technologies, such as artificial intelligence and virtual reality, can provide a competitive advantage and enhance the customer experience.

The Rise of Mobile Commerce

Mobile commerce, or m-commerce, is on the rise. With the increasing use of smartphones and mobile apps, consumers are increasingly turning to mobile devices for their shopping needs. Optimizing your online store for mobile devices and leveraging mobile-specific marketing strategies can help capture this growing market segment.

Sustainable E-Commerce Practices

As consumers become more environmentally conscious, sustainable e-commerce practices are gaining traction. Implementing eco-friendly packaging, offering carbon-neutral shipping options, and promoting sustainable products can attract environmentally conscious customers and contribute to a greener future.

Navigating Marketplaces and Competition

In addition to having your own online store, selling on marketplaces can expand your reach and increase sales. Platforms like Amazon, eBay, and Etsy provide access to a large customer base, but competition can be fierce. It is crucial to differentiate your products, optimize product listings, and provide excellent customer service to stand out from the competition.

In conclusion, e-commerce has revolutionized the way businesses operate and consumers shop. By understanding the evolution of online shopping, leveraging digital marketing strategies, optimizing the user experience, and staying updated with the latest trends, businesses can thrive in the online business landscape.

Newsbeat

Hyderabad retail space absorption soars 145% YoY

Hyderabad: Retail space absorption in Hyderabad witnessed a record growth of 145% year-on-year (YoY) to 0.49 million square feet in the first nine months of 2023, compared to 0.20 million square feet in the same period in 2022. This is according to a report released by CBRE South Asia Pvt Ltd.

The city accounted for a 10% share in leasing across top eight cities during the January-September 2023 period, primarily dominated by fashion and apparel brands.

The report also highlights that during the July-September 2023 quarter, total leasing in the city stood at 0.26 million square feet, compared to 0.09 million square feet in July-September 2022, witnessing a substantial YoY growth of 189%.

During the nine-month period (January-September’23), fashion and apparel sector’s share in leasing stood at 34%, home and department stores at 17%, and food and beverage at 13%.

The chairman and CEO of CBRE for India, South-East Asia, the Middle East, and Africa, Anshuman Magazine, commented on the report, saying, “Retailers are keen on revamping the in-store experiences with cutting-edge technology, personalised services, and space optimisation. The retail industry is about to undergo a profound shift.”

The strong growth in retail space absorption in Hyderabad can be attributed to a number of factors, including:

  • The city’s growing population and rising disposable incomes
  • The increasing presence of national and international retailers
  • The development of new shopping malls and retail complexes
  • The increasing popularity of online shopping, which has led to a demand for omnichannel retail experiences

The report also notes that the retail sector in Hyderabad is expected to continue to grow in the coming years, driven by the factors mentioned above. This growth is likely to be further boosted by the government’s initiatives to promote economic development in the city, such as the Hyderabad Pharma City and the Telangana Aerospace and Defence Park.