According to a Morgan Stanley Research report the Indian e-commerce market will be worth $119 billion by 2020. Currently the Indian ecommerce market is about $38 billion. The report also said that Internet penetration could increase from 32% in 2015 to 59% in 2020 which would lead to a 2x growth of the Internet user base. The report says India will have almost 320 million online shoppers by 2020 compared with 50 million in 2015.
As the e-commerce market heats up, companies that will emerge as leaders will be the ones who are able to attract and retain a customer base that is spoiled for choices. Typically multiple and unsynced marketing tools such as emails, notifications, and messages are in use by e-commerce companies, which can inundate and irritate users and drive them away from the platform.
There is a crying need in this growing and highly competitive market, for marketing tools which do not defeat the exact purpose for which they were developed, and that help e-commerce companies engage and retain users. This is extremely crucial in a market dominated by multiple companies vying for the same customer base.
Betaout offers a customized set of tools that e-commerce companies can use to differentiate themselves and thereby address specific customer needs. The market right now is dominated by vanilla tools which are generic and not customizable.
Betaout differentiates itself by the following features and functionality:
- Sophisticated CRM: Betaout’s highly sophisticated CRM can tell e-commerce companies how much money a customer has spent on their site in total. It can also predict how much more money the customer is going to spend in the future and on what categories and products.
- Mobile Push and in-App Notifications: With over a billion mobile connections in India, smartphones are geared to drive the next phase of e-commerce in the country. Betaout’s mobile integration with both iPhone and Android further helps e-commerce companies target the right users with the ability to perform timely mobile push and in-app notifications.
- On-site Personalisation: Betaout is also the only on-site engagement product at this point that can personalise the entire website and mobile site, based on the customer segments and lifecycles, created by an e-commerce company. This tool allows e-commerce companies to personalize the same without any coding or additional technical knowledge.
- Cart Recovery: A big problem faced by e-commerce companies is cart recovery, wherein users don’t complete their purchases which can result in significant losses to e-commerce companies. Betaout’s cart recovery tool uses multiple marketing channels to get the user to complete the purchase, and thereby positively impacts sales.
- Dedicated Customer Managers: Betaout offers not just online help with its product but also has dedicated customer success managers in India and Indonesia to ensure that e-commerce companies can solve any hiccups with the tool, instantly.
- Advanced Analytics for Marketers: Most analytics tools available are generic in nature and do not provide insightful data that can be implemented in making key marketing decisions. Betaout’s analytics tools are more granular and insightful in nature since it’s created specifically for its end users, the marketers themselves (our software is specially designed for ecommerce. For eg: With the help of conversion booster one gets to know about the campaign performance across all channels. It helps you to calculate total attribution and conversion for a campaign across all channels. You can target a user according to their last conversion).
- Customer Segmentation and Lifecycles: Most automation software have this feature, but they support either lifecycles or customer segments. Betaout is the only company at the moment that allows e-commerce companies to support both, wherein it helps build lifecycles/ funnels (where a customer can only be in one lifecycle) and also segments (where a customer can be in multiple segments). This feature also allows e-commerce companies to do customer tagging.
In order to stay competitive, and engaged with a dynamic customer base, e-commerce companies will need to engage with them at multiple touch points where they are most active such as on mobile devices, in-apps, desktops, social networks and the like. The need of the hour for e-commerce companies is to unify their marketing channels so that they talk to each other instead of each functioning in isolation. By using a hassle free and easy-to-use marketing tool such as Betaout’s, e-commerce companies are able to align their marketing efforts, giving them the much needed edge over their competitors.