Every 30 seconds, global e-commerce industry generates over $1.2 million revenue with Facebook, Pinterest and Twitter contributing $5,483, $4,504 and $4,308 respectively, says the ASSOCHAM – Deloitte study joint study.
Social networks are contributing significantly to the growth of e-commerce business revenue. The maturity of social media and its reach across masses and classes makes it a suitable platform for online sales.
“Social media helps e-tailers to build brand awareness by responding to customer queries. Seasonal sales and offers are displayed in social networks to reach maximum number of people. E-tailers have even started to motivate customers with reward points to provide feedback on the product on social networks,” said D S Rawat, Secretary General, ASSOCHAM.
Prospective customers also interact with users of the product or service on social networks before making purchase decision.
The social media provides a platform for e-tailers to engage with customers for: advertisement, building brand awareness, developing a community of trusted user, spreading Word-of-Mouth and customer feedback.
Furthermore, payment gateways help the e-tailers to receive money instantly rather than waiting for the CoD payments, thus reducing chances of theft and fraud. The retailers are slowly moving towards payment gateways for improving security and dealing with other complexities which arise with financial transactions.
The banks as well as the e-tailers are offering different offers like cashback and easy Monthly Installment (EMI) to encourage customers for card-based payments.