It’s Time to Run Your Business Digitally
- BY Jaspreet Kaur
Feature Writer, BusinessEx
- Jun 06,2020
- 12 Mins Read
The pandemic acts as a reminder and catalyst for a suite of events. Many small corporations in the past that had underestimated the power of technology and averted embracing digitalisation. The repercussion of that fallacy can be witnessed largely in the Indian market today. Even after lifting the lockdown, markets are deserted as consumers refrained from stepping into crowded regions fearing to contract COVID-19. Owing to which, several small and micro enterprises have suffered and are unable to stand upright again.
In this hour of need, businesses should start employing online platforms to thrive and attract customers. Today, there are various means to sell products online and ascertain prospective customers.
1. Social Commerce
Social Commerce is a process of procuring a product from a third-party company within social media experience. At present, there are a multitude of social commerce platforms available in the country. Some of the prominent social commerce platforms are Meesho, Bulbul, and GlowRoad.
- Meesho -- This social commerce has become immensely popular amongst the Indian natives. Vidit Aatrey and Sanjeev Barnwal founded this platform in 2015. It works on the concept of reselling and thereby, a large chunk of users-cum-reseller rigorously. Most of its resellers are homemakers, students, and small businessmen, who resell products through Instagram, WhatsApp, and other social media sites.
- Mall91 -- This social commerce platform provides video-enabled shopping experience to the users. Nitin Raj Gupta and Shubham Paramhans created the platform in 2018. It amalgamates real time video shopping experience with regional language catalogues that can be ascertained with voice commands and WhatsApp-related checkouts.
- SimSim -- This social commerce platform has recently embarked its entrepreneurial journey. Amit Bagaria, Saurabh Vashishtha, and Kunal Suri established in 2019. At present, over a million users are connected with the platform.
The forementioned platforms are some of mostly used platforms in the country.
2. Ecommerce Platform
The benefits of e-commerce platforms are versed across the globe. Prominent e-commerce sites like Flipkart, Amazon and Snapdeal are being used by entrepreneurs to grow their business. E-commerce is one of the effective ways to enhance sales, increase customers and target prospective customers.
According to IBEF, the e-commerce market is expected to reach INR 13,97,800 crore ($ 200 billion) by 2027 from INR 2,69,076.5 crore ($ 38.5 billion) in 2017, supported by rising income and surge in internet users. Online shoppers in India reached 120 million in 2018 and are expected to reach 220 million by 2025. Online retailers deliver to 15,000-20,000 pin codes out of nearly 100,000 pin codes in the country. In 2019, it was estimated that one in every three Indian shopped via a smartphone.
3. Social Media
Social media platforms, which help connect with closed ones, and overcome geographical barriers. Besides enabling communication, social media can be used to sell products as well. For example, Facebook and Instagram offer entrepreneurs the opportunity to sell products by creating groups and pages. The entrepreneurs upload products on their respective groups or pages and thereby, sell products to the customers as well as create prospective customers.
4. Personal Websites
Today, many entrepreneurs have blended technology with entrepreneurship and in turn, formed customised websites. Similar to the e-commerce platform, a personalised website helps accelerate customer reach and targets the right audience. Another benefit of creating a website is that the company can plan marketing strategies by assessing the business.
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