Home
Internet
Internet News
E Commerce Generates $1.2 Million Revenue Every 30 Seconds: Study

E-Commerce Generates $1.2 Million Revenue Every 30 Seconds: Study

By Indo-Asian News Service | Updated: 19 August 2015 17:04 IST

The global e-commerce industry generates over $1.2 million (roughly Rs. 7.9 crores) in revenue every 30 seconds with Facebook, Pinterest and Twitter contributing $5,483 (roughly Rs. 3,57,800), $4,504 (roughly Rs. 2,93,904) and $4,308 (roughly Rs. 2,81,114) respectively, says a joint study by Assocham-Deloitte.

Social networks are contributing significantly to the growth of e-commerce business revenue. The maturity of social media and its reach across the masses and classes makes it a suitable platform for online sales, said the study which was released here on Wednesday.

Social media pages provide information regarding new products in the market, user reviews and ratings of the product, recommendations, and information technology (IT) products.

"Social media also helps e-tailers build brand awareness by responding to customer queries. Seasonal sales and offers are displayed on social networks to reach maximum number of people.

"E-tailers have even started to motivate customers with reward points to provide feedback on the product on social networks," said D.S. Rawat, Assocham secretary general.

According to analysts, social networks increasingly have direct links to e-commerce sites, which provide complete product description, availability status, pricing and delivery information, and access to product reviews and ratings, all of which help prospective buyers to make a purchase.

(Also see: You Can Use Your Mobile Wallet, I Will Use the Cash in My Wallet)

Social media provides a platform for e-tailers to engage with customers for advertisement, building brand awareness, developing a community of trusted users, spreading word-of-mouth and customer feedback, the study added.

Payment gateways help the e-tailers to receive money instantly rather than waiting for the 'Cash on Delivery' payments, thus reducing chances of theft and fraud. The retailers are slowly moving towards payment gateways for improving security and dealing with other complexities which arise with financial transactions.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.