We all are aware of the First Purchase we made if we compare the first purchase and now then you see a lot of changes. The perpetual advancement in the technology and changing phase in the Politics made e-commerce an analysis aspect for the customer as well as the seller. E-commerce came immediately and omnipresent. It can be shopped anywhere and everywhere. We can say that our digital shelves have become longer and larger, welcoming more e-commerce strategies for holidays.
What is E-commerce Strategies?
E-commerce Strategies is a buzzword, mostly the wholesale or the retail business that is traditional have faced this and depending on e-commerce. To many people, it is a simple process of establishing the offline business into the online platform.
Engaging people into your fancy Websites and creatively build e-commerce pages, that will allow the business person to sell all over the internet.
If we follow the recent Global Shopper Story that takes into account the opinion of 10,000 shoppers there are many key points found:
Omnishoppers are very crucial for the market that includes
Showrooming: here you see in the store and then buy from the online retailer
Webrooming: here usually, people searching the online and buy in the showroom.
Click and collect: people here buy online and go to the showroom to pick it up
Scan and Scram: Check the product in-store but buy it online from another retailer
Click and Ship: You check the product in the store but buy it on your mobile phone for your personal convenience
In today’s busy life both digital and retail world’s play a very vital role, while the omnishoppers may like to shop online in most of the time, but people also like to shop offline only when they have enough time. It is usually, about the experience and the discovery they can in the offline stores.
There is no less competition for the online sellers, because if we check the records then it is estimated that, 24 million e-commerce websites are there in the whole world. It seems like yesterday when the concept of e-commerce strategies blossomed in the business people’s mind.
As there are 24 million e-commerce website, out of which 650,000 stores are generating more than $1000 sales annually.
What is the current state of e-commerce?
The e-commerce state has shown an incredible growth curve if we check the last few years, the CAGR is even expected to grow to 11.1% from 2018 to 2025. One of the most popular activities in the whole worldwide includes Online Shopping. While the popularity may vary from region to region.
You can clearly see, the tremendous growth in the e-commerce marketing strategy that intensifies the competition in the business. If the competition intensifies this means that people are going to get more options to chose. It gives customers a chance to chose from even the niche categories and this can involve even both high and low level of purchase.
Increasing competition in e-commerce has led Brands attention predominantly towards user acquisition. Usually, innovative user acquisition strategies attract a number of people, however, this also requires a lot of sizeable investment. You may think, that once a customer comes up the battle is won. However, it is not, it involves post-acquisition work that has a different insight.
Once a customer comes on board, there is a high chance to drop off. Normally 70 percent of people drop off after a week and 96 percent of the users churn within 90 days.
We can surely say that if user acquisition is not coupled with successful user engagement and a perfect strategy, then there will be no results.
How can e-commerce attract new customers?
Nowadays, attracting customers is a huge task, and every e-commerce strategies involve these steps as every e-commerce business requires it. The first step to this is the having E-commerce automation checklist. Follow the below steps to have the best E-commerce strategies experience to your customers.
Trigger: For the beginning of the workflow, select a trigger, like Order Creation
condition: To keep the workflow going, set a condition, like Spend $500
action: Set an action that needs to be taken place, like Tag the Customer
This includes a few checklists that the marketers should consider for automating the e-commerce store.
Increase the customer worth
It includes having a marketing strategy in communication with your targeted customer. Reward the customer if they make more sales, gives discounts occasionally, set geo-specific promotions.
The first segment the audience according to their interest, and include personalized marketing communication. Segment the customer with the items they buy or add in the cart.
Send small handwritten notes who spend the most time on your website
Send a customized email, based on purchase history or when the items are in the cart are abandoned.
For every individual customer calculate the average spend on order.
Try to set threshold time, the time more than the average time they spend on the website. Offer the customers some gifts to add products to the cart and achieve the targeted time.
Target the incentive to drive conversions
Occasional offers to the customers, mainly target the customer birthdays
source: milled
Send the customized Birthday mails, earn the customer loyalty that helps to make the customer stay with you longer.
Geo-specific gift, filter the customer by region, place, and interest.
Decrease the cost of customer Acquisition
If you do e-commerce automation you will see a decrease in advertising spends, and reduce the customer churn, that will gradually increase the ROI of the campaigns
Keep a check on the campaigns, and pause those which are not giving any results, order more inventory before you run out of it, pause the campaigns until you are restocked.
Always keep in contact with your team, regarding every issue through channels such as Slack, Milanote, Trello, to avoid any miscommunication.
Deducing customer churning
Have criteria to pull out the customer, like time each customer spends, and the time is taken since the last session, last login, last purchase.
When a customer doesn’t show any action for some days, then start a win-back campaign for them.
Increase Conversions
You can boost your Conversions rates using this e-commerce strategies automation, make your site customized for your viewers, improve the search functionality of your website, add push notification to increase multiple purchases.
Increasing searching and merchandise the store
Give your customers a continuous merchandise shopping experience and make the shopping process easy and smooth
Show the options which are of the same color, fit, brand to continue the continuous product discovery
Add all those SKUs that have a similar description in the appropriate collection.
Add the collections tags in your site search solution, as it will be easy for the customers to filter
Push Notifications to increase the purchase
Browser push notifications are the best if you want to increase the customer’s flow and encourage them to buy.
Segment the customers according to their choices and purchase history.
Target those, customer who is always looking for new products.
Easy Payment options
Check the currency your customer prefers and tailor it accordingly for them.
Segment the customers according to their currency preference, based on their last purchase
Add promotions while they checkout, and while coming to currency add currency based on the countries.
What is Customer Experience?
It is a long journey that we are experiencing, and no journey is the same. Some people like to shop online, while others like to take advice from their family, friends, peers and then act. It is like a big puzzle that has different channels, that has both online and offline shops. However, it is up to the brands how they will create the best brand experience that is frictionless, customized and provide the customer best experience as possible.
New channels keep on adding so that the older ones could be replaced and give a better experience to the people. The higher the consumers are more the interaction is, and more the competition for the brands. Ideal customer experience should contain:
Customization
Quality Content
Omnichannel Experience
Streamlines checkout
Post-purchase experience
source: fico
How can e-commerce strategies build a strong Customer Relationship?
According to some Consumer Survey’s, 48% of the consumers left the site and made a purchase in the competitor’s site just because consumers experience a poorly customized site.
The key for a personalized experience is segmentation, it helps to create distinct journeys for the customers based on their shopping behavior. Whether the customer is a visiting the site for the first time or is a frequent buyer, there are few data points upon which a person and choices can be assessed. All these things will help create a custom persona for the customer.
66.7% of the top brands have a visually attractive homepage.
Suppose you have 3 categories of people coming to your site,
Let’s say the first category of customer to be “Type- A”, in this category, people are usually very busy and want to find the items quickly.
Then, the second category of customer to be “Type- B”, in this type, people are limited to a budget and use the navigation to find the right product that fits their budget.
The third and last category of customer, as “Type- C”, in this type, people are completely new and require a lot of information and content that will make them stick.
For Type-A category, you can add the “Add to Cart” button to all the products in the product listing page. Then for the second category “Type-B” have streamlined navigation and include more categories to the homepage. For the third category “Type- C” adding the user-generated content on the website, including all the how-to tutorials on the homepage.
You can for sure gain a good result, the conversion rate will increase to 10% and the revenue per visitor will increase to 14%
Strategy 1- Increase Loyalty by Personalized Promotions
The surveys say that 77% of consumers love discounts and encourage them to shop more. 48% of the people that discounts make them buy much faster and can take decision quicker.
source: pinterest
Do’s and Don’ts of Customer Experience
Write Bewitching Content
Do’s: Always have a variety of content, such as video, blogs, user-generated content, images, and infographics to make the people understand in details about your brand and the products that you are selling. There are a lot of infographic tools such as Visme are available which provide the best templates and tools to design amazing infographics.
Don’t: Remove all the irrelevant content, because it is one of the biggest reason, where 41% of the consumer’s back out from your website.
Engage using emails
Do’s: Post-purchasing sends the delivery updates and useful information related to the Purchase.
Don’t: Never, attack the customer with a lot of promotional emails, before they buy their first product.
Have promotions
Do’s: Place your promotions on the major locations on the homepage.
Don’ts: Avoid having inconsistent, promotions over social media sites, marketing page, and e-commerce sites.
Add “Finder” to find the store
Do’s: Include the detailed information such as the store hours, exact location, contact number, directions to store, in house services on the Store finder page.
Don’t: never add the Store Finder in the footer
Make returns easy
Do’s: Always have the return option in the product details page, so that it gives confidence that after buying a product, it turned out to be bad or wrong, they can return it anytime.
Don’t: Never add the return policy in the footer of the page.
Path Navigation to purchase
Do’s: The Purchasing path should be clear and easy for the customers to use, this encourages them to come back and buy again.
Don’t: Never launch a new website without proper A/B testing of various designs.
Strategy 2- User Generated Content (UGC)
Engage your customer with high-quality images, videos and Infographics, in addition to this have engaging content. It is the best way to nurture and educate customers.
Usually, there are two types of content that help in brand leveraging: User Generated Content and Branded Content.
User Generated content are usually customer reviews, photos, videos, that allows the brands to share genuine and authentic content from the customers after they use the product.
Branded Content normally keeps the brands on the top when the brand is going through the down cycle, it tells about the lifestyle and story of the brand.
Not just the content, we can say an image speaks a thousand words than the content. If you have checked minutely then you must have noticed that the fashion-related people who are selling their products online, use a lot of images, in different angles, with some closeup image that showcases the type of stitches, color, type of fabric. The video included provides how to use the items, and how it is made.
21.4% of the consumers say that an appealing e-commerce strategies experience motivates them to come back again and again. While 85% of the customers said that Visual UGC that include images and videos are more influential than the branded content. As 95% of people believe in other consumers and their reviews who have already used it.
Leveraging a mixture of high-quality content that has images, videos, and user-generated on the homepage will let the people know about your brand and its products.
Strategy 3- Have the Right offer at the right time
These days people have stopped differentiating between online and offline shopping. The only thing that matters is the customer experience.
To avoid the channel conflicts, co-ordinate with all channels so that it doesn’t impact your physical location, be it with your retailers, or a seller or the brand stores those who are trying to sell at full price. In other words, you can say don’t cut down the brand store, by having a lesser price in the online store.
Check how the customer buys, track down his journey and identify at which point he is getting inspired. By using that inspiration deliver the same inspiration through the consumer-preferred channel.
source: milled
According to one latest report, 74% of the people said they are more likely to make a purchase online if they can have easy returns and exchange in store.
Below you can find an optimal checklist if implemented will give customers the best experience:
High-Quality Product Images
A product description that is informative
Informative Videos
How to do- videos, tips
Add to cart button
Return Policies
Clear Pricing and Promotions
Customer Reviews
Complementary or recommended products, while buying products
Provide an easy return option, never forget to include return instruction in the order. On the e-commerce site of the brand, mention clearly all the return policies. This will remove the need of the call to action or any further customer support.
Strategy 4- Provide a smooth checkout experience
How many times have you seen that people come to your site, and add items in carts and leave abruptly? I guess too many. This clearly states that your website lacks in providing flexible payment options.
75% of customers complain about the lack of flexible payment options. Usually, brands fall as a victim investing heavily on the website videos and images, but lack in providing a smooth functionality or checkout process.
When you are planning to have an e-commerce site, both website outlook and functionality are very important. Always keep in mind, once the consumer adds an item in the cart, then have a clear checkout button both above and below the order summary. It encourages people to complete the action and also makes it easy to have the next process.
Source: Behance
Using Chatbots for conversation is also a good alternative, as using these will make the consumers feel someone is there listening. However, only 25% of the brands are only this Chats and Chatbot service on the checkout page.
Connecting the chat functionality to your website, most importantly to the Checkout Page, it provides the consumers an easy way to get clear their last-minute queries, before abandoning the cart page.
Strategy 5- Most Brands fail past checkout
The first action which most of the brands incorporate immediately after completing the check out process is sending the automated confirmation emails. Consumers read the confirmation emails, with outmost attention than that of the normal emails. It is a kind of habitual, as the email serves as a proof or a receipt.
On average, the consumers spend 4 seconds looking at a banner ad, then 7 seconds looking at a display ad, 14 seconds watching a commercial ad. While major time people spend watching unpacking their box which is estimated to be 45 seconds, in which people spend 22 seconds just removing the product from the box.
Strategy 6- Unboxing
If we follow the analysis of top e-commerce strategies of any website, then it has been seen that people get excited about the order delivery, unboxing experience, returning the item, and receiving refunds.
People are these days are too much interested in unboxing and check a lot of unboxing videos before they go to buy something. Before an item is bought, people go to the video and check the unboxing videos. So a well-designed unboxing video from the brand will increase the best unboxing experience creating an impact.
Make the packaging attractive, so that people get excited while opening it. The excitement in people will increase, and the engagement will increase to 64%, and the chances of more positive customers increases.
Always keep in mind, the size of the product you are sending, people usually complain that small products get big packaging. Due, to this one-fourth of the customers, think that the retailer is careless.
Usually, people think that packaging showcase, how much interested and careful the retailer is about the product he is selling. If it is good, then people use the product for their unboxing video experience.
Never do extensive packing, this frustrates the user. normally people want to reuse the packaging for future use. 95% of the people like to reuse the packaging if packing is good people tend to come back more.
How E-commerce Holiday Marketing Boost your sales?
Optimize your e-commerce website, at least 7 days before the D day. Start sending promotional emails, messages for the holiday. Have the influencers to promote it in social media channels. Holidays are the best time to
Get the top ranking
Increase your CTR
Improve your position in Search Engine Page Ranking
Reset your whole Website and every detail page, with a holiday mood, that attracts consumers to buy from you. It is good to run some tests on the schema that will apply to the on-page SEO with good traffic.
As the holiday becomes a ritual for shopping, increasing sales during these times become important and bring a lot of loyal customers also. Take advantage of the holiday and attract new consumers, boost sales and increase brand visibility.
If you avoid having a holiday marketing campaign, then for sure you will be overshadowed by your competitors, who will, of course, promote during holidays. Gradually, you will vanish in the huge crowd.
The major, upcoming holidays this year, if targeted then it will help you in increasing your sales:
31st October 2019- Halloween
11th November 2019- Veteran’s day
11th November 2019- Remembrance Day
28th November 2019- Thanksgiving Day
29th November 2019- Black Friday Day
2nd December 2019- Cyber Monday
24th and 25th December 2019- Christmas Eve and Christmas Day
26th December 2019- Boxing day
31st December 2019- New Year’s Eve
Below you can read in details about some useful e-commerce holiday strategies that will help increase your sales.
Facebook Messenger Marketing
Up your holiday marketing strategy with Facebook messenger marketing. It’s currently one of the untapped channels that are truly a gem.
You can think of Messenger marketing as similar to email marketing.
But Messenger marketing’s engagement rate is 80% within the first hours, there are a lot of tools like Mobile Monkey, is available which will make your work easy.
The real benefits you can get from messenger marketing comes when you use Messenger chatbots, that allows you to send messages to your Facebook page fans.
Other than that, you can also:
Build a contact list
Nurture leads
Send drip campaigns
Segment your audience
Schedule appointments
Transition to a live operator on demand
Remarket to contacts
Perform e-commerce transactions
To create messenger chatbots, you’d need to build using an easy-to-use chatbot builder like MobileMonkey
Holidize your website
Converting your whole website to holiday mode triggers people’s holiday emotion that essential for that point of time. This makes visitors stay longer and spend more time with shopping enthusiasm.
It should be memorable, not just an ad in the product detail section or special offer sections. Bring the emotional context to your website and to the elements present in it like the header, footer, CTAs, and even in the payment page.
Discounts and Sales
People expect a lot of discounts and sales on every product they are going to buy. Make sure that it is the first thing you have on your website. As you can see Black Friday is just a few days away, it is best to start promoting for the black Friday eCommerce sales.
Showcase the shoppers what they really require, as soon as they log in to your e-commerce site. This keeps them engaged and stops them from going to a competitors site.
Email Campaigns
As Black Friday is on the door, start doing Black Friday Campaigning. Promote your brand, call out for your loyal customers, increase the customer experience by providing the best customer service.
Have emails for the early birds, encourage people to buy, provide amazing discounts for the limited time.
Send some exclusive discount codes, to avail the coupon.
Provide a discount code, after a purchase is made, so that people keep on coming.
Final email, send a greeting email for the Holiday.
Social Media Engaging
Use all the Social Media platform, such as Facebook, Instagram, Twitter, Pinterest to promote your Holiday Offers and deals in the social media platform. However, it is important to connect or communicate with the people in social media, because when a person watches it he becomes curious and has questions to ask.
Use the special Holiday Hashtags and encourages the Holiday atmosphere. Ask people to use the hashtags and gift them some giveaways, discount coupons or holiday offer.
Pinterest and Instagram work wonders for visual interactions. People mostly looking in both of there sites for gift inspiration, reviews, new ideas, best place to buy, greeting cards and entertainment.
If you want to keep following with the two channels then follow this:
Instagram Planner: It gives your complete year, holiday list, date and time, including the hashtags that you use.
Usually, in all these implementations and improving the brand visibility somewhere, the Customer Experience Lags behind. While a lot of e-commerce companies have understood the importance of Consumer Experience and are looking for various options in which they can implement to increase the Customer Experience.
This is a complete guide for E-commerce Websites and the strategies that the companies can implement. Including the customer experience that most of the people forget, but is the key to keep your business going.
We hope that you like all these strategies and implement in your e-commerce site to increase the sales as well as the consumer experience.
If you want us to write, more about these different kinds of strategies to improves sales and experience, do write to us.
Majority of the economists in the United States are saying that the next Recession is coming. Unfortunately, all the signs are pointing towards the looming Recession 2020. We can expect that this time, the Financial Outbreak will be massive and also quoted as the “biggest so far.” If we check with the economists, the main reasons behind the Outbreak are “US-China Trade war” and “Inversion Yield Curve.” So, we can clearly, anticipate how the crisis would be, because marketing during the bankruptcy seems non-sensical.
What is a Recession?
Generally, Recession is Financial Crisis when the GDP growth rate is negative for two consecutive quarters or more.
When there is a contraction in Business Cycle, generally there is a decline in economic activity. Slump usually occurs when there is a drop in spending. Typically, Slump is due to a lot of aspects such as the Financial Crisis, an external trade shock, or outburst of the economic bubble.
During this type of Financial Crisis, like Downturn, marketing agencies are the first ones to get affected. According to Forbes.com:
The furthermost reaction from most of the companies, during this Recession period is to cut, cut, cut everything, and the first one in the queue is always Advertising.
How do you know a recession is coming?
The two significant factors that tell about how we can know Crisis is coming, is mentioned below. Read the whole thing to understand better how economist reach to a conclusion regarding Slowdown.
Yield Curve
If you follow all the studies and forums about the Economic Outburst, then you will know that yield curve forecasts about the Trough. Since 1970 it has been seen that the slope in the yield curve becomes negative before every slump. It is called an “inversion” in the yield curve in this the short maturity rates, exceed the high maturity rates that lead to Great Contraction. The below graph showcase the ten to the two-year yield curve
Source: Chicagofed.org
Yield Curve is usually, based on ten years treasury note just fell below the rate on the 3-month bond. It is the first time we’re are moving forward with limited data. All the Central Banks over the world are worried about this Great Financial Crisis. You can see the graph below, which showcase the estimated bankruptcy probability.
Source: Chicagofed.org
FED is trying to neglect the Outburn 2020 to maintain full employment. It is of the critical targets that everyone is looking for. The Alerting situations raised by monthly Yield Curve is making FED worry. As most of the banks invest majorly on treasury bonds, it is an alarming situation for Banks.
US Trade War with China
It is a known thing to the whole world, that how big competitors are US and China and behave as the Global Predominants rather than Partners. The raging trade war and currency war are the reflections of what these two countries are doing. However, the long term conflict indicates that the ceasefire will continue, as a result of this economy of both the countries will impact severely with no long term peace.
However, the Fed was sending signals that aim to pull back on the increase rate made in 2018, that include the concerns in the economic outlook that include Trade war with China.
Mr. Trump has recently blasted the Fed for not reducing interest rates. It is under the belief that the interest deduction will lead to more lending activities and will make the US dollar more competitive with foreign currencies.
According to Nouriel Roubini, a Prof. at NYU Stern School of Business predicts that:
The Global expansion will continue till next year, while the conditions will ripe for the next Global Recession 2020. The Global stimulus packages are coming to an end, inflation is coming, trade disputes will drag the economies by pulling down the interest rates.
For, both the US and China, it is essential that they should make peace and don’t escalate the war to the next level. To a point where there will be an unnatural end to all the supply chains.
When is a recession coming?
Most of the economists and surveys are predicting that by the mid of 2020 Outburst will start it is even predicted that it will have 38% impact on all the sectors, in later 2021 the outburst may have 34% impact. There is already a 2% decline in the manufacturing industry.
Will there be a recession in 2020?
As it is said, “better than you expect and worse than you even hoped.” However, according to the National Association of Business Economics (NABE) latest survey, which is based on 53 professional economic forecasters.
The consensus, clearly showcase that the economy has grown to 2.8% pace in the year 2018 while coming to 2019 the growth with come down to 2.6% pace growth, that will decrease even more in the next year 2020 and become 2.1% pace growth.
However, if we take US Presidential Elections into account, some of the marketers say that it will come before the Presidential Inauguration. During, this time the job growth will continue to be in brisk, with a decrease in average monthly increase, which is 184,000 in 2019 and it will be 139,000 in 2020.
On the other hand, the residential investment in 2020 will see a downfall to 1.3% from 2019 level. All these situations rightfully indicate that yes there will be a recession in 2020.
Only 2% of the 226 respondents will see the US recession this year, compared to 10% survey that showcased in February. There is the panel split to discuss whether the next Recession will hit 2020 or 2021.
Recession in US 2020
The first impact of the US Recession is Job loss. Not just in the US everywhere. During Credit Squeeze, there will provide no cashflow, and firms will be facing an economic crisis; Job loss becomes the primary issue. On February 2010 it was recorded that the US economy is shakier than that of Canada’s. Most of the service industries have reported the dropping in their market price value.
Between 2007 and 2009 there was a massive loss of the job, a total of 2.6 million people lost their jobs, the highest in 6 decades. The number is equal to the amount of the post found in the states such as Wisconsin.
A majority of the economist are saying that the next recession 2020 US will also be a part. However, according to the NABE recent survey, Donald Trump scratched out all the looming Credit Crunch in US news and stated that:
US is well prepared for all the situations. I don’t think we are having recession. we are doing tremendously well. Our Consumers are rich.”
Mr. Trump has recently given a massive tax cut, and he believes that people have saved and already have money.
According to Larry Kudlow, the chief economic advisor of President Trump:
Consumers are working at a very high wage. They are even, spending at a high rate. People are also saving money. So I think the second half, the economy is going to be good in 2019. I sure don’t see a recession.
Recession in India 2020 or मंदी
The Global economic decline in 2007 or मंदी started in December, the impact on India was enormous; the GDP growth slowed down to 9% in 2007-2008. After Wall Street collapsed in September 2008, the Indian GDP decreased to 5.8% and remained the same for the quarter.
In 2008, Indian high foreign exchanges reserve, prevented a lot of chaos, even after the foreign investors withdrew $12 billion from the stock market and foreign credit suddenly vanished.
During the Great Recession, according to the survey of Labour Bureau Ministry of Labour Employment: 500,000 people lost their jobs between 2007 to 2009 from eight primary industry, Information, and Technology, BPO, automobiles, gems, and jewelry, transportation, construction, and mining industry.
Source: Govt. of India
Nevertheless, there was a significant decline in the output of Automobiles, commercial vehicles, steel, textile, petrochemicals, constructions, real estates, finance, retail activity, and other sectors. Exports from India fell by 12% in October in Dollar terms.
For India, the Global Economic Crisis is coming, and the increasing trade war will lead to lessening external demand. All this could be heavy on our payment balancing, can damage the foreign financial outflow, and trigger exchange volatility.
According to Prof. Biswajit Dhar of JNU:
Indian exports that shrank down recently, is expected to remain affected as the trade barrier is hardened and their is the ongoing Trade war, all the countries around the world will try to protect their domestic exports.
Keeping trades aside, the oil exports will also be hampered. Given that US oil export from India has increased to 3 fold between November 2018 to May 2019.
The measure took for Indian Recession 2020
In a recent press conference with Indian Finance Minister Nirmala Sitharaman on 23rd Friday 2019, she slew all the safety measures that the Indian Government is taking. Regarding the steps FM Nirmala Sitharaman told
पूरी दुनिया के मुकाबले भारतीय अर्थव्यवस्था बेहतर है। निर्मला ने कहा कि आज अमेरिका और चीन जैसे देशों के मुकाबले भारतीय अर्थव्यवस्था कहीं ज्यादा बेहतर है।
Adding to this, FM Nirmala Sitharaman explained about all the necessary steps; the Indian Government is seeking to overcome the situation.
To boost the Auto sector: the govt has lifted the ban on govt bodies from replacing the old vehicles. The govt is asking to “Go and replace your old vehicles.”
Rs 100 lakh crore is pumped for infrastructure. A task force has been assigned to expedite this investment, who will fund the money and monitoring every activity. Delayed payments will be on priority. Liquidity flow will be smoothened.
The timely refund of GST for the MSME, all the pending refunds have already started and will be completed in 30 days. The future GST refund will be sorted in the next 60 days.
Source: Govt. of India
The papers related Loan closure amount will be given in 15 days of the closure. Banks will improve the One Time loan Settlement (OTS), that will help MSME by implementing the checkbox system.
RBI has directed all the banks to release the benefits of the Repo rates to the customers. The primary target of Government is to diminish the interest rates and auto rates.
For the Banking sector, FM announced that:
“Government is releasing 70,000 crores, with additional lending of Rs 5 lakh by providing upfront capital to PSB” This will help strengthen MSME, retail borrowers, and traders.
Government removes Angel Tax on Startups.
Encouraging investment in Capital Market, it is even decided to withdraw the enhanced surcharge levied by the Finance No. 2 Act 2019. The pre-budget position is restored.
Violation of CSR will no more be treated as a criminal offense and instead will remain as a liability. After 1st October 2019, income tax orders, tax, the summons will be issued through the centralized desktops.
This clearly, showcases that India has already taken all the significant steps to overcome Downturn or मंदी.
Recession in Europe 2020
Europe has more than 75% chances to fall in the upcoming Credit Crunch according to the lead economists. The Stock Markets in Europe extended their losing streak. The oil prices have fallen 3%, and the mounting Stagnation continues to hit the investors confidence.
In the last six months, the top 100 firms in Britain have dropped more than 1%. On the other hand, the stock market in continental Europe has dipped in response to the investors who are thinking to raise funds.
FTSE 100 ended this Thursday, and it dipped by 1.1%, at 7,067 lowest level since February. On the other hand, German Dax fell by 0.7%, and French 40 backed down by 0.3% dragging the European market to six months low. Later, in the coming days, it is evident that Europe will be facing a Huge Stagnation.
No-deal Brexit UK
There is an increased risk of no-deal Brexit in the UK, as it is clearly visible that the no-deal Brexit will push the UK into bankruptcy. According to Boris Johnson of NIESR (National Institute of Economic and Social Research)
There is one in four chances that the country is already in recession, growth has also been stalled for in the recent months, business investments have flatered and pounds has fallen sharply.
The economist believes that the UK economy has diminished in the last three months, making the first negative quarter in the first seven years. As a consequence of factory closure planned for potential disruption around 29 March the Original Brexit deadline.
The European Central Bank has cut down the interest rates further as a negative territory next month. Most of the major Central Banks that includes the Eurozone’s are free of politics have not engaged in outright manipulation.
All, these situations indicated, Europe will face a Great Economic Downturn, majorly affecting Germany, UK, Italy, Portugal.
How long do recessions last?
There is no specific period for the Credit Squeeze, if we check the records than the Last Great Contraction was on December 2007 to June 2009, one year six months, 5.1% decline in the GDP.
Recession 2020 is due from 4.5 years if we take in to account the United States business cycles, the average length of the growth economy is 38.7 months or 3.2 years. On an ordinary Credit Crunch lasts for 17.5 months or 1.5 years while the full business cycle on an average is 4.7 years.
The Longest Financial Crisis or the Contraction occurred in 1929, known to be the Great Economic Contraction in the United States that lasted for 43 months or 3.6 years. While the second slowdown is known as the “Great Recession” that we all experienced in 2007 lasted for 18 months or 1.5 years.
How lousy will recession 2020 be?
The three things to keep in mind which all are true: Most certainly the USA will not undergo Trough right now. Yes, the US may avoid one of the disastrous foreseeable future. But, the chances of the US to fall in this Trough is increasing every week.
Long term interest rates have plunged since the end of July- there is a shift which historically predicts that the lower interest rates are cut down from the Federal Reserve. It showcases an increased risk factor in the economy into outright contraction.
However, a lot of Financial marketers have been saying that there will be no Credit Crunch for the US in 2020. On the contrary, there are plenty of proves which directly indicate about the near Financial crisis.
Here comes the most important one, due to President Trump’s, On-Off execution with China leading to Trade war with this other countries have fed uncertainty with business decision making. On the other hand, the corporate investment is lessening, even though tax cut by Mr. Trump will boost the investment.
According to an economist Tara Sinclair, of George Washington University
Recession 2020 is a self-inflicted wound type, but how deep the cut will depend on many other categories of the economy thereafter on the policy response.
Now the economy in China and the other neighboring Asian Countries are getting weaker, which is giving rise to the Trade war with the United States. While the Europeans who are already in large ongoing debts will surely fall in Credit Crunch. Incase, Britain crashes out of the European Union with no current exit deals until October 31st, Europe will face even more profound challenges.
According to the survey of the Institute of Supply Management (ISM), in the United States, the growth rate has slowed down for a consecutive month, and July has the weakest reading. All these factors indicate us how bad the Recession 2020 would be.
What happens during a recession?
Effects of Recession are a lot; all of them related to the Financial Crisis, in this period, there is always as tremendous negative economic growth. You can see all the Financial similar thing to be falling apart. We listed out some of the significant changes that take place during this period, check it out:
Unemployment
During the Financial Crisis, the firms produce very less, and therefore, they require very fewer employees. Nevertheless, some of the firms even go out of business during this period, causing the workers to lose their jobs.
If we take 2007-2009 trough into account, a lot of people lost their jobs who belonged to banking or finance sector. Simultaneously when the demand for the Cars fell, the workers were laid off.
Saving Ratio Increases
During the Financial Crisis, people become careful and tend to save money as the market falls. If people have a fear of losing their jobs, then usually people don’t want to spend or lose the money they have and instead start saving more money.
If we consider the previous surveys, it is clear that during the Great Economic Contraction, there was a Paradox of Thrift- as people tend to save more and reduce consumption. This makes the Downturn even worse as it reduces the consumption rate. Individually, everyone is doing the right thing by keeping, but as everyone targets on saving, then on a total consumer spending decreases.
Fallen Interest Rates
In Stagnation, interest usually falls. This is all because inflation is lower and the Central Bank tries to stimulate the economy. Lower Interest rates, help the economy from striking the Stagnation.
Lower Interest rates usually decrease the cost of borrowing and encourage investing and consumer spending.
Fallen House Price
Usually, the House Price falls before Stagnation strikes, and this is one of the critical cause of Recession. During this time, unemployment increases, people don’t want to invest in housing as they can’t afford mortgages, so home repressions become common. This leads to an increase in housing availability and decreased demand for it. This is one of the primary reason for the 2009 Recession.
How can different Agency survive in a Recession?
The best and the safest way is to diversify your clients. In this way, your work will not be just entirely dependent on one client from one region. If you have client contraction problem, it is better to plan to grab more clients.
Surviving in Credit Squeeze is what each and every firm wants. To make it easy for all the readers, we have listed out some of the top hacks that you can use.
Build Cash Reserves for your Agency
If you are new to the market, usually, companies under the span for five years should have cash reserves at least for a year. This can a combination of business checking cash plus personal saving. Until your business gets a constant monthly cash flow, it is always better to have a Cash reserved for future use.
This is important for the people in all sector because once a Slump has started,
Clients can slow down your payments, and even can cut-off the cash flow.
In worse condition, one of your more prominent clients may be forced to sell his business.
Either way, cash reserves are significant, if are having a Digital Marketing, or an Advertising Agency, it is recommended to keep reserves for at least a year. Marketing fields are increasing day by day. It is always better to be on the safe side by keeping some reserves.
Even though Digital Marketing and Advertising Agencies are least affected, it is good to have reserves, as you will have time to grab some clients for the future growth of Digital Marketing, and SEO.
Controlling the Client Credits and Invoice Clarity
When we come down to transaction a lot of firms work based on net-30 days terms. This means you provide a service and wait for 30 days to receive the payment. However, if it is the Economic crisis, then 30 day period might look a bit difficult for all type of firms.
Reasons:
Clients might ask to defer the payment with 60-days or 90-day payment
Sometimes, clients may even go out of business, leaving you with hard work and cashflow.
The alternate way, here is to check your client’s commercial credit, and eventually prepare your self especially during the economic crisis. You can provide your Client with a Credit Proposal according to your withstanding.
Try to implement, a reliable system for invoice collection, that reduces the overdue payment issues.
Outsource Your Services
During the Trough time, it is best to outsource your services, than hiring new people. It will lower the labor cost that will strengthen the bottom line, they will provide some cash flow, and the agencies can allocate their resources to research and development.
Outsourcing is a viable plan during the Trough period.
Conclusion
If we look at all the points above, we can conclude that all the suitable, reasons are indicating that the Downturn can be a bad one, mostly for the Countries and businesses will be affected by it.
For all the job holders, it is better to have faith in their savings for a year. So even if there is a situation of jobless, then their saving will be the biggest saviors.
Even if the Government of the different countries says that they are good to go and can face the next Slump and there will cause no damage, however, we suggest that it is better to save some Cash Reserve that is suitable for at least a year.
If you have any further query regarding Slowdown, do feel free to write us, through email or comment below. We will surely help you!
Through the years, Video e-learning has grown at a rapid rate due to accessibility to the internet and its ability to provide solutions at our fingertips. Many corporate organizations, as well as students, find it extremely easy and convenient to use interactive video e-learning. This is because the explanations provided are easy to follow and understand.
However, like all other traditional modes of teaching, e-learning also has the potential to grow tedious and tiring for most users, including you and me. To combat this issue and increase audience engagement e-learning is now using interactive videos.
In more traditional forms of video, you had to press play and then had the option to pause, rewind, fast-forward, or replay the video. However, with interactive video learning, you can engage with the video contact directly. You could click on individual options, drag content when directed to, or have a 360-degree view of content, among other things. This not only helps to keep users engaged but ensures the active absorption of content.
Interactive videos have now become a standard and robust marketing tool for many big companies. Many websites now have services that help organizations create e-learning lessons using interactive video learning tools.
This article will thus highlight four tricks or ways that interactive video changes e-learning as an experience.
Engagement
The most crucial way in which interactive videos change e-learning is its ability to engage users. Not only does this make the whole experience of learning all the more memorable, but it also brings an element of fun into the process. Users are hence more likely to visit the same website for another lesson or to revisit the first lesson. Emotional engagement is also key to retaining information and therefore ensures that users will fulfill their desired goal more efficiently.
Source: Articulate
Interactive video learning can sometimes also take on different forms, such as animation. Playing around with storytelling and situations becomes more compelling and exaggerated with the help of animation. Animating confident choices in the video can help create better visualization, as opposed to it being presented as simple questions. Thus, it dramatically aids with the learning aspect.
Thus, most interactive e-learning videos are thoughtful, well-designed, and exciting to users, hence making it a perfect tool for you to engage.
Length- Keep it Short and Simple
While interactive videos do have an increased ability to keep audiences engaged, this does not necessarily mean that you should make a long video with a ton of information. You should use interactive videos with a focus on getting complex information across as only and easily as possible. This means focusing on creating the right vital questions that may appear as text on the screen and allowing the user to pick based on the choices provided.
In this way, if an individual seeks to access the site due to a single major area of struggle, he or she can reach the pertinent question easily without going through an extremely long video.
Source: elearning industry
If the topic you do wish to cover is slightly long, there are many ways by which you can use interactive videos in a creative way to tackle the subject. Breaking down the issue would be an effective way to do this. Your introductory video could present a series of questions to the user. Selecting an item will then take the user to that section of the video series, where they can learn more about the topic.
Additionally, combining interactive videos with subtitles, captions, and other guides ensure a more detailed understanding of the subject.
Short videos also help to keep the focus on the presenter of the video without allowing the users to become easily distracted. While the ongoing debate about the human attention span carries on, it is essential to remember that, in today’s world, time is of the utmost importance. Most people wish to engage with e-learning as it is less time consuming and can serve as a useful shortcut.
Websites are also committed to this and AI tools, such as machine learning and chatbots, are a testament to this need to conserve time while delivering services. Thus, time is a crucial component to remember while creating an interactive video, using which it becomes a useful e-learning tool.
Traceability
Previously, the success of a video depended on the number of views it generated. This holds for this type of video as well. However, additionally, there are several online tools by which you can understand the users’ interaction with the video as well. You can trace the choices users make to assess how easily they can navigate through the video or if they are experiencing difficulty understanding it. In this way, you can make the necessary changes to the video to improve its clarity.
Combining interactive videos with instant feedback systems can assist with understanding just how popular the video is. This will help organizations remain informed about the positives and negatives of the video and help them make the necessary changes. Thus, traceability is another way by which interactive videos change e-learning for both the consumer as well as the provider.
Accessibility
As the need to create better avenues to information increases, it has become imperative for websites to design online platforms that are easily accessible and navigable on all platforms. The use of mobile phones to browse online content has become a common phenomenon owing to which websites must now be user-friendly even on mobile phones.
Currently, a website with an excellent user-interface on multiple platforms obtains a better SEO rank than one with a reduced interface.
A recent survey showed that Youtube is one of the most popular sites to browse amongst teenagers. The same study also highlights the importance of smartphones in teenagers’ lives and its use over more traditional forms of browsing, such as PCs. This shows that viewership is already more significant on smartphones.
Source: MetVidPrimary
Furthermore, the ease of accessibility to multiple videos means more distraction and potentially less attention given to the task at hand. Keeping this in mind, it is vital to make interactive video learning accessible on multiple devices, as well as engaging for the directed audience.
It is important to remember that some users may not have experienced an interactive video before, or they may have only experienced it through a more traditional interface. Thus, it is vital to keep the basics of the video intact, such as the pause and play options, and ensure a level of consistency with the video on a more traditional platform. Thus, accessibility to interactive videos changes e-learning by providing the platform with better mobility.
Conclusion
Source: Slideshare
It is no secret that education is one of the key components to reaching a better society, and e-learning platforms have a unique ability to provide quality education to the masses. Hence, it is the job of organizations and educators to try to incorporate advanced technology and innovation into the platform as and when possible.
In this way, interactive video learning can change e-learning by bringing engagement, creativity, traceability, and mobility to the platform and hence allows users to access education as per their convenience and level of understanding.
Financial technology has officially reached the early stages of mass adoption. People are now depositing checks and rebalancing their asset portfolio on the go, instant personal loans are available online, and businesses can receive funding within a matter of a few hours! Fintech is slowly creeping its way into the mainstream. Therefore, it is the ideal time for a startup in this industry to shine.
So, how can you write your fintech startup success story? The answer is “with an excellent online marketing strategy!” Sure, online marketing alone cannot make your company successful. However, without it, your products/services may remain in the shadows forever. That is why building a strong strategic foundation should be one of your priorities.
Importance of creative online marketing
Most fintech companies are employing the latest technologies to enhance and automate the use and delivery of financial services. Building a revolutionary product or solution may be the first step towards success. However, proper online marketing is just as necessary for gaining recognition and drawing the attention of the consumers.
Fintech marketing involves a combination of tactics, designed specifically for financial technology firms. Creating a foolproof strategy for such a growing vertical can be challenging. The number of startups is increasing, and traditional banks are adopting emerging technologies to provide better products and services to the customers. Making one company stand out in the crowd is undoubtedly tricky.
The biggest hurdle standing in the way of fintech marketers is to get people to trust unfamiliar and potentially helpful tools. Many of the technologies may seem opaque and complicated to the average man. Then there are security and privacy concerns as well as vague policies and terms on rates and charges. Making them believe in the product or solution, and getting them to use it for handling transactions and managing finances can be hard.
So, it is evident that the same old ideas and concepts are not going to work when it comes to promoting a fintech startup online. Better and more innovative strategies are required. Below are a few top tricks that industry experts swear by.
Go mobile or go home:
Ever since the advent of smartphones, we have been spending more and more time on these little handheld devices. Studies show that the average consumer spends about five hours daily on the phone. Mobile app usage has increased up to 69% since 2016. From shopping to banking, everything is done on mobile today. Targeting mobile users is thus necessary.
So, how can you ensure that your fintech marketing strategy is in line with the growing mobile usage? Start by building a mobile responsive website. It will not only help you rank higher and better in Google SERPs, but you will be more likely to convert visitors. Moreover, since 52% of the total online searches are carried out from mobile, you can no longer ignore it.
To attract mobile users, you must:
Make your website content crisp and concise.
Remove clutters such as unnecessary pop-ups, widgets, and content.
Improve website navigation and loading speed.
Add visual elements such as icons, infographics, images, and videos to content.
Use extensive and responsive fonts and non-intrusive animations.
All in all, you must make sure that your website looks and performs exceptionally well on mobile as well as on the desktop. Then you can think about investing in SEO and ads.
Create high-quality content:
You may have heard this one before, but it holds much more weight now. Valuable content is essential for effective online marketing. It can be a listicle that clarifies consumers’ doubts and questions about your product or solution. You can also create “how-to” articles to highlight the best ways to use your tools. Informative content is in high demand, and the more value you can add through content, the better it is for marketing.
As per a recent study, 45% of the millennial population wants financial services and products to help them manage their finances. However, 37% of them stated that they were unable to find helpful resources online to help them understand essential topics. As a result, most millennials are left uneducated and confused about one of the most vital responsibilities of adulthood.
The statistics may seem somewhat shocking. However, this is your chance to step in and offer this generation something that other financial companies have not. By creating valuable content, you can educate and inform both adults and young adults. It will not only build trust, but it will also increase brand authority.
Embrace social media:
When it comes to social media, opinions, and views are divided mainly. While some people are avid social media users with active profiles on all major platforms, others refuse even to download the apps! As a fintech startup, your target market will define your social media marketing needs. From Facebook, LinkedIn, and Instagram to Twitter, YouTube, Pinterest, and more, options are plenty. You need to choose a platform that suits your product/service and target audience.
Be bold when branding:
Want people to know and remember your company? If you’re going to create a stir, the best idea would be to invest in branding. Consumers will know you by your brand. So, you must focus on building a killer brand image. You may have the best content, a highly functional and mobile-friendly website, and an excellent social media strategy. However, without proper branding, none of it will bear fruit.
Branding strategies and tactics will, of course, depend on your target demographic and company culture. If you are primarily targeting millennials and young people, you should not be hesitant to go bold when branding your fintech startup. You may choose to create an imposing, powerful, and sharp image, or you may go with a bright splash of color. No matter what you do, make sure to keep your ideas fresh and memorable.
Over-deliver when possible:
If you ever over-deliver, make sure to promote that act over and over again. For example, Southwest Airlines gets a ton of free PR by doing acts of kindness. Remember the time a mom thanked the Southwest flight attendants because they helped calm her baby? What about the time the company reunited a mother with her unconscious son? The world loves when a company cares about its customers. If you ever go out of your way to help/appreciate your customers, do not let that go unnoticed!
Excellent customer service always pays, and what better way to serve your customers than to over-deliver through products and services? If you do good, you can expect to do well! However, it does not necessarily mean that you should follow in the footsteps of Southwest and copy their stories. Over-delivering does not always mean grand gestures. You can achieve the same goal through small yet sentimental acts. Even a simple act of thanking your customers can go a long way when it comes to earning love and trust.
Run ad campaigns wisely:
Want to run an ad campaign for your fintech startup? You have plenty of choices to pick from! The problem with many fintech startups is that they are afraid to use new and innovative marketing tactics. For example, instead of reaching consumers online, many fintech companies are still relying solely on radio commercials and TV ads.
Google, Facebook, and YouTube are all excellent platforms where you can run your paid ad campaign. However, you must set up your social and Google ad campaign keeping factors such as demographics, budgets, interests, images, keywords, and call to action in mind. You can optimize pretty much every aspect with just a few clicks of your mouse!
Radio, television, and billboards are part of a dying market. Though they worked beautifully in the past, they are no longer effective in today’s technologically-driven society. Therefore, you must rethink your strategies and focus your budget and energy, where it is likely to have the most impact.
Wrapping up
Fintech marketing is a relatively new concept, which is why there is still room for experimenting. However, you should always be wise when gambling with a new idea for ranking top keywords like instant personal loans, Business loans, etc. As a startup, you can begin with the tips mentioned above.
Do you want to get the best search result ranks or page rankings? If yes, then you need to ensure that your SEO strategies and practices are in sync with Google’s changing algorithms. Every business today wants to rank on Google’s page one, enjoy increased sales and profits.
It is a fact that Google usually brings about 1,000 to1, 500 changes annually! And to keep up with that might seem like a challenging task. It is essential for established, small and start-up businesses to increase their rank by adjusting to Google updates. For that need to address both on-page and off-page SEO tactics! Discussed below are six steps to rank on page one in Google that you can read, refer and apply.
1. Ensure that your website is mobile ready
It is no more a new update! Unless you have been completely away from the latest Google updates for a long time. It’s been a while that Google has come out with its mobile-first index, where it is imperative that a website should be mobile responsive. It means that the site should function both in mobile, desktop and all other computing devices alike. Now Google has decided to index, crawl and rank the web pages depending on how well they are performing with their mobile version as well.
The Google Webmasters elucidated in a tweet that this change doesn’t indicate that websites which are not mobile responsive will not get indexed. But instead, it’s an emphasis that people should shift from desktop-ready websites and create mobile-ready sites too. Today a vast majority of people browse the internet from their mobile. If they don’t have a favorable experience while browsing the site, they won’t return to it.
2. You need to publish good quality content
Every business owner knows that he/she requires excellent content to rank better. Your website quality in terms of both written and imagine material holds importance in 2019. Content is the primary factor when it comes to listing on page one. All content which is keywords optimized enhances SEO. It is essential for your content to offer useful data. When your web pages only look good and have no real value, it can hurt your business reputation. Algorithms like Google Panda focuses on quality and meaningful content.
3. Enhance SEO outcome by maximizing page speed
No online user will endlessly for your website to keep loading. It is essential that your site loads within a few seconds. Page speed is a crucial ranking factor to get featured on page one results. Usually, when a site takes more than five seconds to load, the user loses interest. It causes increased bounce rates as well. Do you want to know whether your site loading speed is apt for SEO? If yes, you can make the most of Google PageSpeed Insights.
Using this tool is easy. First, you need to share the URL details, and in no time you will get to know all about your site’s performance, both in desktop and mobile mediums. Then you can adjust the speed accordingly once you get the necessary details. At last, you can check the best search result ranks here.
4. Plagiarism free content that helps to add user issues
Before you make a wish to rank on Google’s page one, it is important to answer one fundamental question? And that is this – Why will the users and online readers visit your site? The obvious answer to this would be that they wish to find the answer to their questions. Therefore, to rank better, you need to address the customer pain points effectively.
Also, your content should be framed in a way that it answers user queries and with original content. It is vital for the website and any other material to be original, impressive to read and plagiarism free. Also, it is essential to get the tone of the content correct. A conversational tone is always preferable than something which is verbose.
5. Minimize the image size and other media file size
It is a known fact that images and videos will still grab more attention than plain content. For this content managers and developers always think of the media file they want to use when they are planning both web content and blog content. You can have the best photographs of a company seminar or new products when you’ve had a critical product launch. Usually, a company appoints a photographer professionally, who use a high-end camera to click the images and also make videos.
Uploading this media file might appear raw and provide image clarity, but it has a chance to slow the site. Huge size images and videos add excess pressure and can prohibit the site getting loaded fast, even when the section has been arranged in a better way. For this, you need to compress the size of images and videos before it’s uploaded to the site. Once that gets done, your site loads fast, and you can qualify for the page one Google ranking.
6. Switch to HTTPS to ensure that your content and location is safe
Simply put, HTTPS’s full form is “Hypertext Transfer Protocol Secure.” You might come across, that when a web page starts these days, most have HTTPS in place of HTTP, which was a previous arrangement. The “S” in HTTPS stands for safety. It means your site stays clear from hacker and remains safe. This is crucial to Google since it announced and affirmed way back during 2014 when HTTPS was taken to be an original ranking sign.
However, accepting this encryption isn’t something that all website had to or wanted to adhere to. Sites could still get high ranks without following this factor. But today, this entire trend is changing at jet speed. About 65% of the domains that are in the best three positions for the keywords having a high-volume is considered secure. And even though the percentage might fall for the low volume keywords, today there’s an exciting link between increased rank and encryption.
Getting a rank on Google’s page one search results is essential for companies who want to make it big in the digital domain space. It will help to expand businesses better and enjoy increased online visibility. Ranking on page one has its advantages. When you follow the best steps, you can also get Page one Google search result rankings.
