How to become an Ecommerce expert in 2021: The Ultimate Guide 1.
E Commerce or electronic Commerce a terminology that was once a jargon with very limited understanding among the populace, be it academia or industry.
It has roughly been 8 -10 years that this jargon has become almost a household topic of conversation across all sections of urban India so much so that everybody seems to be an expert on the subject.
But hey, stop for a while, take a step back and think. Is it that easy? I guess not! Just like any other subject like physics and mathematics e-commerce also requires an in-depth understanding and study of the subject if you want to be really called an expert.
Let us dissect this subject and find out how to become an ecommerce expert in 2021.
What is ecommerce?
To put it simply, e-commerce is the process of conducting businesses online either via mobile or web applications. Businesses include trading in products or services via the Internet using technology such as electronic fund transfer, Internet marketing, online transaction processing, online supply chain management and electronic data interchange.
Growth of ecommerce in India
A report by globally renowned consultant firm KPMG projected the growth of E Commerce to cross over $103 billion by 2020 at a Compounded Annual Growth Rate (CAGR) of 41%. E-tail or electronic retail will contribute the lion’s share of about 67% amounting approximately $68.8 billion of the total e-commerce market.
COVID-19 has certainly pushed Indian consumers more towards online transactions and have accelerated the growth of E Commerce which is now projected to reach $111billion through 2024, says a report by fintech firm FIS.
Ecommerce employment opportunities/generation
From the above it is apparent that this exponential growth in E Commerce all over the world will not only give rise to changing customer behavior which is obvious in the post covid-19 world but also it will be characterized by unprecedented technological advancement and adoption, disruptive business models and the most encouraging factor of them all is the creation of employment opportunities.
The KPMG report further states that etail and allied ecosystem will create 1.45 million employment opportunities by 2021. With the growth of online sellers projected by more than 1.3 million by 2020, it is expected to create 10 million in net new jobs.
The story of employment generation by e-commerce is not just limited to urban India. The Government has shown clear intentions to pass on the benefit of growth in E Commerce to the remote areas of the country.
Through signed memorandum of understanding the Ministry of Communications and Information Technology have planned to connect companies engaged in E Commerce activities with 130,000 common service centres (CSCs).
From the above it is clear that e commerce as an industry is going in for a massive recruitment drive. Are you prepared for it? Through our bespoke online training courses on ecommerce, we at DataTrained ensure that you are prepared to take up the challenge that this industry is going to face thereby giving a stupendous boost to your career.
Let us take a cursory glance at the basics.
e commerce vs traditional business
ecommerce account creation
Depending upon your choice of products that you want to sell, you can choose the respective platform, for example there are dedicated platforms where you can feature or display your latest apparel or jewelry design.
Considering/Assuming Amazon as a benchmark for E Commerce standard practices and user experience, the very first step to the road to become an ecommerce expert is to create an account.
Ecommerce seller account creation (https://services.amazon.com) consists of a series of steps wherein you have to fulfill all of Amazon’s criteria and mention specific details about your business, location, marketplace i.e., the geography where you want to operate, your billing and product information and address validation.
Once you have verified your identity and business information to the satisfaction of Amazon, you are good to go. Log into: https://sellercentral.amazon.com.
KYC- (Know Your Customer)
Since e-commerce exists in the virtual world it is not immune two Internet fraudsters who Make transactions with an online merchant through illicit means such as:
stolen account information,
stolen credit cards and bank account details,
Study conducted by WorldPay off online merchants revealed that the biggest fraud the E Commerce industry is concerned about his identity theft.
This happens when the fraudster by a combination of video means uses a customer’s identity such as name home address and email to make a purchase.
It’s a grim reality that with more and more consumers driven to online transactions as a result of lockdowns due to COVID-19 the fraudsters are using this moment to maximize their operations.
According to data published by the Center for Victim Research at least 7 to 10% of the US population our victim of identity theft every year.
But at the end of the tunnel there is light, and businesses have to adopt and ensure adequate security.
KYC or know your customer is one of the easiest ways to prevent fraudsters from getting access to customer information.
Under the KYC process the business “may I ask” the customer to validate their identity by uploading or entering numbers of government ID cards, passport, driving license etc.
The good thing is that KYC has now become more or less a compulsion.
ecommerce product photography-
Ideally there are two main types of imagery that should be used bonnier product page and across all your marketing channels:
Clean cut: images with white background, product only. This should feature the main product and several other images of the product taken from various angles as shown below.
The second is in context or lifestyle photos, where the product in question has been used in its intended environment alongside complementing personas and products. the below example explain how the split AC will be mounted over the wall in a drawing room with specifications of height width and depth.
Great photography is essential for inducing an online buyer to convert the sale.
90% of online buyers admit, photo quality is the most important factor.
ecommerce inventory management-
As an ecommerce expert in 2021 you are expected to not only create an account in any of the ecommerce platforms and host your products but also take care of the inventory.
So, what is E Commerce inventory management?
To put it simply it is the act of measuring the amount, location, price and product mix that is available from your business.
The inventory management part open E Commerce business entity is one of the most crucial because it is only through proper management of the inventory that you come to know which products are over or under stocked and which product stock needs to be replenished.
Remember that inventory management is directly related with the company’s financials. E-commerce expert in 2021 you are expected to have a bird’s eye view offered inventory that helps you to judge the revenue potential from every single pallet.
Here you have to apply the right technology because currently there are software tools that are available for efficient inventory management.
E Commerce fulfillment is pivotal to the success of the business. The true test of character of an ecommerce expert in 2021 is to manage and execute the fulfillment services to the satisfaction of the customer.
They say that your web-based business will be all splash and no cash if your ecommerce fulfillment service does not run smoothly despite having our favorable sales funnel and an amazing website.
What is E Commerce fulfillment?
It is that part of the transaction that includes delivery of the product to the customer.
A successful e-commerce fulfillment has been integral to your business from day one and it involves multiple vendors and schedules. all of them should act in a well-coordinated manner, only then you can hope to see hay days in this line of work.
What does efulfillment consist of?
There are four basic components:
ECommerce store and fulfillment center integration
Receiving and inventory management
In short, the time taken and the processes involved from the placing of orders by the customers till the product is delivered Forms are part of E fulfillment service.
You are expected to make this journey smooth in order to earn a happy customer. The customer behavior depends heavily on how well managed the E Commerce fulfillment services are.
There are mind boggling statistics available that reveal customer behavior as far as delivery is concerned.
80% of US shoppers want same day shipping and more than 91% of them would abandon a cart online if the same was not available.
Consumer survey conducted by Pitney Bowes one of USA’s biggest e-commerce shipping and delivery companies point out that 56% of Indian consumers prefer free shipping over faster delivery.
(Source: Pitney Bowes)
It is imperative for every E Commerce business to make the use of the following agreement:
Return/cancellation and refund policy
It is legally binding on all websites intending for sale online would have a stated refund and cancellation policy so that in case the customer feels that the goods purchased we’re not up to the mark when delivered, can exercise his right to claim refund by returning the I can within a specified period of time.
If a company does not have a stated policy in this regard it would infringe upon a customer’s right to seek redressal.
The return policy should mention every minute detail regarding refund cost, time frame to return the product, the form of refund and similar relevant sub-heads.
The Indian e-tail have seen a decline in the rate of goods returned which can be attributed to customers who chose prepaid online payment over cash on delivery since they did not want to miss the timely delivery of the product.
According to Redseer data return rates on platforms like Amazon and Flipkart have fallen from 22% in 2020 to 18-20%. Top fashion verticals recorded substantial decrease in the rate of return from 30 to 25% on a year-on-year basis.
Best online ecommerce course/e commerce course online/ecommerce certification–
From the above It is apparent that e-commerce is only going to boom in the coming years and the industry currently is in dire need of E Commerce experts that can drive any startup or an established brand to reach new heights of success.
The topics discussed above are basics of E Commerce which every aspiring ecommerce professional must be aware about.
We at DataTrained, ensure not only success but also sustainable success to those who enroll with us for the 10-month online E Commerce certification program.
The flexibility along with in depth coverage of topics makes the program unique among others. you have all the opportunities to interact with industry leaders during the weekend classes, a syllabus that preps you for the upcoming challenges, live industrial internship, 10 plus case studies and projects.
That’s not all, our 350+ strong partners from the industry will be ready to grab you by the time you finish the program and earn ecommerce certification from Datatrained.
Call a Datatrained expert today at 9560084091 or send us your query at, firstname.lastname@example.org.