How the integration of SAAS and V-commerce is a win-win solution for buyers and retailers alike
80 percent of all e-commerce companies fail to exceed the first year. The Indian retail market in particular has been unable to thrive in the e-commerce market. Tough competition from e-commerce giants, high website costs, and lack of technical expertise have kept the average Indian retailer from succeeding online.
Today, the country has over 500 million internet users and is the second largest market for mobile devices. 50% of Indians will prefer to shop online by 2026, and Indian retailers will have no choice but to adapt to changing consumer habits.
The Indian online shopping market will grow 84% over the next four years.
Enter V-commerce. Video commerce uses video calling technology to sell your products or services to customers by providing a real-time shopping experience. For the Indian retailer, this is the perfect opportunity to reconnect with their customers who may have disappeared due to the multiple COVID-19 lockdowns and restrictions that have plagued the Indian retail sector for nearly two years and are still in the recovery phase. Many small and medium-sized businesses have had to go out of business for good.
V-commerce for Indian retailer
● Video call feature allows retailers to connect with real customers
● It allows the retailer to sell directly to its target audience
● Developed the activity with virtual branches on several sites
● No need to build an expensive website or incur high maintenance costs
● No need to face the difficult hassle of e-commerce
● Flexible and ready-to-use video library and catalog
The Indian customer is inherently frugal with their spending and they don’t quickly trust online retailers unless it’s a big brand like Amazon. Impulse buyers always go for the COD option but cancel at the last minute, resulting in a high return rate and shipping cost for the retailer.
56% of Indian shoppers abandon their online carts after browsing.
V-commerce for the Indian customer
● A virtual in-store experience
● Shop wherever you are in India
● Show the product in real time by video call before purchasing
● Easily find local stores in your area
● No more boring catalogs
Video shopping gives the customer an in-store experience and they have the opportunity to see the product before purchasing it. But video technology is expensive. Complex infrastructure integrated into a website can cost up to Rs 5 lakh in the Indian market.
Software as a Service or SAAS is a means of delivering applications over the Internet. You don’t need to spend money to install and maintain software, and you can just rent it online for a cost. Shopify has been able to bring many Indian SMEs online by providing them with a cheaper way to use e-commerce.
SAAS integrated v-commerce may be the healthy ecosystem the Indian retail industry needs right now. Retailers can opt for a monthly subscription instead of paying huge fees up front with additional maintenance fees.
A new player in the market, Bigbox is offering Indian retailers the opportunity to step aboard the v-commerce wagon by offering a SAAS v-commerce model for just $ 30. That means no more headaches of building and maintaining websites, struggling for visibility in a crowded ecommerce marketplace, or worrying about customers canceling orders.
Why SAAS for Video Commerce
● Indian retailers spend a bomb to build websites. So there is always a need for profitable put options.
● V-commerce (video calling technology) is an expensive development framework and Indian retailers cannot create video calling technologies on their own.
● This is where SAAS comes in handy, where video call or video store is available for an affordable monthly cost, which breaks the barrier of entry for Indian retailers who want to set up their own video call store. .
● Thanks to v-commerce, since customers view the product before purchasing, the conversion rates are much higher than those of traditional e-commerce websites
The COVID-19 pandemic has changed the way we live. Shopping, studying, working, and even our recreation have all changed online. Still, the average Indian shopper has expressed their lack of confidence in online marketplaces. They miss out on real-time shopping with the ability to rush in for great deals and discounts.
V-commerce is definitely the right solution for the Indian retailer who has failed to run a successful online e-commerce business. Indian retailers are known for their innate sales skills and ability to connect with their customers. With an integrated video platform, they can once again leverage their strengths instead of worrying about high website costs, low conversion rates, zero online visibility, or creating viral social media content. .