While the pandemic sure has a vital role in encouraging people to shop online, several reasons made the current scenario ripe for the digital revolution.
Online platforms, like Amazon, Flipkart, Paytm, Myntra, Nykaa, and Snapdeal, have been some of the top beneficiaries of this growing e-commerce trend in the country.
As the digital capabilities have improved and connectivity is now readily accessible in most parts of the country, a digital-led economy was already overdue.
According to a report on Business Today, the digital economy in India currently stands at $200 billion. By 2025, it is expected to grow five-fold and surpass $1 trillion. The COVID-19 pandemic has worked as a catalyst to accelerate digital growth.
Marketplace Strategies to Boost Online Retail Business in a Digital-First Economy
Popular e-commerce platforms, like Amazon, Flipkart, Myntra, Paytm, etc. are preferred marketplaces for retailers to begin and expand their online business. As physical stores continue to witness a tepid response from the consumers due to the pandemic, this can be an excellent opportunity for any retailer to focus on online selling.
Here are a few marketplace strategies that could help retailers succeed in a digital economy-
1. Be Meticulous When Selecting a Marketplace
More and more people are now shopping online in India. While Amazon & Flipkart are the largest & best choice for mass appeal, it is important to optimise all aspects of eCommerce – blending analytics, design & technical know-how.
Our ‘Marketplace Solutions Model’ uses a data-driven approach to help brands choose the right e-commerce platform that provides maximum potential for the type of products they offer. For instance, if you sell clothing and accessories, a marketplace like Myntra can be an excellent choice. If you are a wholesaler of beauty products, Nykaa can be the way to go. It is important to research and zero-in on the right platform that not only has maximum potential but one that also suits your brand imagery.
2. Find Lasting Solutions to Marketplace Syndication Challenges
While retailers are focused on omnichannel success, it is still an unachieved dream for most. Once they start selling their products across multiple online platforms, most struggle with scalability. All the different marketplaces have their rules and regulations.
The whole process of meeting these regulations and syndicating content across platforms is not only time-consuming but error-prone too. Ultimately, this leads to higher operational costs. Measures like using digital solutions for consolidating product data into a single platform, can help minimize such syndication challenges.
3. Storefront Optimization for Improved Sales
Having a unique storefront on marketplaces, like Amazon, helps retailers come across as a reliable brand. Buyers can browse through multiple products on the storefront itself, and this can also help improve the organic rankings of your products on the marketplace. Not to forget that you also get access to Amazon Insights that delve deeper into the analytics component of the storefront.
At Logicserve Digital, we help brands to build unique storefront on established marketplaces. These storefront are consistently optimized for meeting the changing trends and consumer behaviors to help bring in more sales.
Go Digital: The Changing Retail Landscape of India
The pandemic-powered digital revolution in India can significantly change the retail landscape of the country. While offline shopping will remain essential post the COVID-19 pandemic, e-commerce is expected to reach newer heights.
This can be the right time for retailers to begin their digital journey or take it forward with top e-commerce marketplaces. The professional assistance of a reputed digital marketing company can help retailers make the best of this opportunity.