While CEO Jeff Bezos picks up a Global Leadership award from India’s Prime Minister Narendra Modi in June 2016, the rest of us should be paying attention to Amazon’s commitment was to increase from $2Billion to $5Billion. But what does this mean for the eCommerce store today 3 years on? Amazon’s investments are bearing fruit for 2019, and it’s worth taking another look.
With the recent article that depicts the next eCommerce rush in Russia n 2019 (Next eCommerce growth is coming from Russia and Shopify is ready) where the Shopify tools are all available, how about reaching out into other international markets via other marketplaces, leveraging that said marketplace’s push into an emerging market.
While the local investment is targeting small businesses, start-ups, a recent announcement in August 2019 bears fruit on the B2B App for its Marketplace. The app connects the right developer with the right seller, providing the various tools to the various online business needs of sellers. These tools help regionalize the purchasing habits of India’s consumers, giving your store an extension to compete with your unique products in that demographic.
Local Payments and Apps
For the local Sellers, OkCredit allows small business owners to connect with their customers’ to record credit and payment transactions digitally. Their fast growth of 100% per month reaching over 1.7M active merchants makes them a serious player amongst the competition such as Sequoia Capital and Khatabook. By bridging payment methods of local consumers to local products via their smartphone, it has enabled online purchases and transactions to be part of the norm when it comes to shopping.
Amazon Pay is a trusted and convenient way to take payments for consumers to engage in Amazon India. This is a prepaid service to which you can add funds and have the full set of tools to connect your Credit Cards, Bank Accounts all the while having the ability to view your statement and all your transactions. Amazon Pay can also be used to pay your utilities, broadband, mobile as it is connected to all the leading operators.
Additionally, Amazon Pay launched its Peer-to-Peer payments in India back in late April 2019 for Android users. Providing a direct payment method/money transfer for Amazon Pay clients to transfer funds.
With all the various payment methods available for the Amazon India platform, your products can be transacted securely as well as be adaptable to your business model.
Use of ERP for your India Marketplace
Given that India’s marketplace engages differently on payments, Products and customer base – tracking it at the ERP level and having the ERP Financial tools within reach can greatly assist in your Amazon integration. The integration will give you additional tools to ensure you have a good standing with Amazon and not lapse on shipments, collect payments, customer notifications/communications. If you have various product categories, or various stores/brands, the ERP platform such as Brightpeal can connect you to several Amazon accounts in alignment to your Product/Brand strategy.
There are over 1.369Billion inhabitants in India and is 17.71% of the world’s population. India is a very diverse cultural/religious country that is booming in eCommerce according to India Brand Equity Foundation (IBEF) with a projected growth of $200Billion in sales forecasted by 2026. A projected $120Billion is set for 2020 and it is the highest annual growth rate in eCommerce YoY in the world. Most of this is driven by the penetration of the smartphone and its local/international eCommerce partners/developers/tools. With the right Government initiatives and large world leaders in eCommerce partners like Google/Amazon only accelerate the eCommerce marketplace. This means that your store is now within reach of this fast-growing market and is definitely worth considering.
IBEF Source: https://www.ibef.org/industry/ecommerce.aspx