Tag: #marketing

E-COMMERCE

In India, the marketing environment is shifting. From the last ten years to the present, the consumer marketing trend has shifted dramatically. In India, the local environment has altered in terms of infrastructural, social, and economic factors. The popularity of online marketing is growing across a wide range of people of various ages. E-commerce is growing as a new market that has the potential to contribute to economic progress. 

INTRODUCTION:

E-commerce is a platform for businesses and consumers to buy and sell goods and services through the internet. The term “electronic commerce” refers to the use of telecommunication networks to expand a company’s market and retain client relationships. “Businesses and their customers use e-commerce software to conduct transactions. Customers can order things, verify orders and track shipment, review prior transactions, reorder products, and manage their accounts with them 24 hours a day, seven days a week.” (From 2009 to 2012, Auburn See Wolf llc) 

India’s economic industry is on the rise and experiencing a growth spurt. The Online Travel Industry is one of India’s most important segments of ecommerce, and it is flourishing because to the country’s Internet-savvy urban populace. Private companies such as Make my trip, Clear trip, and Yatra were part of the online travel sector. The government has also launched IRCTC, an Indian Railways project that has proven to be successful. The online classifieds market is expanding as well. It is organized into three categories: employment, matrimonial, and real estate. Due to the fast development in the number of mobile users in India in recent years, mobile commerce is proving to be a robust and secure supplement to ecommerce. 

According to a research by the Internet and Mobile Association of India, India’s e-commerce business is growing at a 70 percent yearly rate and has increased by more than 500 percent since 2007. E-commerce and digital downloads are predicted to develop quicker, while online travel will continue to dominate the sector. The following are the primary sectors in the e-commerce industry: 

Travel- 51% 

E-Retailing-40% 

Cothiers-09% 

Unique Features of E-commerce Technology:

1. E-Commerce: is Technology-Enabled: While traditional commerce has existed since the dawn of time, E-commerce is the result of the integration of digital technology into business processes and commercial transactions. Internet, WWW, and different protocols are the technological basis of E-commerce.

2. Virtual Communities: are online communities formed through the use of tools such as chat rooms and specially designed websites where people with common interests may connect with one another over the internet. 

3. Customization: The world is moving away from mass-production and toward mass-customization, thanks to the use of E-commerce technology. Product customization guarantees that goods are created to clients’ specifications and preferences. 

4. Intercommunication: E-commerce technology allows buyers and sellers to communicate in both directions. Firms can communicate with customers via E-commerce enabled websites on the one hand. Customers, on the other hand, can fill out order forms, provide comments, and contact with the companies who run the business. 

5. Universality: E-Commerce allows people to buy and sell things all over the world using websites. The websites are universal in that they may be accessed from anywhere in the world at any time.

ENTREPRENEURSHIP

“Entrepreneurship is an activity that entails putting one’s own resources at risk in order to start a business or produce something with a commercial purpose.”
The act of starting a firm in order to make a profit is the basic definition of entrepreneurship. In today’s society, however, entrepreneurship has expanded to include the act of changing the world by solving large-scale problems. With the introduction of the internet, entrepreneurship now has the ability to effect social change by developing a service or product that has a good influence on individuals and addresses societal concerns with innovative solutions.
Entrepreneurship including land, labour, natural resources, and capital can yield a profit in economics. The entrepreneurial mindset is characterized by exploration and risk-taking, and it is an essential component of a country’s ability to compete in an ever-changing and increasingly competitive global marketplace.

What is an entrepreneur?

An entrepreneur is a person who starts a new firm, taking on the most of the risks and reaping the majority of the benefits. The entrepreneur is often thought of as a creator of new ideas, products, services, and business or methods. The entrepreneurs on this list hail from all over the world (from the United States to Europe to Asia) and operate in a wide range of fields (HR, digital, health, finance, entertainment, art, design, and so on), but they all have one thing in common: a passion for what they do.
Small or home-based businesses to global corporations are all types of businesses. An entrepreneur’s earnings are made through a combination of land, natural resources, labour, and capital, according to economic theory. In a word, an entrepreneur is someone who has the desire and determination to start a new business and is willing to take on all of the risks that come with it.

Characteristics of Entrepreneurship:

1.Self-motivation: One of the most important attributes of entrepreneurs is their ability to motivate themselves. Even if you don’t have an immediate source of revenue, you must stick to your plan and keep moving forward.

2.Job Creation: Entrepreneurship leads to the creation of jobs. It offers an entry-level role, which allows unskilled workers to gain experience and training.
3.Increased Standard of Living: Entrepreneurship helps to raise a person’s standard of living by raising his or her income. The term “standard of living” refers to a growth in a household’s consumption of various products and services through time.
4.Risk Bearing: The essence of entrepreneurship is the willingness to take risks, without which one cannot thrive. It occurs as a result of the development and implementation of new concepts. Because such ideas are sometimes speculative, the outcome may or may not be favourable and immediate.
5.Encourages research and development: Before introducing a new product or service, it must be thoroughly investigated and tested. As a result, entrepreneurship helps universities and research institutes to support research and development. This encourages economic growth, research, and development.
6.Be enthusiastic about your work: At the end of the day, successful entrepreneurs are driven by their passion. They are passionate about their product, service, or mission. When you’re feeling down, passion will help you discover inspiration and propel you forward. To keep going forward with your self-employment ideas, you’ll need passion.

Digital Marketing

With the rise in the online world of work, digital marketing is emerging as a crucial field of marketing. In 2019, digital marketing surpassed traditional marketing for the first time. This is due to the fact that, consumers are increasingly getting involved with the online channels. Due to the pandemic, nearly all utilities and services are shifting towards the online mode. In such scenario, digital marketing is increasingly getting popular and necessary to sustain businesses. Digital marketing refers to the marketing that is done using internet or online based technologies like laptops, mobiles, or other digital devices. It is basically advertisements done through digital platforms such as search engines, websites, social media, email, and mobile apps. By implementing an a sound digital marketing strategy, marketers can collect valuable insights into target audience behaviours while opening the door to new methods of customer engagement. Additionally, companies can expect to see an increase in profits.
Digital marketing revolves around 5Ds: digital devices, digital platforms, digital media, digital data, and digital technology.
The first of the 5Ds mainly focuses on digital devices such as smartphones, tablets, desktop computers, TVs, and gaming devices. It mainly deals with the target audience’s interaction and engagement on websites and mobile applications.
Digital platforms like Facebook, Twitter, LinkedIn, YouTube, Instagram etc. Are the preferred platforms to capture the attention of target audience. Digital media revolves around paid, owned, and earned communications channels utilized to build engagement with the target market through several ways such as advertising e-mails, messaging, search engines, and social networks.
Digital data refers audience profiles and engagement patterns with businesses. Digital technology on the other hand focuses on building interactive experiences across a wide range of platforms, from your websites and mobile apps.
To gain an upper hand in the sphere of digital marketing, it is important to understand and creatively utilize the 5Ds for the benefit of the company or business.
There are many platforms that assist in digital marketing. Social media is a great way to promote products or resources organically to brand followers, and engage with consumers. A vast majority of individuals have more than single social media accounts. Platforms like Facebook, Instagram etc. Are very popular and helpful in reaching out to a large audience. Social media platforms allow marketers to reach their prospects in a variety of ways. Marketing teams can use these channels to distribute paid ads and sponsored content. Each platform is different so one can choose accordingly but most have capabilities that allow marketing teams to place ads based on location, job title, interests, age, etc.
E mail marketing is also very useful. It allows organizations to stay connected with prospects and customers, sending them customized newsletters or offers based on past shopping history or brand engagements. Even consumers agree that email plays a role in their purchase decisions. Furthermore, transactional emails are more likely to be opened by subscribers. Digital marketing platforms span several functions in one solution – allowing marketing teams to get a more integrated / holistic view of their campaigns.

https://www.marketingevolution.com/marketing-essentials/what-is-a-digital-marketing-platform-marketing-evolution

https://campaignme.com/how-5ds-of-digital-marketing-are-reshaping-global-business-sector-today/