A $100B opportunity you don’t want to miss as a marketer
Ask few simple questions to any person around you, 'Where did you buy the mobile?' 'Where did you buy that shirt?' 'Where did you get that shoe?'. What are the possible answers? Chances are that some would say they bought it online,while others say they got it from local stores because they don't trust online shopping. But it is not difficult to notice that people giving the first answer are increasing each passing day.
It is true that there has been a phenomenal increase in internet population and people within that group making increased online transactions. So you see that everybody seems to be purchasing products online all the time. As a marketer, you might be wondering how efficient is online/digital marketing for your business? Is it worth spending money on digital marketing? How much ROI can be predicted?
India’s internet population has blown up to 40B and a recent study conducted by Nielsen and Boston Consulting Group(a market research company) shows that this will surge to 100B and more by 2020, nearly tripling to what we have.
Majority of the transactions conducted today are in Grocery, Home Decor and Luxury segments. You see, that’s why Amazon Pantry and Bigbasket are a major hit with today's young salaried professionals and these companies reported exponential growth in last few years.
The same is true with Home Decor too. Ask any youngster today about their preferred way of purchasing household items. They prefer buying furniture, rugs, carpet,etc from Pepperfry or Urban Ladder. This is seen on a much larger scale among group of people relocating to new cities due to their jobs. If they don't want to buy, they hire these things, again through online transactions! That is a reason why so many home décor businesses adopting online operations and promoting their websites.
Let’s not forget the mobile market. You see a flood of cashback and promotional offers on Flipkart, Amazon or Paytm for mobile or electronic purchases. And who do not like a little reward on shopping? It has also come to a point where some niche models are available 'only' online, like Motorola, MI Poco phones. Users who want to buy the product can do it only online. They do not have a choice, do they?
Fashionistas love 'variety'. In Myntra, Jabong, Amazon, Limeroad, etc, the options for various fashionable apparels are endless. Thus, Max Fashion has adopted to the omnichannel path, where if one would go to their store and buy something, the marketer would give a crazy cashback on the next order if they buy it online.
What about other verticals? Currently, 75-80% of internet users in India have not yet adopted to online purchase. They either spend very limited time buying online, or purchase only occasionally. The studies state that there will be 2.5 times increase of woman shoppers and 3 times of men shoppers by 2020. E-commerce, Travel and hotels, financial services will have their fair share of the silver platter as well.
Now, you as a marketer, should decide on how to grab this opportunity, revise your marketing strategy and your offerings to the consumers. So, what should you do?
For users who had been your loyal consumers, give services which are beneficial as well as exclusive in nature. Something they can't resist.
For users who are your occasional customers, discounts might not be the only way to cheer them up. Think of a business model which would cater to outstanding customer service while fulfilling the very ‘needs’ through your services.
Attract the window shoppers. Build a sense of trust with them by luring them into your physical stores or make your platform user friendly which will guide them through the next steps at every level.
It's time to make a move.