At the start of this year ecommerce specialist said 2015 was the year online selling! The year ecommerce shook the country. There was a tremendous upward growth in online sales due to online discounts and the spread of ingenious technology. Last year saw the ecommerce industry cash in $23 billion. This year it is believed Indian etail can reach $38 billion.
These numbers are accelerating so quickly because consumers are accepting online retail with their arms wide open. Wouldn’t it be amazing to get inside your consumers heads to push these numbers faster and further? Understanding how the human mind works is complex. Unless you believe in fortune tellers or mind readers, it is impossible to know what exactly goes on in a consumer’s mind. However, the inability to acquire accurate readings does not mean you cannot predict based on reliable factors.
Every consumer has a “tell”. It is a sign that shows you whether or not a consumer is ready to put down money or walk away. As an online seller, you want to know when people will start buying. If not at least info on what will pull potential buyers in your direction. Paytm recently spent a stupendous amount of money to acquire Shifu – a consumer behavior prediction portal. This portal uses consumer behavior information to generate personalized suggestions and predictions. People like customized services and Shifu helps Paytm provide that.
Facts About Online Consumer Behavior
Reports from 2015, stated the following stats:
– 70% of online sales came through mobile phones
– More men (75%) shop online compared to women (25%)
– Online Shopping activity was at its peak during the afternoons, from 12 p.m. to 4 p.m.
– Electronics, fashion, beauty and health products were the top product categories
– Snapdeal gained more consumer popularity while Flipkart maintained its stance
– By the end of 2015 Flipkart was the most Googled word in the country
– Paytm is the nation’s favorite e-wallet
Using Available Resources
Knowing how consumers behave can help sellers develop more effective sales strategies. Now that you know a big juicy portion of online sales comes from mobile phone users, you know whom to target. This means you will have to provide product images that are mobile friendly and interesting short descriptions, with loads of highlight points. That’s all good but how do you get information related to consumer behavior?
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Social Media
If you have a Facebook page or group use it to your advantage and monitor what people are saying, liking and sharing. Put out questions asking for feedback. Try to obtain information that will give you insights into what people want and expect from an online seller.
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Tap into marketplace analytics
Marketplaces like Flipkart, Snapdeal and Amazon record consumer behavior. This information is as important as the finances that keep them running. As a marketplace seller, get in touch with your marketplace and ask for help. Request for inferences on consumer behavior specific to your online retail category. Since they have been in the ecommerce game longer than most, they can effectively guide on this front.
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Listen to your consumers
Last month we explained the importance of listening to your consumers. Based on the things they say to you, you can determine their behavior patterns and attitude towards you. Making phone calls to every single consumer is a tedious task. It doesn’t have to be! Ecommerce assistance is available for this exact purpose. Browntape specializes in enabling online sellers get their business on track. Apart from syncing your selling on online marketplaces, we also interact with consumers. Your consumers! We gather feedback through phone calls and provide our professional opinion on the matter.
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Stay in the loop
It’s difficult to know what online shoppers are thinking. As a small time seller most marketplace retailers do not have the high tech tools required to estimate consumer behavior. In that case, you can use the media to your advantage. Read the news and stay current with the latest in ecommerce happenings. Subscribe to ecommerce newsfeeds and match that information with the situation you are facing. For example, with Valentine’s Day now over, what have you learned about online consumer behavior? News reports say, the value of online orders leading up to this occasion have exceeded the Diwali order value! What do you infer from this? India loves celebrating and Valentine’s Day can get you more sales than the big festivals!
Decoding consumer behavior takes observation and time. It’s not always possible to do on your own. Don’t give up though. Consumer behavior is the route to improved sales. If you follow these tips you will be able to use it to your advantage. To know more on ecommerce, get in touch with a Browntape expert today! We are India’s leading ecommerce solutions experts and we are always happy to help online sellers.
