Most people have a wrong conception about eCommerce and they think that eCommerce is limited to the buying and selling of goods or services online.
eCommerce can open a whole new potential market to your company. Geographical limitations of owning a business have disappeared as the entire world becomes a potential client.
A company selling products or goods to a small local niche market can dramatically increase their revenues with an eCommerce site. A good eCommerce system can integrate with your financial systems providing a real-time view of your business, for better decision making.
A good eCommerce platform can automate many sales, marketing, logistics, and supply chain processes considerably reducing expenses.
Features of a best eCommerce platform :
A fully functional platform with many features means less customization, less development time and usually better support. For the features that don’t come out-of-the-box, a platform that offers extensible and deep customization is a must. Even better is a marketplace of pre-built extensions, plug-ins, and add-on that can greatly enhance the standard ‘off the shelf’ product.
Importance of scalability: Will your eCommerce platform grow with your business, or will you need to start over as your business expands?
We can help you identify, customize, deploy and support the best platform for your needs.
According to the data-oriented prophecy of Statista, global eCommerce sales are expected to rise to 246.15% by 2021, from 1.3 trillion in 2014 to 4.5 trillion in 2021. And this market is showing no sign to slow down. With time, it’s going to evolve from an option into a necessity.
More than fifty eCommerce portals like Zomato, FreshMenu, Nykaa, and Voonik have partnered with fintech startups providing consumers the option to pay later.
According to industry estimates, cart abandonment rate on eCommerce portals is 60–70 percent, implying 70 in every 100 customers who are planning to buy a product, don’t buy it. The reason could be any, like payment gateway failure, product out-of-stock, lack of credits or discount or just a second thought.
We live in a cash-oriented community where any purchasing offer is considered completed only after making the payment. However, the ‘after-pay’ concept is going to bring a revolution in the eCommerce world. Few renowned names who tied up with giant eCommerce platforms for ‘after-pay’ assistance are ePayLater and LazyPay.
“This is basically the intersection of three vital elements of digital payment—cashless, convenience and credit—which are all emerging trends especially with the country’s move towards digitization,” said Akshat Saxena, co-founder of ePaylater.
For consumers it is a frictionless transaction, eliminating the need for repeated OTPs, CVV numbers or net banking details. Different portals have different payment structure. With ePaylater, a consumer has to settle the bill within the next 14 days. The companies can also take legal action for prolonged non-payment.
The after-pay methodology has its own set of advantages and disadvantages, but for sure it’s going to be an influential market trend attracting more consumers!