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Tag: E-commerce Business

  • Barriers Faced by Rural Businesses | Different Ways to Sell the Products Made by Villagers

    The article is contributed by Mr. Mahesh Choudhary, Founder & Chairman, Saraswati Global.

    Selling a product is not an easier task. It is an art to convince people to buy their products. While selling the products the buyer has to face barriers, must know about the strategies to sell, and the most significant is to know the differences between selling a product in a rural market and in a global market.

    What is the global market? The goods and services and labor can move freely across the globe. To establish good marketing in the global market a good knowledge of business must be the expertise of the person. Being a good business person we must know how to get consumers hooked with the products. Although it is difficult for all to sell their products and make it a well-known brand. But for villagers it is a demanding practice for them. There are a lot of barriers which they have to face before and during selling their products.

    The Barriers Villagers Face in Selling Their Products

    Reach/Access

    Access is one of the major barriers for the Villagers. It is difficult for the small entrepreneur to reach the consumers, give the information and Sell their products. With the limited electricity and little access to mass media, it is a challenge to reach consumers.

    Transportation

    Rural business people face a lot of lags due to lack of support and services. One of them is transportation. Transportation helps in movement of goods and services which ensure access according to customers, and act as a link between the producers and consumers. Transportation challenge factors include, lack of road maintenance, hike in fuel prices and vehicle services.

    Capital

    Capital, the most mandatory for business, acts as a barrier. The investment, capital amount, and money are significant for the commencement of business. But for rural entrepreneurs, it is the first barrier that they have to face to execute any business idea. Insufficient profit to cover overhead expenses can result from a lack of capital.

    Technology

    Entrepreneurs in urban cities generally use technological methods two manufacture their goods, because it cuts cost and time and gives a complete finish to the goods. But lack of proper knowledge in rural entrepreneurs affects the growth of their entrepreneurship. So they are completely based on labour work and handmade products, which take a lot of time to manufacture.

    Digitalisation

    Along with the lack of technology knowledge, rural entrepreneurs also don’t have a proper understanding of digitalisation which is hitting the global market vigorously. But improper knowledge of digitalisation adversely affects their entrepreneurship development.

    Competition

    One of the key successes to be a good entrepreneur is to beat the competitors in the market. This is the toughest key for the rural entrepreneurs to face existing competitors for their establishment. The existing competitors have good quality of resources and rural competitors lack them.

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    Lack of knowledge creates excessive fuss for rural entrepreneurs. Selling their manufactured products is a challenging task for them. So how can they deal with these? To tackle them rural entrepreneurs need support from NGOs and government as they can help them to promote rural enterprise.

    NGOs can help entrepreneurs by counselling them. By consulting rural entrepreneurs we can get to know resources and the requirements they need for the procedural activities. NGOs can help with their sources by providing them with enough resources to use for their activities.

    Government can help by providing a capital amount to small rural entrepreneurs. So that they could afford the requirements they need. Rural consumers nor rural entrepreneurs are able to operate smartphones which ultimately affects rural entrepreneurs. A counselling program can help them to train in it. Government can also arrange a counselling program to train them in every aspect of entrepreneurship. This can also lead them to digital and technological literacy.

    Lack of support and services can cause no profit in selling the products in the global market.

    Let’s find out the different ways where we can sell the product made by the Villagers.

    Ways to Sell Products Made by Villagers

    Personal Selling

    Face-to-face interaction selling is the best method for the rural marketer. Consumers search for reliable marketers. Here the customers can trust completely because they buy the products with their personal checks. This can lead to gaining trust and the buyers can also become regular consumers.

    Fairs and Exhibitions

    Fairs and exhibitions are like the part of the rural people. This is a great opportunity for entrepreneurs to launch and sell their products. A Lot of people come for entertainment. Through the different entertainment selling methods, consumers can easily attract to watch. With this method sometimes they also get convinced to buy them.

    E-COMMERCE

    E-commerce is on the rise as the trend of online shopping has become a trend in the last few years. E-Commerce is the marketplace where anybody can sell and buy their products. The online platform is not restricted to urban or rural people. Amazon, Flipkart, Etsy, craftvilla, etc are one of the E-Commerce platforms for buying and selling goods and services.

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    Social Media

    Along with e-commerce social media such as Instagram and Facebook are the best marketplace to create, sell and grow a brand. People mostly spend their time on social media. Since these platforms would have a wider reach to consumers.

    Channel Sales

    By channel sales, we know that it is the process of distribution of products to the market. It means the person can sell the product through the collaboration of another company.

  • How to Fund and Grow an E-commerce Platform?

    The article is contributed By Prateek Ruhail, CEO and  Co-Founder of Vanity Wagon.

    In the recent past, a lot of businesses have gone digital incalculably. This was accelerated by the pandemic which curtailed individuals’ ability to visit physical marketplaces, and they were instead forced to shop from e-commerce websites. And now, the shoppers include individuals from all walks of life, a medley of cities and different income statuses. A report revealed that from April-May 2020, there was an 11% increase in first-time online shoppers. The e-commerce market in the country is exploding and is set to grow at a 30% compound annual growth rate in the next 5 years, serving 300-350 million shoppers in the next 3 years. This growth in e-commerce businesses has warranted a deeper understanding of how to fund and grow such a platform.

    ECommerce Funding

    Financials and cash-flow is the toughest problem to navigate when starting your own e-commerce business. It’s extremely pertinent to clearly chalk out a plan and figure out exactly what you need the funds for. This money is usually used to grow, cover expenses (marketing and operational) and for inventory costs.

    How to Get Funds for Your ECommerce Business?

    There are numerous ways to fund your business. The most common of these are using your personal savings, bootstrapping- asking family and friends for help, and crowdfunding – collecting funds from the public. There are also grants- obtaining money from a public body, equity financing- giving up equity for a cash investment, debt financing- selling debt instruments like bonds to investors, revenue-share financing- in the form of royalties, and bank loans. Each company has its own unique business model due to which some of these methods might work better as compared to others. Even at different stages of the business’ growth- different methods might be appropriate.

    Investors’ Alignment to Your Business Objectives

    Not every investor fits perfectly into the puzzle. If you have an investor that doesn’t understand the overall vision of the company, and does not agree on a strategy, it can actually be counterproductive to have them on board. Thus, it is extremely important that you and your investors align on the objectives and plans of action for the company.

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    Growing Your ECommerce Platform

    After starting the business and getting the infrastructure in place, the funds are used to grow the company. There are several growth strategies that can be implemented to maximise profits-

    1. Affiliate marketing – Affiliate marketing is a business strategy whereby you can increase your business reach by allowing social media accounts and websites to market your products and show advertisements for a specific percentage of your sales. This exposes your brand to a larger audience, thereby growing it.
    2. Target audience – Identifying your target audience is pertinent to understanding the demographics and trends among those you are selling to and modify your marketing and operational strategy accordingly. If your product or marketing is irrelevant to your target, there is no point.
    3. Repeated business – Usually, the customer acquisition cost is extremely high, but converting an existing customer into a repeated buyer is easier and also increases sales. Luring customers back in using tactics like offers, discounts, bundles, customised coupons, and maintaining a good relationship with them is likely to grow your business.
    4. Market basket analysis – Enticing customers to purchase commodities that are linked to one another through market basket analysis is an excellent way to grow your business. For example, if a customer is buying clothes, there can be options of accessories that go with the whole look. Or, if a customer is buying chips, there should be a bundled with different recommended dips etc.
    5. Upselling products – Upselling refers to getting customers to purchase high-end and more expensive products instead of their cheaper alternatives. This can be done through things like ‘Amazon’s choice’ or even comparing different products so that the advantages are easily recognisable.
    6. Creating awareness – If your e-commerce business can solve problems, then it is extremely important to create awareness and use appropriate marketing tools to do so. In today’s day and age, customers do extensive research before settling on a purchase hence, it is important that they are aware of the product you have and the problem you solve with the product.
    7. Influencers – A good way to create awareness in the present day is through influencers. These influencers usually have thousands of followers who look up to them for advice and recommendations. The sales you get from these influencers should make up for the fee you pay them.

    Thus, adopting the right strategies for funding and growing your e-commerce platform is key to having a profitable business.

  • Effective Methods to Help You Reduce E-Commerce Cart Abandonment Rate

    The article is contributed by Mr. Pankaj Sharma, President – The Lexicon Group of Institutes and Chairman & MD – Pune Mirror & MultiFit.

    Global is the new local in today’s digital marketplace. And, as international markets develop, we are entering a period of extraordinary growth prospects. However, every excellent opportunity comes with its own set of adversities and advantages.

    E-commerce has now become a need for many organizations, so it’s critical to establish a digital marketing strategy that supports online selling. To expand, modern companies require eCommerce marketing solutions. However, the abundance of alternatives may quickly become overwhelming. The most difficult difficulty that eCommerce organizations confront these days is lowering cart abandonment rates. The average cart abandonment rate across sectors is a mind-boggling 70%.

    That indicates that for every consumer that buys from you, two walk away without completing the transaction. As a result, innumerable possibilities to develop your organization, boost income, and establish a stronger online presence are lost. Due to the obvious lack of face-to-face interaction, providing excellent customer care on your e-commerce site might be difficult, but it is just as crucial as in any other customer-facing firm to make the close.

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    Here I will list down 3 effective methods that can help you reduce your cart abandonment rate:

    Add Proactive Live Chat to Checkout Pages

    Set up a friendly, proactive chat pop-up to capture the attention of visitors who have a particular question. Instead of looking for methods to contact someone, users may just write their queries into the box and have an immediate response.

    Allow guests to check out

    One of the most common reasons individuals abandon their carts is the need to fill out lengthy paperwork. So, if you want to reduce cart abandonment, you’ll have to avoid requiring registrations. You may still provide the option to register and even promote it with a modest additional reward. However, you must always offer an alternative. Allow customers to check out as guests.

    No Hidden Charges

    If you’re upfront about charges, you may even include them in your brand positioning. When clients buy with you, they can be confident that the prices they see are the amounts they will have to pay.

  • Ultimate Product Image Guide for Your eCommerce Store

    If you’ve ever done online shopping, you must have evaluated the product by seeing the available product images. But what if you were presented with a poor-quality, blurry, static product image on the online store? Would you still buy the same product? The answer is a big NO. Unlike a visit to the traditional brick-and-mortar store, you don’t get the option to pick a product and assess its quality during online shopping.

    You instead try to judge the product and its quality by seeing the product image. It would be an understatement to say that many online conversions result from uploading top-notch product images. If you own a relatively new or old eCommerce store and are struggling to generate sales, making changes in the product image quality can bring a huge difference.

    While eCommerce store owners understand the importance of uploading top-quality images to their online store, many don’t know the best practices of doing it. It inadvertently hurts the bottom line. To help you improve your store’s user experience and boost online sales, we’ve curated this epic product image guide for eCommerce store owners. So let’s quickly go through the below-shared practical tips or settings that can get you visible results.

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    Tips for Improving Product Images for Your eCommerce Store
    Upload a Product Image in all Available Colors
    Maintain a Balance Between Website Performance & Image File Size
    Allow the Shopper to Zoom in & Zoom Out Without any Hassle
    Maintain Brand Consistency Throughout the Product Images
    Upload Pictures from All Viewing Angles
    Why Focus So Much on Product Images?

    Editing E-commerce Product Images

    Tips for Improving Product Images for Your eCommerce Store

    Upload a Product Image in all Available Colors

    Instead of telling visitors that you offer a product in three more colors, show them the different available options with the help of images. Visualization helps people make better decisions than mere statements.

    For example, if you sell luggage in different color variants, click an excellent product picture in all the available color ranges. The viewer should be able to see the product in the desired color he clicked on. This one change can bring a massive difference to your online sales.

    Maintain a Balance Between Website Performance & Image File Size

    Have you ever visited any online store whose catalog and product images took an extended time to load? If yes, you’re not alone. Various eCommerce stores are yet to optimize their product’s image size and website performance.

    If image loading time and page loading time are not aligned, visitors can immediately leave the store for other better-performing sites. You should ask your SEO manager and website developer to work together with the product photographer to fix this problem. Together they can ensure the product image size and resolution are pitch-perfect.

    When uploading the desired image file type, always store and upload product images in JPG format. This format is supported by many online store platforms, including WooCommerce, Shopify, etc.

    Allow the Shopper to Zoom in & Zoom Out Without any Hassle

    Irrespective of the product you’re selling online, it is crucial to allow the prospective customers to easily zoom in and zoom out by clicking on any part of the picture. This feature lets customers get a closer and relatively clear look of the product. If you’re into the clothing business, you can leverage this feature to your advantage.

    Customers can get to zoom in and display any intricate design or detail that sets your product apart from others in the market, ultimately leading to increased sales. You can either check whether the platform you’re using to run the eCommerce store is offering this functionality or contact a web developer to do the needful.

    Maintain Brand Consistency Throughout the Product Images

    Branding is a crucial component that can make any brand appear more reliable than others. As a store owner, you wouldn’t want your website images to look like random picture pieces picked up from the internet. When it comes to product images, store owners can subtly include their brand style to exert the much-needed influence.

    To maintain branding and consistency across all uploaded pictures, pay special attention to the lighting, product placement, background, modeling, etc., while clicking the picture. Inconsistency in product images can be distracting and can prevent store visitors from making a purchase. To impart a professional and more reliable feel to all the product images, always ask the concerned professional to abide by the brand guidelines.

    Upload Pictures from All Viewing Angles

    It might sound like a piece of cliché advice, but you’d be surprised to know that not many eCommerce stores have incorporated this into their website. When shopping online, people don’t get the benefit of picking a product in their hand and analyzing it from different angles. But you can fill in this gap by offering advanced, and high-resolution product images clicked from various angles.

    When the same product is viewed from different angles, it highlights details that a static image or a specific angle fails to cover. It is why when you visit eCommerce giants like Amazon, Flipkart, eBay, etc., you get the option to view a product from different angles. It lets you know how big or small the product really is. It also enables you to gauge the product better.

    If the product you’re selling has some unique details, don’t forget to highlight it by clicking pictures from relevant angles.

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    Why Focus So Much on Product Images?

    Customers Survey on improvement of the Product Images in E-Commerce Grocery
    Customers Survey on improvement of the Product Images in E-Commerce Grocery

    While product descriptions are essential for online shoppers, quality product images are equally important. According to a survey, approximately 75% of respondents said that product images are very influential and help them make a purchase decision. The same poll also disclosed how around 22% of respondents returned the purchased product because it looked very different from what it looked online in the product image.

    Online shoppers want to see product images because it gives them proof of texture, color, shape, design, and more. Well-taken pictures instill a spark among potential buyers, inclining them towards a particular product. It also gives shoppers a clear idea of what they will get for the offered price. If you can provide this one thing that customers yearn for, you can definitely boost your online sales.

    Your sales revenue gets boosted by bettering the Product Image Quality.

    The necessity of having high-resolution and quality product images on an online store cannot be emphasized enough. In today’s age, a lot depends on how products look and feel. With eCommerce players doubling down on product imagery and visual content, you cannot take the risk of being left behind. If you have uploaded multiple good-quality pictures of every product to woo your visitors but still aren’t getting impressive results, try adopting the tips shared in the guide.

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    Conclusion

    After analyzing various eCommerce stores across different niches, it has been found that stores offering the best product imagery content perform better than the rest. This guide suggests some of the best and most practical tips that have the potential to skyrocket your online sales, so give them a try for visible results.

    FAQs

    Which image format is best for eCommerce websites?

    JPEG and PNG image format is the best for eCommerce websites.

    What size should WooCommerce product images be?

    The recommended size of WooCommerce product images is 800×800 pixels.

    What size should Shopify product images be?

    Shopify recommended product image size is 2048 x 2048 pixels.

    What is the best image size for online?

    The optimal file size for images on an eCommerce website should be less than 200 KB.

  • Homegrown Fashion Brands Being Embraced Outside of Metropolitan India

    The article is contributed by Shivaani Jain – Co-Founder, TAGGD

    In this age of ‘new kind of fashionable’, it’s no longer uncool to sport homegrown labels. Back in 1991, the Indian economy opened doors and flooded the market with foreign goods. These were mostly lifestyle brands that Indians had long heard about, but never got to sample. Liberalisation also created the conditions for—maybe even inspired—indigenous creators to later prosper at home and also abroad.

    More than 30 years later, from those watershed weeks and months, Indian fashion designers – to name just one creative niche – are now making waves, among local as well as international clients. Once restricted to those with money to spend, fashion has become democratised as it has penetrated non-metropolitan India. And because it is online, it is widely available, accessible and affordable. No wonder it is being endorsed and embraced by millions who reside off the beaten metro track, who crave the same apparel and attire – casual, formal and informal – as their megalopolis-living counterparts, and also the same comforts and indulgences.

    Indeed, the bigger transformation is happening outside of Delhi, Mumbai, and Bangalore. Today, it is small-town India – small in size but certainly not in aspiration – that is shaping the India of the future, in terms of what it buys and even the lifestyle trends to come. So, what a Moradabad, a Coimbatore, a Nasik and a Cuttack thinks today, India will likely think the same tomorrow.

    The changing face of lifestyle

    This is not entirely unexpected, but it has been hastened by COVID-19, a process quickened by families being confined indoors and thus relying on e-commerce to take care of their desires as much as their needs. The pandemic brought home to us that life indeed is short, and we might as well make the most of it while we’re at it. So, if wearing that funky outfit, or that sexy one-piece (designed by one of us) allows us to feel good, why not indulge?

    Unsurprisingly, it’s the digital revolution that has made e-commerce accessible to Tier 2 and Tier 3 markets, thanks to the government’s Digital India initiative. This has enabled fashion and other brands alike to target the country’s non-metro towns and cities as future growth areas while giving the clientele here options besides the tried-and-tested names, and the opportunity to stay in touch with the latest trends in the fashion domain.

    Because, when it comes to fashion, brands and collections are the same almost everywhere, and online shoppers are not guaranteed any exclusivity when they go looking to add to their wardrobes. Hence, now, they are more than willing to try out – and accept – labels that don’t come with the big-city tag, and to experiment with brands that are new to the market, and of which little is known.

    In fact, the very thought of helping homegrown brands from locations off the fashion radar, in towns and cities away from the major urban centers, has empowered patrons in these places to own and wear such labels with pride. And while the brands may lack the staying power and cachet of the top-of-the-line labels, they do understand the power and magic of digital. So, assisted by on-off lockdowns and a population habituated to virtual shopping, they are evolving by adapting to the digital savviness of the consumer as well as the changing face of the industry.

    The success of homegrown brands has been further driven by the ubiquity and high impact of influencers. Alongside, the rise of influencer marketing has given small-city youth a platform to leverage their presence on social media and earn a decent living. Fashion offers rewards as much as it lifts spirits and boosts confidence.

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    At home with fashion

    The well-heeled and well-travelled may still opt for high-street chains such as Zara, Marks & Spencer or H&M (among many others) but a growing number of Indians are much less hung up about the ‘name’ than their predecessors once were. And the reason behind this change is the fact that there are many more indigenous designers and labels out there, a majority of them boasting creations of great standards, and more than capable of giving British, European and American brands a good run for their money.

    Moreover, these made-in-India brands are nowhere near as overpriced as some of their international counterparts are. In fact, they are very reasonable on the average middle-class pocket, offering fashion and lifestyle that is affordable for you and me.

    The metros may be where all the action is, but hidden from the eyes of many metro denizens is what’s happening in India’s Tier 2 and Tier 3 cities. Already, girls and boys from these urban spaces form a sizeable chunk of service economy across the country. This is a demographic that is growing, and it is one that will constitute a greater part of the workforce of tomorrow’s India. And, as their profiles grow, so do their ambitions. These confident Indians seek nothing but the best—in clothes and accessories, in gadgets and cars, in holidays and experiences.

    There are e-commerce marketplaces and e-retailers successfully catering to and answering this swelling demand. Yet, while women’s wear and menswear might make up the bulk of the sales, Mrs and Mr are just as interested in jewellery, cosmetics and home décor—and when it comes to clothes, their junior or teen daughters and sons don’t want to be left behind.

    It really is a whole new ecosystem – of hip and homegrown fashion and lifestyle brands, and their customers who are looking to keep themselves up-to-date with the latest trends. And in this ecosystem, the fashion influencers are key facilitators, playing an important role by sharing styling ideas and tips—to bring out the best in you, to make you look good.

    Thankfully, gone are the days when fashion in India was a preserve of the elite and the wealthy, and that is surely for the better. Because its increasing inclusivity has exposed the majority of Indians to lifestyle choices they never had. It’s of little surprise, then, that homegrown brands are making a beeline for Tier 2 and Tier 3 cities, for it is here that cash registers are ringing at their loudest. When it comes to fashion, there’s no more happening place in the country than the small-town India of big dreams.

  • Why Is CBNITS One of the Best Software Services Companies in Kolkata?

    These days, technology and, more specifically, software development is crucial to the development of new ideas and the advancement of businesses and startups. The city of Kolkata, which is said to be the IT capital of Eastern India, is allowing for an unconstrained path regarding technological advancements. It can be challenging to choose the best software service provider from the many that have a base office in Kolkata.

    But not to worry because CBNITS, a leading provider of enterprise solutions and IT services, is the best of the best. On July 4, 2018, CBNITS India Private Limited, a private corporation, was established in Kolkata, West Bengal and is an organisation that strives to help a company transform and reach above and beyond with their digital solutions.

    But why is it the best software service company, you might ask. Numerous elements make them outstanding, such as their cutting-edge technologies that enables businesses to meet the obstacles at every stage of growth. But that’s not all; let’s dig a little further and discover why CBNITS is among the top providers of software services in Kolkata.

    What makes CBNITS unique?
    What Domains does CBNITS Specialise in?

    What makes CBNITS unique?

    Easy Solutions for Early-Stage Companies

    CBNITS claims to assist you in bolstering your IT foundation and realising new opportunities that enable quicker growth with its team of over 300 skilled cybersecurity experts, cloud engineers, expert-level software engineers, UX/UI designers, and data scientists.

    Back Startups up with excellent Software Support

    CBNITS is designed to provide you with the greatest ERP Solutions, support you as you move your project ahead, and help you thrive. This includes the initial idea to execution, ongoing support, and managing business growth.

    Overcoming The Skills Gap

    Is your company not particularly technically inclined? No issue! Because CBNITS knows where to put the right people for the right project with amazing skills and talent tailored to your needs.

    Cutting-Edge Technologies

    The engineers at CBNITS are skilled and experienced in advanced techs like Big Data & Hadoop, Cybersecurity, Blockchain, Data Science, AI & Machine Learning, IoT & Connected Devices, Software Development, SAP, DevOps & Infrastructure, Mobile & Wearables, UX/UI and Cloud Solutions which can help you and your firm touch the skies.

    What Domains does CBNITS Specialise in?

    CBNITS Logo
    CBNITS Logo

    Healthcare

    Health professionals and patients looking for help frequently use Teamwellness as a platform. The software simplifies the medical facility by connecting patients and practitioners for an online consultation. From start to finish, the patients and practitioners can do everything whilst sitting at home.

    The entire platform has been built by the company’s designing team using CSS and HTML and is available on iOS and Android. The technology used to make this platform includes Read Native, AWS, MySQL, CSS, Bootstrap, React, Node and HTML.

    The app allows the patients to select a medical speciality, view the doctors’ profiles and portfolios, view availability on calendar requests and make an appointment, schedule an appointment, view booking status, acquire confirmation and review and make payments.

    The app allows the practitioners to add medical experience and education, send meeting URLs, receive payments, and much more.

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    Cyber Security

    Businesses can securely communicate confidential papers with anyone within or outside the firm, thanks to the SaaS application from i2Chain. In accordance with GDPR and CCPA privacy rules, i2Chain enables banks, hospitals, accounting firms, mortgage companies, and others to securely transfer their IP, PHI, and PII with co-processing businesses. The zero-click technology from i2Chain protects documents with encryption, rules, and immutable audit logs. It is also independent of the type of cloud and storage used.

    This platform was built using Electron, Node, Cryptography, AWS Cognito, React, and Blockchain technologies.

    EdTech

    Both parents and students can utilise the site, which is adaptable for all platforms and gives them access to their courses and assignments. Additionally, there is a forum section where users can talk with other students and teachers about their assignments and classes.

    The dashboards allow parents to see their child’s progress.

    The platform has a number of secure payment gateways, including Stripe, credit card, PayPal, and others, to make it simple for students to pay and for instructors to receive payment.

    This platform was built using Node, AWS, React, CSS and HTML technologies.

    HR Tech

    To assist professionals, this platform uses machine learning and artificial intelligence by identifying their formula for professional growth and success. The behavioural skill level and in-depth analytical report of all users within the company are provided by the artificial intelligence and machine learning analytics, along with 16 free personality factor assessments, to help users identify their potential, suitability, and areas that need improvement.

    The platform is easy to use, responsive on all platforms and highly secure and was built using Tiger Graph, Javascript, React Native, CSS, Java Spring, AWS RDS and HTML technologies.

    E-Commerce

    The platform was created by the engineers at CBNITS to enable the delivery of everyday things and household goods to your home. You can select from three possible user options, namely, admin panel, buyers, and sellers. The Seller must sign up and list all relevant information about their products on the platform. Customers can browse products, add them to carts, and check out. Customers who have purchased things have the option of leaving reviews. The admin will be in charge of maintaining the platform’s overall functionality.

    The technologies used to create this platform include Node, Bootstrap, AWS, MySQL, React, CSS, and HTML.

    Conclusion

    Now you know why CBNITS is one of the best software services companies in Kolkata. With over seven years of experience and 1000 projects in over 20 countries, CBNITS has everything you might need to grow your business.

    FAQs

    Who is the founder of CBNITS?

    Rajdeep Bose & Naveen Chand Bachkethi are the founders of CBNITS.

    When was CBNITS founded?

    CBNITS was founded in 2018.

    What Domains does CBNITS Specialise in?

    Major domains for which CBNITS provides software solutions are:

    • Healthcare
    • Security
    • EdTech
    • HR Tech
    • E-Commerce

    How many employees does CBNITS have?

    CBNITS has 200-500 employees.

    What is the revenue of CBNITS?

    The operating revenue of CBNITS ranges from INR 1 Crore – 100 Crore annually.

  • How E-commerce Companies Can Make Their Logistics More Efficient?

    This article is attributed to Prodipto Roy, Co-Founder, Quickshift.

    With technology evolving faster than ever in modern times, e-commerce is no different, changing invasively, striving to provide lightning-fast delivery and providing enhanced services to its clients. The market that was less than $1 trillion in 2011, grew to about $ 9.00 trillion in 2021, a volume of 22% being online purchases from the total retail sales, and expected to be over 50% by 2031. E-commerce has seen a growth trajectory of 13-17% during the pandemic and is sure to stay with continuing shopping trends.

    While Tech forms the platform for E-commerce, the foundation is largely based on efficient logistics. E-commerce companies are integrating effective strategies into their supply chains that can help them make promises that improve sales and create customer excitement. It helps in mitigating shipping delays and inefficiencies in order to provide better service, increased margins and customer satisfaction.

    What makes e-commerce logistics efficient?

    Technological advancements are required from order fulfilment to demand. The call of the hour is to have decentralised distribution and fulfilment centres, to meet growing order volumes, customer expectations and complexities in deliveries.

    Here are a few supply chain strategies for eCommerce companies:

    Implement information systems: By introducing warehouse management systems (WMS) companies can manage most of the activities that take place in a fulfilment warehouse. Products that traditionally sell out more rapidly can be stored in easily accessible warehouse locations, and employees can adapt to unexpected demand for certain models.

    Decide on the right third-party logistics and internal fulfilment: An easy way to cost reduction is outsourcing fulfilment costs to third-party logistics (3PL) provider. This eliminates huge infrastructure costs, workload and manpower management, and ongoing maintenance costs among others. Third-party providers will procure warehouse space, restock shipping supplies such as labels, cartons, and pallets, and handle overhead costs.

    Warehouse strategy: Warehouse costs are about 15-20% per order and an extensive study should be conducted to increase efficiency. Certain orders need specialized storage, like cold storage or climate control, approaching logistics from a warehouse strategy could provide better efficiency. Warehousing costs can be reduced by renting out local spaces.

    Voice-enabling Systems: This system uses voice direction for scans and key entry, which reduces the time employees spend reading devices, manipulating barcodes, and re-keying in data. Although this strategy incurs up-front costs, but voice-enabling can save 1 to 3 seconds per pick.

    Effective Training Programmes: It is not always possible for companies to invest in warehouse management systems. In such cases, companies can still reap benefits from effective manual labour training programmes, to help employees work safely and rapidly, by introducing simple technology that can make it easier to pick and pack. These small upgrades can lower costs per line, unit, and order.

    Using barcode and RFID: Companies can easily track goods in transit and collect data using barcode and RFID systems. Also, the pick and pack, return cycle, tagging and other processes can be handled more efficiently.

    Optimal use of warehouses: By using the existing warehouse facility to its full capacity, companies can increase worker productivity, and reduce inventory errors. Ways of doing so are utilizing every square inch of the capacity available, forming separate sections for goods coming in and going out, forming cross-sections, shortening aisle width, and stacking up vertically. This also reduces the pickup and processing time.

    Reduce delivery times: By shifting operations to decentralized locations, the companies can reduce delays caused due to geographic locations. This helps shipping faster and closer to the target market.

    Efficient supply chain vendors: Collaborate with vendors that have high standards of customer service, timely delivery, packaging and communication systems. This will ensure timely delivery and increase customer satisfaction.

    Quick transportation system: Inventory needs to move fast to give a good turnout. Having a transportation management system can tackle all the known complexities of routing deliveries. This type of software can figure out the best route and ensure that all stops are accounted for. This technology is also known for cutting costs.

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    What do efficient logistics systems look like?

    An efficient logistics process in a business offers unmistakable advantages. It streamlines operations, minimizes downtime, gets products from place to place quickly and adds tremendous overall value.

    Below are some main benefits of efficient logistics:

    Reduced costs: businesses are efficient because they trim wastage, overheads and extras in the process. More efficient transport routes offer reduced time and fuel costs, and efficient warehousing strategies allow you to fit more inventory into space and reduce your storage costs.

    Increased customer satisfaction: Increased logistics efficiency comes with improved fulfilment. customers who receive orders as promised are more likely to be pleased with the services and there is a higher retention rate. This helps you build a loyal customer base.

    Strong relation with suppliers: While onboarding, the suppliers are always keen to know whether you have the necessary infrastructure and systems necessary for their business and can deliver their products as promised or not. By exhibiting your command of logistics efficiency, you make yourself an appealing partner for suppliers and ensure a steady supply of quality products for your clients.

    Better industry reputation: Strong logistics efficiency manifests your overall reputation in your industry. E-commerce companies gain confidence with clients, become more attractive business partners and attract more qualified and capable employees.

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    Conclusion

    Logistics and e-commerce are two sides of the same coin and are inevitable to create a seamless and smooth shopping experience. The nexus with 3PL comes highly recommended for e-commerce businesses with complex supply chains. They have automation technology that helps you have a better outlook and take informative well-planned decisions, ensuring growth and higher productivity. Working with a 3PL saves complex engagements such as training, recruitment and development. Logistics are inevitable to any business.

  • Why eBay Lost The E-Commerce War?

    To begin with, eBay did not lose the e-commerce war to anyone but itself. The American multinational company, which was once a prominent ecommerce market player, gradually sidetracked, especially from the Indian market.

    No wonder the ecommerce market now is dominated by able players like Flipkart and Amazon, and eBay still has a place but it has long lost its prominence. This often poses numerous questions in our minds regarding eBay and how it lost the ecommerce war.

    So, we have decided to come up with this article, which will let you know all about eBay and how it dimmed from dominance.

    How eBay started?
    Factors That Made eBay lose E-commerce Market

    How eBay lost the E-Commerce war?

    How eBay started?

    Pierre Omidyar - Founder of eBay
    Pierre Omidyar – Founder of eBay

    eBay was founded by Pierre Omidyar on 3 September 1995 in San Jose, California, United States eBay’s tenure on the dominating throne was very short-lived. Pierre was merely 28 years when he founded eBay. He graduated with a degree in Computer Science and was soon after hired by the all-time mega player Apple. While working for several companies, Pierre felt the need to have an innovation of his own. In 1991, while working at Inc development, Pierre Omidyar had ideas that could revolutionize the e-commerce marketplace. During his tenure at Inc development, he lacked the string that could lead him to what he desired, so he quit his job. After that, he worked at many places with the zeal of developing something of his own. This way gradually by experimenting in the modern marketplaces many times, eBay was born.

    The original business model was to create a website to carry out auctions that could be customer to customer or seller to seller. This turned out to be quite a hit. The traffic to the website was humongous. The major and only source of monetization during the beginning for eBay was the commissions it charged on every auction. In 1996 the business started to get serious with the plunge in the number of users. Pierre hired programmers and was set to expand the platform. People seemed to like the concept. The number of auctions hosters on the website increased day by day. Soon eBay was a structured corporation under the guidance of the CEO Margaret Whitman, whose background and skill brought eBay to touch the zenith of success. Later, soon the universal law of Darwin, the world is meant for the survival only of the fittest stated to give major reality checks to eBay. The downfall devil knocked on eBay’s door.

    Factors That Made eBay lose E-commerce Market

    Most people think that eBay failed because it did not capitalize on the e-commerce revolutionary but in reality, it failed because it did not expand on discovery-driven eCommerce, which itself started when the trend expanded beyond the platform and onto social media.

    Cost Factor

    eBay failed to be cost-friendly for everyone, it was more of a bargain store than a pocket-friendly store as it had the option of bidding which cannot be found on any other e-commerce platform, and eBay has a fee for almost everything including shipping charges.

    When every platform started cutting down the shipping cost to attract more customers eBay did not adapt to this and still kept the charges making them lose a lot of their customer base to other e-commerce giants.

    Lack of Customer Support

    Every business has a major impact through its customer support base, We all know the hassle we have to go through when we have to return a product or enquire about anything and how we prefer buying from places that have exceptional customer support.

    Not focusing on their customer support was also one of the prime factors why eBay was left behind. Especially during the pandemic, every e-commerce platform improved its customer support drastically. on the other hand, eBay was notorious for poor support, no phone number, automated responses, and a buy at your risk policy, it took years for eBay to give very minimum buyer protection, and also a seller can be banned at the drop of a hat, with no appeals process and it stays for life. This made eBay neither buyer-friendly nor seller-friendly.

    User Interface

    The website of eBay is very laggy for users, when most of the world was moving online, The expectations of people were increasing. eBay was still lacking behind with its crappy website which was filled with a lot of bugs and the interface was neither user-friendly nor pleasant to the eye.

    Lack of Innovation

    eBay’s inability to innovate has pushed it onto the sidelines of e-commerce business, it had to look into the future and innovate accordingly to survive in the marketplace which it failed to do, it is also heavily biased towards buyers and gives almost zero protection to sellers which forces most of the good businesses to move to other marketplaces instead of eBay.

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    Talent Retention

    Every business thrives on the type of people they have to work with. Accordingly, every business wants to retain its talented employees that would help them improve their business. eBay almost every time failed to retain its good talent and lost it to other companies. Most of the alumni of eBay even turned into very successful entrepreneurs. Had eBay retained even a little percentage of such talent in the company, the story of eBay might have been different now.

    Like every e-commerce business out there, eBay is a business that needs both buyers and sellers equally. If people aren’t using eBay to sell their things, then eBay is out of luck, it isn’t like eBay can go into people’s houses, and sell the stuff themselves.

    Most of the people that use eBay now are using it mostly to buy used parts and second-hand parts for cheap or trade their items for bidding. That’s all they find good about the website now. If you wanted a brand new item or wanted to sell a brand new item you would not turn to eBay.

    Terms and Conditions

    eBay has made its terms and conditions complex for both the buyers and sellers which makes it impossible for both of them to stay in business with each other without any complications or hassle.

    Conclusion

    Charging higher commissions, offering no sellers/buyers’ protection, extremely complicated terms and conditions, bad customer support, and the lack of transparency, are some of the major factors that led to eBay getting sidelined in the e-commerce business. Furthermore, the rapid rise of the other innovative alternatives has led to the fall of eBay’s dominance. Though eBay’s fall from glory is not here for long in the world of brands and businesses that are ever-changing, the missteps of the brand can certainly serve as lessons for startups, budding startups, founders, business executives, entrepreneurs, and all who dream of being one.

    FAQs

    Is eBay an E-Commerce platform?

    eBay is an American multinational e-commerce corporation based in San Jose, California.

    Who is the founder of eBay?

    eBay was founded by Pierre Omidyar in 1995.

    Is eBay on the decline?

    eBay is continuously losing its customers of e-Commerce market.

    Who is the biggest competitor of eBay?

    Amazon is the biggest player in E-commerce market that gave tough competition to eBay.

  • How to Reduce Shopping Cart Abandonment?

    Do customers add products to their cart but ditch them without completing the transaction? We know how badly it affects your business. That is why we are here with some expert tips on how you can reduce shopping cart abandonment. Delve in!

    Most online shoppers have a bad habit of ditching their cart items. This ditching process is popularly known as shopping cart abandonment in the online shopping world. The customer might not care much about abandoning the product added to the cart. However, it is a major headache for the sellers. They take a note of each cart activity to calculate the cart abandonment rate by dividing the total number of complete transactions by the total number of incomplete or abandoned transactions. Currently, the global cart abandonment rate is around 74%, which is huge.

    For the sellers, even a small cart abandonment rate is heartbreaking because they want their business to flourish like never before. Hence, they try their best to reduce the rate. But most of them are new to selling things online and cannot manage the work alone. If you are also one such seller, we are here to help. In today’s guide, we will teach you the best ways using which you can easily reduce the cart abandonment rate. Keep reading!

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    Ways to Reduce Shopping Cart Abandonment Rate

    Ways to Reduce Shopping Cart Abandonment Rate

    Here are some of the best ways you can follow to decrease the abandonment of shopping carts by customers while shopping on your E-commerce website.

    Keep Multiple Payment Options

    Most customers do not complete the transaction because they cannot find a suitable payment option as per their preference. Due to this, they often switch to some other shopping site and buy the same product from there. But you can easily avoid it by providing multiple payment options on your site. Some of the most common ones are PayPal, Stripe, Neteller, Skrill, and credit cards. You can also include third-party payment services.

    Even though online payment is highly preferred by shoppers these days, some like sticking to the traditional mode of payment, which is paying with cash. Hence, make sure you also keep the cash on delivery option available if possible. Even new customers who are not sure about buying from your platform will be prompted to buy if you allow COD.

    Exclude Shipping Charges

    Nobody likes to pay shipping charges after adding their favorite item to the cart. Moreover, if the shipping charge exceeds the product’s original price, it is even more disappointing. High shipping prices can often be a reason for customers to abandon their carts.

    We understand that shipping a product includes several expenses, and hence, providing free shipping for all products is not possible. But here are a few solutions following which you can keep the customers impressed:

    • Try to add the shipping charge to the price of the product. For instance, if you are charging $2 for shipping, add it to the product’s original price. If it is $30, make it $32. In doing so, you make the customer feel that they are just paying for the product and there are no shipping charges.
    • If you are selling products that have a fixed price, such as cosmetics and grocery, you can keep the shipping charges as it is. You will see that some customers choose to buy the product despite the shipping charges, whereas a few will abandon the cart. Now, you can send a new coupon only to those customers who abandoned their cart items. They can opt for free delivery or an extra discount using the coupon.
    • You can keep a free delivery coupon for first-time buyers. This will motivate the customers to make their first purchase from you.
    • If you want to gain more loyal customers and are happy with little profit, you can exclude shipping charges altogether. This will give you better profits in the long run as the customers will choose you again and again because of free delivery.

    Besides free delivery, you should also have a free return and free exchange policy for at least a week after the product has been delivered. This will help you become a more trustworthy shopping brand in the market.

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    Use a Trust Seal

    As you might already know, new customers are often unsure about making purchases from a brand new website. They fear getting scammed off of their money, and hence, they like sticking to their old shopping platforms. But this problem can be solved if a trust seal reflects on your website. A trust seal is given by a renowned authority that analyses the platform and gives the trust badge if everything looks fine. Many such companies in the market offer a trust seal. Choose the one that is popular in your country. The usual popular trust seal choices that most customers rely on include Google, the Norton Seal, PayPal, GeoTrust, the McAfee seal, and Better Business Bureau.

    Allow Guest Checkout

    We know how important it is for a business to get new member accounts. But at times, the customers are either skeptical about creating an account on a new platform or simply too busy. In that case, a guest checkout helps a lot. It allows the customer to purchase from your site without creating an account. Of course, after they are done buying, you can ask them to create an account. But even if they don’t, you sold something at least!

    Keep the Checkout Process User-Friendly

    A complicated checkout process, where the customer has to do many things before making the purchase, can be tedious. So, please try and keep the checkout process easy and manageable. Also, make sure the interface of the site is easy to understand. You don’t want to scare the customer away by creating a website that is too hard to use.

    Using a progress indicator in an eCommerce platform is also great. It helps the customer track their progress while making the purchase, motivating them to reach the end of the transaction after completing just a few steps.

    Conclusion

    We hope our solutions help you effectively reduce the cart abandonment rate and get better sales than before. At times, the reason for cart abandonment is also because the seller is selling faulty or unattractive products. Hence, make sure you also check the quality of the products before hosting them on your eCommerce platform.

    Reducing the cart abandonment rate will take time, but you will be able to do it easily with the right techniques and a little patience. So, what techniques will you use for reducing the cart abandonment rate? We are excited to know!

    FAQs

    What is the shopping cart abandonment rate?

    The Shopping Cart Abandonment Rate is the percentage of online shoppers who add items to a shopping cart but then abandon the purchase.

    Why does cart abandonment happen?

    Shopping cart abandonment can happen due to following reasons:

    • High shipping charges
    • Unavailability of preferred Payment options
    • Purchasing is not allowed without an account

    How to reduce the shopping cart abandonment rate?

    Things to consider to reduce the shopping cart abandonment rate are:

    • Keep Multiple Payment Options
    • Exclude Shipping Charges
    • Use a Trust Seal
    • Allow Guest Checkout
    • Keep the Checkout Process User-Friendly

  • How BNPL Companies Make Money? | Scope of Buy Now Pay Later in India

    Customers tend to purchase their products with various options when they buy through an e-commerce website. This could be through the various debit cards the customer has in their possession, through net-banking accounts, or through cash-on-delivery where they would pay for their products in form of cash once they receive the product you can pay for it next month when you have the money to do so.

    There is a new trend that is emerging by the name of Buy Now Pay Later(BNPL). Say you find a good mobile phone worth say 10,000 rupees, but you don’t want to pay for it as it goes out of your budget for the time being (due to a cash crunch or whatever reasons it may exist). But say by opting for the BNPL alternative, the third-party BNPL company would pay the e-commerce site the 10,000 rupees and then you can pay the BNPL company the same 10,000 later.

    There are various BNPL companies in India like Lazypay, ZestMoney, Simpl, MobiKwik, etc. Some companies, like Amazon in Amazon Pay Later and Ola in Ola Money Postpaid, have an intrinsic BNPL system built within them.

    But then doesn’t it make you think, how do these BNPL companies make money in the first place, given the various instabilities associated with it potentially? How is it different from the conventional credit card? What is the market scenario of companies which offer the BNPL service in India? We will discuss all of these in this article.

    How do BNPL Companies earn revenue?
    Difference Between Credit Cards and BNPL
    Scope of BNPL in India

    About Buy Now Pay Later payment options

    How do BNPL Companies earn revenue?

    BNPL companies make money mainly from two avenues:

    Revenue from Sellers

    For vendors, BNPL is an alternative payment method (others including credit & debit cards/wallets/Cash-On-Delivery) and thus, they have to incur a transaction fee like any other medium at a particular rate. However, a rate of 2-8% is higher than a normal credit-card discount rate, which is usually around 2.9% for e-commerce transactions and about 1 percent less for transactions made by credit cards in-store.

    Thus, BNPL companies have to position their service offering in such a way that it convinces future customers of how enticing their service is, and this would further convince more vendors to buy into the BNPL service they are offering thus increasing the customer traffic.

    Revenue from Customers

    Most third-party BNPL providers do have their soft-credit checks to avoid giving money to people who have a poor record for repaying obligations, but this is not universal. Here is how BNPL provides monetizing from consumers:

    1)Interest- This varies depending on the company. Some providers like Lazypay charge an interest of 10-30% on the “loan” amount, depending on the customer’s credit and duration of repayment. There are other organizations like Split in America which do not charge any interest rate as long as the installments are paid in due time.

    2) Late fees- This forms a major chunk of the revenues of the BNPL organization (as high as 30%). Late fees occur when a charge is imposed on a customer for not paying the due amount on time and he thus has to pay later. Think of it like borrowing a book from a library, and then the various fines accumulated for not returning the book.

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    Difference Between Credit Cards and BNPL

    Difference between BNPL companies and Banks offering Credit cards

    In India, there are mainly three differences between BNPL companies and banks that offer credit cards.

    1)Eligibility Criterion- Banks have more stringent criteria to give out credit cards (such as their CIBIL credit score, whether they are earning above a certain criterion or not). BNPL companies are relatively less stringent in their criteria. This helps many consumer segments, such as self-employed people and lower-income category sections.

    2) Accessibility- Unlike credit cards, where you have to fill various online forms going through multiple levels of authentication, we can get access to the BNPL option through a one-stop authentication using our UPI ID. Another fact to be noticed is there is no waiting time to avail of the BNPL option unlike say credit cards, where we have to wait 2-3 weeks after applying for one.

    3)Interest Rates- BNPL companies tend to offer an interest rate of around 28-30% and as mentioned earlier, interest rates are only applied when the customer opts for a longer duration of repayment. Whereas for credit cards, this tends to be way higher than 36-42% annually. Cases of high-risk borrowers do exist in which BNPL companies offer their services at interest rates similar to credit cards.

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    Scope of BNPL in India

    Currently, as it stands, unlike other developed nations, BNPL in India is still in its infancy. But it has been widely speculated that it could take off in the future.

    A market research firm by the name of Redseer estimates that India’s BNPL market will stand at 45-50 billion dollars by 2026 from the measly 3-3.5 billion dollars as it stands right now. The research firm also predicts that the number of BNPL users in the country could rise to 80-100 million customers by that time, from the 10-15 million users it currently has.

    As per Upasana Taku, co-founder of MobiKwik, “Only 60-70 million Indians have access to credit today, which means 93% of India has no access to credit”. Thus, there are a lot of opportunities to be exploited by BNPL companies in the Indian market, where millions of people have little access to formal credit. The poor access to formal credit has further been exacerbated by the COVID-19 pandemic.

    These things can be noticed in the fact that about one-fifth of the revenue of MobiKwik is due to the BNPL transactions and there has been a 45x growth in BNPL transactions for MobiKwik. Similar trends can also be noticed in other BNPL companies.

    Currently, the major obstacle is, unlike those behemoth banks that offer credit cards, BNPL companies can only offer a maximum credit of 100,000 rupees (which roughly equates to 1310.17 dollars). But this can be overcome as long as the reach of BNPL companies spreads all-over India, especially in the tier-2 cities and villages of India.

    Conclusion

    Thus, this article documents how BNPL companies get to make their revenue in India, how they are different from banks that offer credit cards, and what is their scope in our country. In a country where a lot of people are transitioning from the lower-income group to the middle-class group, this appeals a lot to the Gen-Z and millennials of our country. The more people get access to credit, the more they spend on various goods which leads to the growth of the economy.

    FAQs

    Which are the BNPL apps in India?

    Some of the best BNPL companies in India are:

    • Lazypay
    • ZestMoney
    • Simpl
    • MobiKwik
    • ePayLater
    • Flexmoney
    • Paytm Postpaid
    • Sezzle

    What is the BNPL market in India?

    According to the Q4 2021 BNPL Survey, BNPL payment in India is expected to grow by 89.5% on annually. It will reach US$ 6927 million in 2022.

    Which are the E-Commerce website that allows Buy Now Pay Later option?

    Top e-commerce websites that provide the payment option of Buy Now Pay Later for complete range of products are:

    • Amazon
    • Flipkart
    • Myntra
    • MakeMyTrip
    • Yatra