The global ecommerce industry generates over USD 1.2 million every 30 seconds, with a part of revenue being cornered through social media, a recent report unveils.
A joint study by Assocham-Deloitte shows that Facebook, Pinterest and Twitter contribute USD 5,483, USD 4,504 and USD 4,308 respectively every half-a-minute to the figure.
The study adds that the maturity of social media and its reach across masses and classes makes it a suitable platform for online sales. Social media pages provide information regarding new products in the market, user reviews and ratings of the product, recommendations and IT products, it said. According to analysts, product reviews and ratings, as well as product recommendations, were the most popular social commerce features integrated into leading ecommerce websites.
Besides, payment gateways help the e-tailers 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. Banks as well as the e-tailers are offering different offers like cashback and equated monthly installment (EMI) to encourage customers for card-based payments.
The availability of ecommerce applications on various mobility devices is helping to drive sales and revenue. E-tailers like Flipkart, Amazon and Jabong now get 50% of their revenues from consumers shopping on their mobile phones.
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