The
global e-commerce industry generates over USD 1.2 million every 30
seconds, with a major chunk of the sector's revenue being cornered
through social media, says a joint study by Assocham-Deloitte.
Facebook, Pinterest and Twitter contribute USD 5,483, USD 4,504 and
USD 4,308 respectively every half-a-minute to the figure. The study
report added that the maturity of social media and its reach across
masses and classes makes it a suitable platform for online sales.
Social media pages provide information regarding new products in the
market, user reviews and ratings of the product, recommendations and
IT products, it said. "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,"
Assocham Secretary General D S Rawat said. According to analysts,
product reviews and ratings, as well as product recommendations, were
the most popular social commerce features integrated into leading
e-commerce sites. "Social networks have direct links to
e-commerce sites, which provide complete product description,
availability status, pricing and delivery information, and access to
product reviews and ratings, all of which help prospective buyers to
make a purchase," the study pointed out. Besides, payment
gateways help the e-tailers receive money instantly rather than
waiting for the Cash on Delivery payments, thus reducing chances of
theft and fraud, it said. The retailers are slowly moving towards
payment gateways for improving security and dealing with other
complexities which arise with financial transactions. Banks as well
as the e-tailers are offering different offers like cashback and
Equated Monthly Installment (EMI) to encourage customers for
card-based payments. The availability of e-commerce applications on
various mobility devices is helping to drive sales and revenue.
E-tailers like Flipkart, Amazon and Jabong now get 50 per cent of
their revenues from consumers shopping on their mobile phones, the
study added.
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