Important Features For E-commerce Platform Development

Today, the e-commerce business is growing exponentially than ever before. Followed by the current pandemic, consumers have whole-heartedly welcomed this digital buying trend. While there are hundreds of e-commerce platforms, only a few survive and continue to make great profits year-on-year. E-commerce platforms like Amazon, Flipkart, bigbakset, Swiggy, Zomato, etc have seen tremendous growth in the last few months.

There is a no secrete recipe to their success. They do things that everybody else does, but they do so differently. Their mobile applications cover all the touch-points by having a clear focus on the fundamentals like UI UX design, easy-to-navigate, security, speed, etc. It is on these fundamentals that they built their e-commerce mobile application and website.

While there may be many trends like animation, 360-degree view, dynamic product search, etc in the e-commerce website and app design, they, however, do not guarantee the conversion rates. To have the best result and deliver great user experiences, the e-commerce website and application must stay relevant and competitive by having the fundamental features plugged in.

Factors-In-Building-E-commerce-Websites

 

Here are some of the must-have features that can help you scale your e-commerce business:

 

User-Friendly Website or App

The most important characteristic of any website or app is the ease of use, and the same applies to the e-commerce businesses as well. The objective of an e-commerce website or app is to help users find what they want faster without having to go through a complex process or clutter. So, the basic is to have a clean visual design by clearly stacking products in a category for easy navigation. Remember that online buyers have very less attention span, so if the e-commerce website or app is too cluttered, the user will never make a purchase as you have left them confused and frustrated.

Always remember this one line: Simplicity should be a goal in good design and you do not have to sacrifice elegance to achieve it.

 

Integration of Multiple Payment Gateways

You are catering to people from diverse backgrounds and demographics, therefore the best option is to have multiple payment gateways. From debit card to net-banking to payment wallets to credit cards to UPI, you should have them all. You may lose a set of users if you chose to limit your payment options. You definitely do not want that. Do you?

 

The Shopping Cart

Very important for any online shop or store. How do you expect your users to shop without a cart and keep a track of what they are buying? The cart helps them to place all the selected products from the store, review, and check-out. Having a flexible shopping cart that helps both guest and registered users to proceed with the checkout is one of the best options.

 

Inventory Management 

Having your inventory management system linked to your e-commerce website or app will help your business function effortlessly. Having an end-to-end integration of your inventory management system will simplify various activities and assist you to ensure that all the orders are successfully acknowledged and completed. This integration will also help you track all cancellations, refunds, status updates, exchange, etc.

 

Security

Shopping online and online transactions go hand-in-hand. Majority of the people today chose to make digital payments, therefore it is extremely important to provide a secure and private payment gateway. You should make sure that the data of your customer is protected as you are liable for it. It is suggested to have the SSL certification in place. You can include additional security by having a two-factor authentication through text or email. Note that the privacy policy link should be carried in the footer section of your e-commerce website.

 

While there are many e-commerce players selling a different range of products, it is how they have incorporated the e-commerce features in their website or app sets them apart. While the aforementioned list of key features will definitely help you in setting up your e-commerce platform, there are many more such features that can help you scale. Contact us with your e-commerce requirements, and we shall help you build an interactive e-commerce platform with relevant features.

 

Connect with us for E-commerce Platform Development at +91- 9863077000 or [email protected]

 

E-commerce, The Future Of Businesses Post COVID-19 Pandemic 

As the countries around the world are planning to unlock, there are infinite anticipated questions about the business landscape ahead that remains a riddle. The changes in consumer behaviour will persist for quite some time. Businesses will have to understand the depth of these changes and re-strategise their market approach. During such uncertain times, companies and businesses need to be on their foot to gather and analyse data quickly and accurately. This will help them to be agile, take response measures, and make informed decisions to whatever twists and turns the pandemic throws their way.

While there are deeper learnings about consumer behaviour, three trends are emerging across the sectors and domains – contact-less experience, social distancing, and digitization. Irrespective of the location, industry, or sector, the one strategy that will address these trends is of e-commerce. In the recent few weeks, the world has observed a new wave in the usage of e-commerce platforms. The industry has become more dense and intense than ever for millions of businesses who may have not thought about selling online before the COVID-19 pandemic.

https://www.goodworklabs.com/mobile-applications-to-rule-post-covid-19-pandemic/

Let us look at how businesses can use e-commerce technology to scale during and post this pandemic:

Convenience:

Convenience has always topped the list while strategizing the e-commerce plan. People are getting used to online shopping mainly because of this major factor. One thing that companies must understand that consumer habits and preferences keep changing and they need to adapt to it. To be at par with ever-changing dynamics of what is convenient shopping, the business will have to do real-time research and take necessary actions accordingly. Currently, people are looking to shop for essential products such as groceries, medicines, dairy products, etc at their convenience. Many e-commerce apps and companies have understood this and tried to deliver in-demand items conveniently to consumers. For example, Swiggy and Zomato had started delivering groceries through their food-delivery mobile application.

Social distancing and contact-less experience: 

As the countries have started to unlock, there has been a major concern about a pandemic blowback. The increased focus on personal hygiene and the new normal social distancing has lead to the emergence of ‘contact-less experience’. This will encourage continued online shopping and reiterate the behavioural change in the long run.

Elderly Consumers to come online: 

For a long time, the elderly population is expected to be in self-imposed quarantine as they are most vulnerable to the COVID-19 infection. Hence, they are likely to use online mediums for their regular shopping and delivery. With them signing-up as customers of the e-commerce platform, the existing customer behavioural trend will be altered and accelerated. The population of 65+ aged is huge in many countries, therefore this will make up a massive customer segment for the companies to serve digitally.

Intensified Competition: 

Convenient, safe, and agile practice of shopping and delivery is what the customers today are looking for. If you lack behind in any of these key practices, or if your competition is doing it in a better fashion, then you are bound to lose customers until you adopt a new approach. For example, when the food delivery platforms like Swiggy and Zomato started delivering groceries, they were strongly competing with bigbasket, Grofers, Amazon, Godrej Natures Basket, etc. Even while they did have tough competition, the approach was well accepted in the market. Therefore, when businesses disrupt and emerge, they become a better and strong competition.

Many online customers are changing their behaviour and purchase patterns as they are opting for a more convenient, safer, and time-saving experience. This will add some strain on e-commerce platforms and online retailers today. How they analyse, gather insights, and react to these changes will define the future of the e-commerce industry in the world. Even post the removal of lockdown restrictions, the consumer behavioural changes will remain the same for some time. This change will transform the retailing and e-commerce landscape for the years to come. If you are looking to set-up an e-commerce platform or a mobile application, then reach out to us at +91- 9863077000 or [email protected]

How Big Data is Influencing ECommerce

How Big Data is Influencing ECommerce

ECommerce in recent years has been quite popular amongst the public. People prefer the idea of choosing their desired products from the comfort of their homes. The massive success of the eCommerce industry could be attributed to the large amounts of data that is available today. Big data analysis, in particular, has been crucial in helping the retail sector keep up with the growing trends and mindsets of the consumers. The modern day consumer is truly a remarkable creature with a myriad of needs and expectation along with a constantly changing taste pallet influenced by the media. In today’s market, it is hard to remain relevant without staying up-to-date with the constantly turning tide of the consumer demographic mindset. This is patently obvious with the various products that have a total lifetime of just a few months in the market after which a newer, more improved product takes over. Long gone are the days of time-tested products serving a loyal customer base for decades often bought from the same dealer. So, e-commerce and the use of the various tools that support is more of a mandate today rather than a choice. In India alone, it is expected that the e-commerce industry is set to cross the $100 billion mark in revenue by 2020. Now, let us have a look at the technology that influences e-commerce the most.

Data Analysis and Actionable Insights

As we have witnessed with everything today, data always plays a huge role. E-commerce in particular relies almost entirely on data for many processes. And there is a colossal amount of it online and analyzing it is by no means an easy task. It is here that big data makes a huge difference for all professionals within the e-commerce industry to make the best out of the data available to them. Deriving actionable insights that will help them with various processes from planning marketing strategies to campaigns, product placement, inventory, budget management etc. Professionals are now able to understand where their business strategies are taking a hit and plan contingencies that could be used to rectify them. Choosing the most effective marketing channel, the right platform to place the product are just a few of the perks that data analytics offers.

Demand Prediction

Prediction services are one of the largest benefits of big data. Given the vast resource of information available through big data, it is now possible for a retailer to predict the sales prospects of a product and how it will fair in the market. All this is based on historical data of the products’ performance in your business as well as that of other retailers. Services like Amazon Web Service (AWS) analyze customers’ shopping habits and their browsing habits to achieve this.

Personalized Business

Using behavior tracking services retailers are able to understand the personal preferences and purchase patterns. This data is further leveraged to customize ad placements and products displayed by retailers on e-commerce websites. Personalized stores display all the products that customers are more likely to buy and in most cases have been looking forward to buying. Such data is acquired by monitoring the customers’ web searches, the topics they are researching and so on. Automated recommendation for the product they are searching for is displayed on their browsers and on most websites they visit. Sometimes a cue for such a process is given when a customer first clicks on a particular product while just window shopping. In some cases, personalized offers are given to customers based on the various sites they are visiting to get the best deal. This prompts the retailer to offer a better deal for that customer. This also works quite well while scaling. The idea here is to always stay ahead of the curve. Coupons and promotional codes are also passed on to customers as part of this process.

Customer Service Optimization

The 21st-century business world relies a lot on customer service and support. A bad experience with customer service and support could lead to your business or product getting a bad reputation. Besides customer service today is also a marketing opportunity for selling accessories and additional supplies. Big data offers a clear view of the customers by providing vital information that could be used to enhance the customer service experience. Furthermore, with online transactions, mistakes occur often and some of them could cost dearly for both parties. Using big data a customer care professional will have access to all the information leading up to his/her interaction with the customer. This miscommunication can be minimized and a solution can be provided speedily.   

 

 

5 things to remember while creating a MarketPlace

How to create a MarketPlace for your business

Probably you have a novel business idea that is keeping awake until late night, or you are just excited at the sudden success and trend of collaborative economies such as Air Bnb, Uber and want to try your hand at building a similar business model, then we can safely assume that you are interested in setting up your own marketplace.

Starting up today has become more easier than before and as the trend sees it, Startups are soon the way of the future. Sam Altman, the president of Y Combinator emphasizes that for any Startup to excel, there are 4 areas that need a concrete vision:

  1. Idea
  2. Product
  3. Team
  4. Execution

(Read more about this in Sam Altman’s lecture here..)

design thinking process

Image source: Art of Education

 

Whatever you are building, be it a multi-national business or a non-profit organisation, it all begins with the idea.

So, before you build your marketplace, we want to ensure that you have these five things sorted out to help you sail easily through your business.

 

Five things to keep in mind while building a MarketPlace

 

1. Solve a real-life problem

Most entrepreneurs are always very excited about their Startup idea. But do you have a vision that can translate this idea into a real-life product?

When creating a marketplace, you need to be 100% convinced of solving a real problem – for both the user and the service provider. That is how collaborative economies work – it is all about bring buyers and sellers on a unified platform and transacting business (something similar to e-commerce)

For example: Air BnB has disrupted the hospitality and travel industry because it solved one simple but important problem – finding cheap and nice places to stay. Hotels are not always an economic option especially for those who travel on budget trips. At the same time, Air BnB has shown that even the real estate market can be open to the hospitality industry with the right strategy. 

The only way to test your idea is by developing a minimum viable product and launch it. In this way you can be sure of the market and demand for your product / service.

solve a business problem

2. Think as a Collaborator

If you are looking to tap into the collaborative economy, then you need to start looking at unused or idle assets that you can unlock. Whether it is creating a marketplace to make aviation parts easily available or creating an online metal trading portal, you need to think of your marketplace as a key that unlocks resources that would have otherwise not been easily available to consumers.

The benefit of creating a marketplace is that you can start one for almost anything – renting bikes, teaching classes, food or even gardening. As per the collaborative economy Honeycomb study by Jeremiah Owyang, the hottest startups are in transportation, goods and services and money.

Innovation is not always about creating something new, it is about doing the same thing in different ways. It is time that you put your thinking hat on and look at the resources around you in a different way. Think of opportunities of how you can acquire the maximum potential and that is when you will have a great marketplace idea.

shared economy

Image source: Juggernaut

3. Look for fragmented markets

One of the key ingredients to the success of a marketplace is when you reduce the gap between customers and service providers. Think of the small players and the inaccessible products that are of great value but lack an organised business structure.

For example: A big challenge in the freelance market has been to find qualified and dependable freelancers who can work your projects. With marketplaces like UpWork, it has just become so easy to filter out the right freelance workers for your business – be it video, content writing, design etc. Thus, both buyers and service providers can easily communicate and transact business at ease.

Thus, think if your marketplace as a one-stop shop to satisfy all your customer requirements – right from finding the product / service, evaluating it, reading reviews and buying it. As a service provider, your platform will be his door to a larger target audience. Hence it is a win-win for both parties, solving both problems – thus re-iterating point number one – solving a real problem.

Sell online on market place

4. Enable a layer of trust

Trust forms the basis for any business and the same rule applies to online marketplaces as well. One of the biggest reasons for users to shy away from transacting online has been the quality of products and trust in sellers.

Transacting second-hand goods (such as OLX) has become more acceptable these days only because the portal allows buyers to directly interact with sellers, check product reviews, thus enabling a layer of trust between the two parties.

Your marketplace is not a directory to just list products and services. It is about creating an environment where buyers and sellers collaborate and communicate before transacting business.

For example: Skill Share is one such trusted platform for education where users who want to learn new and diverse skills can reach out to industry experts and sign up for their classes. Skill Share has a policy which checks and establishes the credentials of the teacher.

Marketing gurus such as Seth Gordan have their courses listed on Skill Share and this creates a brand trust at a subconscious level, thus enabling easy on-boarding of users.

Thus, it is very essential that your marketplace is able to create this initial level of trust with users.

 

5. Narrow your market focus

While it is nice to spread your wings wide and fly, when it comes to creating a marketplace, it is best when you cater to a particular segment of products / services and users.

Don’t think of yourself as Amazon or eBay with a hundred million products. Just focus on solving just that ONE single problem that your marketplace has been designed for.

The only reason Air BnB and Uber have been successful in disrupting the market is because the former focused on providing temporary accommodation while the latter focused on creating an on-demand transport service for users. Both of them has a clear and narrow focus on the problem they wanted to address and solve for users.

Also, when you narrow down your focus you will be able to identify your true competition. There could be a particular niche that has not been tapped into and you could create a marketplace for that particular product.

Trying to be the next Air BnB or Uber with your market place is not the best strategy to move forward. Instead, trying to create a seasonal renting space or creating a taxi service specially for women / kids could be the kind of marketplace innovation that you must think of.

To sum it all up….

All we can say is, you can create a marketplace for practically any product under the sun, but these five points will help you stay focused on what matters.

Also, at GoodWorkLabs we have a fool-proof solution that can help you build a marketplace solution that can help you promote your business to millions of users across the world.

Read about our marketplace solution here.

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The Future of Mobility in the E-Commerce Industry

Going by the present trends in the ecommerce arena, there’s no denying the significance and effects of mobility across the business landscape. Increasing penetration of mobile devices and ever-evolving consumer preferences has led to the rise, growth, and popularity of mobility solutions.

Especially, when it comes to online shopping or ecommerce arena, mobility solutions have completely revolutionized functions and operations. Gone are the days when online shopping was thought to be risky, unsafe, and insecure. The number of digital buyers globally was at 1.46 billion in 2015 and is expected to grow to 2.07 billion by 2019. This speaks volumes of the immense confidence internet users have on online shopping.

The future of Mobility in the E-Commerce Industry

Of late, the ecommerce industry seems to take mobility quite seriously. Reports say that in the US, almost 1/3rd of all e-commerce in 2015 was mobile e-commerce. Can this remarkable rise in the number of mobile users, and mobile e-commerce remain sustainable in the near future? Let’s look at a few key factors behind this question

Identifying crucial challenges

With rapid developments in the business arena, there have been some major shifts in customer preferences. Enterprises today are striving hard towards offering unsurpassed User Experience to their target consumers, and mobility is playing a key role here.

Let’s find out how.

        I.            Demand for on-the-go operations

Every individual, who is also a potential consumer wishes to perform tasks on the go! From paying utility bills to ordering food or apparels, every task can be conducted online.

With Smartphones and other handheld devices ruling the tech world, ecommerce owners are finding it quite profitable to embrace mobility. Simply put, mobility is steadily growing to be a highly significant aspect of ecommerce.

      II.            Process automation

Mobility trends can lead to effective automation of numerous processes. Players in the ecommerce arena can offer automated payment options, billing, and notifications to their customers. Highly attractive and stunning apps are also of paramount significance, as they promote and facilitate on-the-go operations like never before!

    III.            Be app-ready

If your business is not app-ready, you are surely missing out on great opportunities of client retention and revenue generation. High-end applications happen to be integral segments of mobility. From simple tasks to complex functions, users will have the golden chance to perform every task on the move.

It is for this reason that most of the ecommerce owners create attractive, scalable, and easily navigable apps for customers. Irrespective of their location, consumers can now make purchases thus adding to the revenues of their chosen ecommerce partners.

Statistical references worth considering

Let’s take a look at what market statistics have to say about the importance of mobility in the ecommerce arena.

When it comes to searching for store locations, almost 67% of individuals use their Smartphones. On the other end, nearly 51% of customers look for product information on their phones.

Again, you will find close to 46% and 45% individuals checking product availability and reading product reviews with the help of their Smartphones or mobile devices.

Final word

With these statistical references, it’s quite clear that mobility in ecommerce is not just a fad. Rather, it is a crucial requisite capable of determining the future of ecommerce in a significant way.

 

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