Today, educated online shoppers do not find it worthwhile to hop back to shopping at the malls. The big players in the online retail scene in India are trying every trick in their bags to convert online users into traffic and then converting it into visitors, then into buyers and finally, into a loyal consumer base. For this, the focus has shifted from merely providing products online to social communities and special offers which can only be availed at these virtual stores. With the prospects of becoming a long-term successful industry, major e-stores like Indiamart, Futurebazaar, Retails direct and Indiaplaza are relying heavily on the online retail boom. These retailers are leaving no stone unturned in accelerating the conversion rate of its user traffic. The most bankable factor for drawing in consumers from the offline domain is the ‘convenience’ factor of online shopping.
The banking sector
All the banks and financial Institutions in India are in the process of making their services web-enabled so that the online banking services could be provided to its customers and they can at the other end reap full benefits out of it. This Internet banking arena has also increased the competition among the Banks and in turn has compelled banks to focus more on its customers need and requirements and adoption of upcoming technology on the Internet. This is to keep all the Banks at the same pace. However, as per the global standards India has still to go a long way but gone are those days of traditional banking. Internet banking evolved in the mid-1990s during the advent of the Internet and the World Wide Web. At present Private and Multinational Banks are finding it more convenient to conduct operations and retain customers by implementing Internet Banking in India. Though nationalized banks have not yet implemented the Internet Banking system successfully in comparison to the private ones and that is why in such Banks we find the mix of both online and manual process.
The music industry
The music industry faces rough waters in case of Internet marketing, and in order for any business in the industry to succeed, successful search engine optimization campaigns have to be carried out in order to bring websites to the customers who are searching for their services. For the websites to be put in front of the faces of potential customers, internet marketing for music is implemented.
Music Internet marketing professionals know exactly how to get their clients websites to the tops of those search results pages, and they also know which things should not be done in search engine optimization campaigns. There are some things that people do that are considered in poor form, which are called black hat techniques (Mukherjee and Patel, 2006). These techniques can get websites banned from the search results pages, which of course would be detrimental to music websites. Music Internet marketing is best left to the professionals in order to make sure that it is done well and done correctly.
E-retailing in India
E-retailing, most commonly known as e-tailing, is shopping through the Internet and other media forms. There are many things that are common between direct retail stores and online retail stores. Both have the process of billing of the customers and have to maintain a relationship with the suppliers.
There are divergent views on the future of e-retailing in India. Some experts are of the opinion that the giant, big brand retailers dominate the small ones due to their wider investment capacities. It would be next to impossible for the small retailers and the kiranas (mom-and-pop stores) to prove their existence in the battlefield of online retailing. Another viewpoint is that there would be an exponential growth in the online retailing business in India (www.economywatch.com).
The Internet and Mobile Association of India (IAMAI) has pegged the e-commerce market in India at Rs 9,210 crore. The market is estimated to grow 30 per cent year-on-year. E-retailing comes under e-commerce.E-tailing helps retailers build loyal customers and is aimed at selling in areas where they don’t have a physical presence. For instance, Future Bazaar, a renowned retail giant in India sold Rs 122 crore worth of goods online in 2009, 1.5 per cent of total sales of the Future group; and is expected to be 2-3 per cent by 2011. Electronic goods and apparel are the most bought products online. eBay India has found tremendous assistance in e-marketing as online marketplaces have helped them create trade between metros and Tier II & III cities by bridging the demand and supply gap. Over a third of all products bought by eBayers in hilly areas (North East, Jammu & Kashmir and Himachal Pradesh) are tech gadgets (mobile phones, digital cameras and USB drives). While women from the metros are buying a lot of sarees, the sellers are spread across various cities and towns of India, including manufacturing hubs and handicraft hubs like Devanagari (Karnataka), Chittaurgarh (Rajasthan), Lucknow and Kunnamkulam (Kerala).
Moreover, e-retailing helps retailers save on the real estate cost. Also, an e-tailer does not have to carry huge inventories and can cut supply chain costs (Business Standard, Aug 11, 2010).
- Mukherjee, A., Patel, N. FDI in Retail Sector, India. Department of Consumer Affairs, Indian Council for Research on International Economic Relations.