Nowadays, online shopping has become a popular trend in India that makes e-commerce a necessity for almost every B2B company. Studies suggests that India’s GDP grew at 8.2 percent in 2018-19 Q1, reflecting a positive trend for economic growth in the coming years. In order to mark the strong presence in the Indian market, the wholesale industry is suggested to invest more and more in e-commerce technology. To make it easier to understand, the team at LiveSauda decided to discuss some key benefits of e-commerce for the wholesale industry in India:
Keep a Watch on Potential Customers:
Whatever be your business, it’s necessary to understand the demands of your customers. E-commerce helps you to track your customers and customize your online store according to their wish list. It gives you an idea about who are your potential customers, what do they like most on your sites, what are your products that attract them the most, where do they leave your sites and much more. Furthermore, you can use these insights to re-iterate your physical store too for them.
Comparatively, E-commerce is a cost-effective method, thanks to the low-cost platform. It costs lesser upfront investment in setting up an online shop than a physical store. There are some options of plug-ins available for existing websites to start wholesaling order processing without being a burden on the pockets of the brand. Also, once you successfully establish your online presence as a worldwide brand, you can invest in advertising and marketing on large scale which is much more cost effective than offline advertising.
Strengthened Bonds with Customers:
In business, the customer is the real king. E-commerce sites give you full freedom to interact with your customers. Even if some clients are not buying from your site, their data, preferences and average time spend in particular section helps you in forming a buyer’s persona of your clientele. Additionally, an e-commerce site provides a better experience to your customers by giving them the facility of buying anytime, anywhere.
In the past few years, many worldwide brands have tried their luck in online wholesaling and one of the biggest success stories have been crafted by Alibaba. In a report in 2014, Alibaba reported a chunk of their revenue (11.8%) came from wholesale which equals to US$1 billion. With this, it’s easy to infer that when worldwide brands like Alibaba believes e-commerce as the future of wholesale, then why are you keeping yourself away from it. It helps your company to expand beyond your geographic regions, in the foreign markets across the globe.
Don’t Wait, Hop Online
With evolution of technology, several worldwide brands are progressing towards making operations easier and effective with e-commerce. It is needless to say; it’s time to evolve above a traditional wholesale approach for serving sophisticated level of services to consumers. Don’t be a snail in the 21st century; grow your business online for better profitability.