The coming year of 2018 would be the third last year of the decade, which has introduced to us a plethora of progressive technology, rise in economic and financial standards and a boom of startups with their foundation in e-commerce. Let’s take the example of one of the biggest portals in the e-commerce space, which started off as a platform to sell books online and now offers services across all verticals and even has an entertainment wing in their web streaming service – Amazon Prime Video!
Amazon is now the world’s third-largest retailer and ranks No. 83rd on Forbes’ Global 2000 list of the world’s biggest and most powerful public companies, as measured by a composite score of revenues, profits, assets and market value.
The e-commerce juggernaut has jumped up by huge 154 spots compared to last year. Following the footsteps of Amazon, a great number of startups and business went online to either establish themselves on a platform with the biggest audience or to expand their customer base.
Why e-commerce industry is growing so fast?
There are numerous aspects to why the e-commerce industry has been growing so far in this decade, but three among them are the prime reasons:
- Use of smart phones and gadgets
The number of smartphone users and manufacturers have increased enormously after the introduction of internet on mobile phones. In today’s world, everyone is plugged into their smartphones and are always connected to the internet. That alone is a good reason to shift one’s business online. Let’s take an example: If you have a standalone store or a shop in a mall you are open to the people who visit the mall and that particularly is your target audience; If you have a store that is separate from the rest of the shops and in a less populated area, you’re likely to have a lesser number of customers.
This concludes the fact that it is totally reasonable, logical and more profitable to shift one’s business online because the internet is open to people worldwide, thus offering the scope of building a larger customer base. A lot of companies are leveraging the increased conversion rates and the opportunity provided by e-commerce to improve their web presence.
- Cheaper products and increased accessibility
Everyone knows that products available online are much cheaper when compared to the physical stores, but do you know why? It’s the cost of the maintenance of a store that is added to the market price of your product that you get from the physical mall showrooms or standalone stores. With an e-commerce platform, costs like electricity, land, furniture, maintenance are excluded altogether, bringing down the total price of a product to a way less amount compared to that of physical stores.
Online stores or e-commerce based businesses can also be accessed from anywhere in the world which makes it easier for people in far off countries to buy products from other places that are not available in their location. Accessibility of products proves to be a boon in some parts of the country. It’s very convenient to order medicines, daily necessities and other stuff that is not available near your location, and all this just a click away while you’re sitting on your couch!
- Fast deliveries, quality product and exchange
Online-based businesses not only deliver to your doorsteps but some of them even offer it for free, others offer free home delivery for a specific amount in the cart value. The delivery time depends on the distance between their hub and your location. On an average it takes about two to three business days. The payment made be made online through debit or credit cards or through cash on delivery. The cash on delivery concept has revolutionized the way e-commerce industries operate in India, thus increasing the sales by multiple folds!
Most of the e-commerce websites offer grade-A quality products but if you’re not satisfied by your purchase, you can always return it and get your money back.
While entering the e-commerce industry one might face a few barriers but the lower capital investments and lower overall costs (and in turn providing the customer with affordable pricing) are reason enough for the internet to be best buying and selling platform!
What is the Coupon Industry and how is it related to E-commerce?
Right now, this industry is growing rapidly, and the future of the coupons space especially in India looks bright. As more and more people are using coupons and deals, it remains to be the only industry, where companies find huge audience willing to use the offers.
The e-commerce industry has seen a steady increase in growth since the very beginning of this decade. Likewise, the coupons and deals industry has undergone evolution and transformation to keep pace with the progress and advancements in the e-commerce industry. Since, its commencement in the form of small sheets of paper, in newspaper like Dainik Jagran, coupon offerings have drastically changed with the advent of e-commerce and online marketing. There are new ways, through which retailers have started offering coupons. Digital coupons not only serve the purpose of providing deals and discounts, but also help in increasing customer loyalty and brand building.
Gone are the days when people used to collect coupon cutoffs from newspapers to save a few bucks, this is the age of online coupons and vouchers! Companies like GrabOn, India’s best coupon website in at present, offers discount vouchers on items available across all major e-commerce websites. These coupons and promo codes help the users save big on the products of their choice. The coupon industry offers you coupons for various segments like food, fashion, mobile recharge and bill payment, travel and more with top players the likes of Domino’s, Nykaa, Amazon, Flipkart, Koovs, Paytm, and MakeMyTrip onboard. Using coupons is the smarter way of buying and selling, thus works in favor of both the consumers and the business holders.
How the couponing industry has progressed?
People nowadays not only know about the coupon industry but also are aware of the segments and verticals on which the said discounts are offered. This started out as a new concept to the Indian population, but it has already begun to spread like wildfire. People have started looking out for discounts and coupon codes while making an online purchase. It wouldn’t be wrong to say that the growth of e-commerce industry along with the couponing industry is changing the way people buy products, be it Lifestyle, makeup, food, electronics or any other kind of shopping.
According to Business Insider, ‘ComScore report revealed that in the year 2013, mobile internet use resulted in a 14.2 per cent growth of traffic in the Indian online retail market’. With more and more coupon websites and e-stores focusing on taking advantage of the mobile platforms, shopping online is not only more affordable but also a lot more convenient.
The coupon business is 13.5% of the total e-commerce business in India, escalating at the rate of 62.9% with approximately 7.6 million unique users in a month! There is no doubt that the coupon industry is growing at an unprecedented pace and will continue to do so in the future. Experts also think that the country might even see more billion-dollar entities in this space, including both e-commerce websites and couponing companies by 2018, while expanding the size of this industry and opening up a marketplace of $3-billions and over!
“With large scale global investments, growth of niche category eCommerce firms and the entry of global competitors/brands, eCommerce landscape in India looks very promising,” homegrown online marketplace, Flipkart Co-founder and chief executive officer Sachin Bansal told PTI.
In the coming days, it wouldn’t be surprising if people altogether decide to stop using offline stores in favor of online e-commerce websites for buying products. This would definitely affect our everyday lives but nevertheless, companies are working towards increasing the customer experience of shopping in a physical store with the use of new interactive technologies.
All in all, we can observe that the rapid growth of e-commerce in India, has eventually given rise to the now well-established couponing industry. The couponing industry has not only worked in favor of the consumers but has also benefitted the businesses by increasing the sales, and building loyal customer base in the process. Nobody wants to buy things for a higher price when they can be bought for a lesser amount, with this logic the coupon space and the e-commerce share a symbiotic relationship that will only propel the other into the future.