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
Before even pitching solutions to retailer, it’s important to ensure that your solution is retail ready.
Do you know what this process fully entails? Being retail ready isn’t just about having a final product. It’s about having all the requirements that retailers need to enlist before they go online. We need to be omni-channel ready, give the customer with a seamless shopping experience whether the customer is shopping online from desktop, laptop, and mobile device or in a brick and mortar store.
Simply put, retailers will not work with software vendors who do not meet the criteria of being retail ready.
Sure, they’re looking for a great, unique solution which meets their both online and offline needs as well as their customer needs. Beyond that, however, they need a strong technology vendor who is reliable, domain expert, retail ready, and one that they can work with in the long term.
Your retail ready checklist
Below is a top line sense check which outlines the key factors to consider when thinking about being retail ready.
- Effective and compliant solutionThe Solution should be robust, compliant and scalable. It should grow along with the business.
- Deliver the customer-centric services shoppers demandToday’s cross channel shoppers demand a personalized and seamless shopping experience, so the solution should have the feature which would enable retailers to easily manage cross-channel promotions, fulfillment and returns including in-store pickup of on-line purchases and drop shipment of out-of-stock or virtual inventory items and transact sales, returns and credits in multiple and mixed payment forms.
- Built-in cross-sell/up-sell capabilityThe Solution should have in-built cross-sell and up-sell functionality, which would enable retailers to push multiple products online and increase their sales.
- Fast Single Page Check OutThe Solution should have one page check out facility, as today’s shoppers are always on the move and does not like to fill in much detail. Single page check out will increase more conversion rate.
- Attractive eCommerce Website TemplateIt should be built on search friendly and easily managed templates designed around the retailers’ unique business and brand objectives.
- Content Management SystemThe Solution should allow you to easily create and manage images, content, searches and navigation on one more unique websites.
- Competitive and comprehensive pricing modelYour pricing model needs to remain competitive along with the market and take every aspect of the development process including time and effort into consideration.
- Valuable support and service of your solutionSupport and service plays a vital role in customer retention. Once the solution is being taken, the job doesn’t get over there, you have to compliment with a good software support and service.
- Social Media Plug-insIt should be added to your website to drive customer satisfaction and conversions.
- Minimize Shopping Cart AbandonmentThe solution should be able to minimize the shopping cart abandonment.
- Fully Integrated Online and Offline Retailing SolutionFinally, the solution should be fully integrated with ERP system and other retail management solutions like POS, Merchandising, Customer Relationship Management, Marketing, and Reporting & Analytics, giving the retailers everything they need to succeed.
This is where Solveda’s BigFish comes into play. BigFish is the ladder to unfettered ecommerce growth. Take your business where it wants to be –right on top! Scale high with BigFish. Shoppers want to access your store anywhere/anytime, give them this facility with BigFish.
Benefits at a glance:
- Production ready
- Fast time to market, 35 – 90 day implementation
- Fixed cost
- Managed risk
- Lowers barrier to entry to a robust environment
- Integrated and scalable
- Supports multi channel operations and cross channel shoppers
- Facilitates dramatic business process improvement
- Provides a platform for best in class
- Lower total cost of ownership (TCO)
- Rapid return on investment (ROI)
By Boney Moshahary- Manager- IT Services & Solution Marketing @ Solveda India
Solveda India, a leading global system integrator with core pedigree being an on-time, on budget approach to solution development. For more info on solutions and offerings from Solveda, please visit: http://www.solveda.com
Solveda’s enterprise eCommerce platform, BigFish, powers the newly launched ReligareWellness.com online store.
ReligareWellness.com is the eCommerce portal of RWL Health World Ltd. (formerly known as Religare Wellness Ltd), one of India’s leading health care retailers, which operates a chain of over 100 retail stores across India.
Religare Wellness’ vision was to launch an eCommerce initiative that would reflect the fundamental strengths of the company, while being mindful of the process challenges and complexities of operating an online store in India. Solveda offered a cost effective, competitive solution with their signature eCommerce framework, BigFish. The solution was easily adapted to accommodate market specific features and processes, and could be integrated with their existing ERP systems.
Rahul Chadha, CEO of ReligareWellness.com, said: “The eCommerce play for Religare Wellness is a critical part of our channel strategy. When we initiated the program we were looking for a technology partner who could understand our requirements. Solveda has done just that and the entire Solveda team, ably led by Deepak Agarwal, has played a key role in making ReligareWellness.com a reality”.
Solveda delivered on their promise to successfully implement an eCommerce solution that is completely integrated with existing systems and offers a state-of-the-art solution that embraces Responsive Web Design (RWD) so that customers can engage with the site using any device (desktop, tablets and mobile phones).
Deepak Agarwal, CEO of Solveda India, said: “We’re delighted to have been selected for such a high profile and meaningful project. We look forward to working closely with Religare to further strengthen our relationship, enhance their online brand and increase online revenues.”
Religare Wellness (RWL) is one of India’s leading Wellness and Pharmacy Retailers with an end to end healthcare & wellness portfolio comprising of clinical/hospital services, pathology, insurance and pharmacy services. They currently operate in a pan India network of more than 100 stores spread across numerous cities. Religarewellness.com has been founded with a vision of extending discerning store services and an exciting assortment of wellbeing products, to its customers, at the click of a button.