In today’s modern global retail environment, customers and businesses alike are increasingly empowered by the new digital technologies and channels available right at their fingertips. Today there are numerous eCommerce platforms available in the market and all enables the merchants to start selling their products both offline and online. The inventory replenishment and product management are done within one place. Moreover, the merchants can receive different orders from email, phone sales, physical stores, and sales representatives as well as from the eCommerce stores and even more they centralize the management system and seamlessly keeps more inventory across various channels. Using Best Omni-Channel eCommerce Solution is less expensive and often it’s impossible to get the traditional POS, eCommerce solutions as well as inventory management to work together. Therefore, the company builds the channels along with different scales. Depending on the person’s needs, they can select an eCommerce solution which will serve their purpose. For eCommerce retailers, the online solutions used to save more time as well as improve the capacity to make the sales.
Today, the Omni-channel eCommerce enables the sellers to sell the right item to the right person at the right place and often improves the revenue. The sellers can easily sell to the world on various marketplace web stores including Flipkart, Snapdeal, Paytm, Amazon as well as other marketplaces. The Omni-Channel eCommerce Solutions connects the marketplace to the inventory, marketing, accounting, logistics etc. This allows sellers to use different integration and therefore their business can take many advantages especially using the eCommerce solution in perfect manner. The Omni-channel gives support and helps the business to reach the competitive edge. They give a reliable, secure and fast platform, thus enabling the sellers to sell the products across different channels both online & offline. Business users can access their account free, anytime and anywhere thus giving flexibility to the business performance.
The Important Key Benefits:
To fully deliver a successful Omni-channel experience for their customers, retailers must turn to sophisticated solutions that help them meet and, hopefully, exceed their customer expectations. Solutions around customer engagement, information management and location intelligence allow retailers to develop a single view of their customer, understand their relationship, and optimize their interactions for better customer service across all channels. Customers have come to expect a seamless, relevant and personalized experience across all channels of communication, so it’s important for businesses to deliver that to ensure customer loyalty and reduce churn.
An Omni-channel strategy is a win-win for customers and retailers. The customers are happier and have a better customer experience because they’re receiving the applicable offers that they actually need, and retailers are equally satisfied as more of their offers hit the right mark – which means more money in their pockets.
The Road ahead…
The businesses that capitalize on the opportunities that an Omni-channel strategy presents are well- positioned to move ahead of their competition. But as new technologies emerge and customer expectations continue to change, retailers need to adapt quickly to meet those changes head on.
By personalizing their global retail approach to each individual customer and working to squeeze the greatest value out of their customer data, retailers can equip themselves for success. Retailers can better align their goals and messaging for global commerce across the company, and ultimately, improve customer experience and performance.
The consumer behavior with respect to retail has changed considerably since the advent of internet. We see the consumer spending more time online, in order to research on a product. Even if the consumer is planning on purchasing the product offline, they tend to research on the product online.
In this multi-device world, e-commerce and m-commerce are gaining popularity. Consumers find it easy to search and buy the products that are relevant to them in the most convenient manner possible.
Let’s have a look at both e-commerce and m-commerce to understand how they rule consumer behavior. It is also important to consider the transition of consumers from e-commerce to m-commerce and map their journey.
E-commerce: Tracing the Journey
E-commerce has become quite vocal in the present times. We have seen that e-commerce has taken over major spaces, bringing in convenience. We can perform banking transactions at any hour; shopping and other e-commerce solutions are at our disposal at all the odd hours possible. E-commerce has spread its wings across the different sectors, and made things easy for you. Conversions and profitability for the companies have improved with e-commerce solutions. E-commerce has the capability of ringing in the best possible consumer insights on the desk. We are connected to consumer purchasing behavior, and we can offer the best solutions based on the insights.
But, as with all solutions, e-commerce comes with limitations of its own. It is not really mobile in the way it conducts itself. There are security and privacy concerns associated with e-commerce. The platform is not yet perceived as complete secure, despite including some of the best security solutions on the platform. The telecommunication bandwidth for the solution is insufficient to solve the purpose. For e-commerce, the software development tools are still in the evolution stage. Internet and e-commerce cannot be combined into some of the existing applications and database with ease. Compatibility issues also prove to be a limitation.
The Paradigm Shift towards m-commerce
There has been an increase in the number of smartphone users in the past year. From, 10.8% in 2014, it has reached 11.3% in 2015. Multi-platform has risen in retail from 53% in 2014 to 57% in 2015 (Source: Comscore Data)
This shift is ideally the primary reason for increasing shift towards m-commerce. Retail is multi-platform, as people consider a particular platform to choose and another to buy from. Most often than not, mobiles are considered for research and selection purposes.
M-commerce offers the stores mobility, that was absent in e-commerce. M-commerce applications tend to be more location specific and are more personalized offerings. It offers an intimate store-user relationship which can pull the audiences towards it. It offers time sensitive transactions, which can benefit the user. It is real time, and offers to be real fast, which is what the mobile customer needs in today’s time and age. M-commerce is absolutely great when it comes to location specific outputs, as against e-commerce.
The Road Ahead..
Currently, the shift has just moved from e-commerce to m-commerce. But, the future seems to be more of a combination. The contextual commerce, as this will be called in the future, relates to the situation the consumer is in, and the device that would attempt to solve the purpose. The completion of the purchase will depend on the context, and the way the purchase needs to be made. If online research, and offline purchase is what the context calls for, this is what the customer will perform with the multiple devices. This contextual future will call in for a combination of devices and services.
Solveda is a leading e-commerce, web development, custom software development & m-commerce solution provider that offers customized solutions to suit the customer needs. Get in touch with your requirements at firstname.lastname@example.org
BigFish is a scalable and flexible eCommerce solution. It is a solution with which retailers can enhance their business by being able to sell globally without leaving their desk. BigFish includes all components needed to manage an integrated eCommerce business, spread across brick and mortar stores, virtual stores and marketplaces. It is a customizable solution that can be tailored and scaled to your specific needs.
Integration is the soul of Retail. We ensure it across your Retail System!
Grow your online business through Solveda!!!
- Technology- A world class open source solution that leverages the power of Apache Ofbiz ERP with no vendor lock-in headaches and proven baseline features with ability to scale.
- Pre-built solutions with powerful features and flexibility to change key elements on the fly to suit dynamically changing business landscape.
- Provides a 360-degree view of your business, from eCommerce, order management, fulfillment and warehouse management through manufacturing, purchasing and accounting.
- Fast time to market, 35 – 90 day implementation
- Scalable and Supports multi-channel operations and cross channel shoppers
- Supports B2B, B2C & Marketplaces
- Mobile ready, using Responsive Web Design(RWD)
- Provides a platform for best in class
- Lower total cost of ownership (TCO)
- Rapid return on investment (ROI)
- Customizable– Every business has its unique needs. BigFish can be customized to address your specific business requirements easily and quickly.
- Scalable– One can implement individual modules and add other modules as your business grows.
- Cost Saving– No License Cost.
- High Compatibility– BigFish’s compatibility with numerous application servers, database servers, and operating systems drastically reduces the initial hardware and software investment required by your eCommerce initiative.
- Sound entity model and framework– Great development environment.
- Ready for the Future– Big Fish is built on Apache’s Open For Business (OFBiz) ERP project that has been downloaded thousands of times. In the future, Fortis Health World & Vishal can add new systems by simply opening up interfaces to the underlying ERP suite
Using BigFish, Solveda was able to implement a fully functioning eCommerce solution in a fraction of the time taken in traditional eCommerce development projects. Our eCommerce Platform replacement project for one client was implemented in just 35 days.
By Solveda India. For more info on solutions and offerings from Solveda, please visit: http://www.solveda.com
Mjunction Services Ltd, a joint venture between TATA Steel and SAIL, has partnered with Solveda Software to launch MyTataStore.com, ecommerce store for TATA group employees and “TATA Steel shoppe” for TATA Steel employees, vendors and distributors.
The Economic Times reported the launch in a recent article.
Solveda has been Mjunction’s IT partner since 2013 and was instrumental in implementation, integration and on-time delivery of these ecommerce solutions.
MyTATAStore.com offers branded merchandise to over 5 lakh TATA group employees.
Apart from recently launched e-stores , Solveda has also been actively involved in managing Straighline.in – Mjunction’s flagship B2C store, Autojunction.in – its automobile store and other B2B stores which offer Loyalty programs to Mjunction’s clients.
India is fastest growing eCommerce market in Asia-Pacific, says Gartner. Solveda sees increased engagements.Posted: October 21, 2014
By Vivek Chandrasekharan, ecommerce Strategy & Business Head, Solveda Software
At the recently concluded Gartner Symposium/ITxpo , the research firm said that the India eCommerce market is slated to reach $6 billion in revenues in 2015 representing an increase of 70% over the 2014 figures. This makes the country the fastest growing eCommerce market in the Asia-Pacific region. Even more interestingly, India is still at a very early stage in electronic commerce adoption with barely 10% of its large population making purchases online. This presents tremendous opportunities for e-Retail focused entrepreneurs in the country. Recently, two of the the country’s leading eCommerce players Flipkart and Amazon India announced billion of dollars in new investment to further expand their business in the country.
Image & Data Courtesy: IAMAI , Avendus
At specialist eCommerce developers like Solveda Software, we have also seen an increase in the number of engagements we are doing with large brick and mortar retailers as well as web-only retailers in the country. Our business in the Asia-Pacific regions now rivals the US operations in volume and value. The whole region is abuzz with activity around all things digital . In Singapore , Yamaha Music just selected us to build their revamped eCommerce site . We recently released Religare Online, the online store for Religare Wellness group . Mahindra group, India’s leading conglomerate with retail, lifestyle and automotive interests recently engaged us to work with Mahindra Retail. There are at least a dozen other retailers we are actively engaged with in conversations in India.
Vivek Chandrasekharan is the Head of eCommerce Business Strategy & Development at Solveda Software, a Long Island , New York headquartered specialist eCommerce developer. Solveda (formerly called Salmon Software)has executed dozens of complex eBusiness projects for clients like Sleepys , Deutsche bank, BNP Paribas, Halfords, Boots, Carrefour, mJunction/TATA group, Yamaha etc
By Saatvik Sethi, Project Lead & Head – Content @ Solveda eCommerce Labs , Solveda Software
This article was previously published in Retail Today in November 2012
Every Wednesday, a plethora of vendors with bright and shiny makeshift stalls converge at a street near my house. The street gets transformed into a busy bazaar packed with people, mostly ladies, who leave no stone unturned to extract the best price from vendors. Groceries, household items, garments, shoes, toys, ice cream—everything under the sun is for sale. Can this idea of collective selling by vendors to a community, succeed online?
A SIMPLISTIC MODEL
How does a market place work? Gather vendors with a commodity or a service to sell, organise a ‘space’ where they can set up shop, have a strategy to attract a community and voila! You have a market place. If you are the owner of such a space, you charge a fee from vendors for using the space. The vendors are happy to pay you as they are servicing a volume of customers. The customers, in turn, get to select the best product at the best price (the art of bargaining was perfected at such places). It is a sweet deal for all the stake holders.
In 1993-94, Pierre Omidyar, a French-born Iranian American software developer launched an online market place called AuctionWeb. The business model essentially was the same as the street market. The ‘space’ was a website, the vendor and the buyer was virtually anyone with an internet connection. Anything from broken printers (that was actually the first item sold) to luxury yachts were up for sale. AuctionWeb was later christened eBay. Over the years, eBay has grown to be the world’s largest online marketplace. It has a presence in 30 countries with 102.4 million active users (as of Q1 2012).
WEB OF MARKETPLACES
eBay set a precedent for the online world to embrace the market place model. Post the success of eBay, many ideas were introduced, which were wholly or partially based on similar lines. I came across some interesting market places that merit a mention:
Online learning through webcams is a sellable commodity at Powhow.com. A seller can create an online webcam teaching session exhibiting anything from guitar classes, make-up, and origami to cooking lessons. The sellers decide their own content, timing and price for the class. The buyers, who take classes, can choose from different categories such as art, beauty, crafting, cooking, and fitness depending on what they want to learn and pay to join the class.
A common problem faced by those visiting a new place is the availability of reliable local guides, who can deliver an enriching site-seeing experience. This is where Vayable.com comes in. It allows the guides and the travelers to connect online. The guides list their experience, fix the price, duration and content of the tour and travelers book a tour and pay online. The remarkable feature about Vayable.com is that it has incorporated the traditional flea market place setup where vendors and buyers actually meet in person and develop a business relationship outside the market space.
One for the taste buds
The recipe is simple. Take food products, build an online community around it, stir it up a little with blogs and stories around the food, and you get Foodzie. Started as an online venture by Emily Olson, Rob LaFave and Nik Bauman in 2009, it operates as an online market place for food products. Recently, Foodzie was acquired by Joyus, an online video sales platform The idea was to offer users an enriching experience of shopping for food products through video. Will Foodzie change the way we consume and shop for food? The odds are clearly in its flavor!
Compared to the west, e-commerce is relatively a new occurrence in India. However, the road ahead holds promise. Last month, Flipkart, India’s largest online store, registered two companies—Flipkart Market Place Pvt Ltd and Flipkart Payment Gateway Services Pvt Ltd. It is still not clear whether the market place will be launched as a new site or as an add-on feature to the existing site. In August 2012, Snapdeal launched its “Brand Store” and took the later route of adding it as a feature to its site. It has about 3,000 brands and is projected to reach 10,000 brands by the end of 2013.
Other active players in this space include Tradus, ShopClues and Craftsvilla, which have a substantial customer base in India.
THE ROAD AHEAD
Can online marketplaces recreate that old world charm of a local street marketplace and reach the global community? Certainly, in due course, with the right mix of ideas and innovation, online market places will be able to achieve this milestone.
Saatvik Sethi is a Project Lead and Business Solutions Manager (eCommerce) at Solveda Software, a leading eCommerce focused global system integrator. For more info on solutions and offerings from Solveda, please visit: http://www.solveda.com
Online sales recorded by Alibaba’s TMall crossed 5b USD on 11/11 or cyber Monday. This far outstripped the total online spending in the US on a single discount day.