If you have been following the recent news on Single Brand Retail and sluggish sales on leading online marketplaces in India then you should ought to be wondering who and what is going to prevail next. And more recently the news about Fashion marketplaces like Myntra and Jabong delisting ‘non-performing’ brands is surely not encouraging at least for those brands. Is it the end of online sales for all these brands?? Well!!, being an eCommerce professional in India and having worked with a whole bunch of retail leaders in Asia and USA, I surely can tell you that if you are a new age BRAND owner then you have a unique and promising opportunity to ride the eCommerce bandwagon.
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Infact, it’s probably the best time for Single Brand Retail businesses to emerge as the leaders in the Single Brand eTail space. There are many success stories when you look both in the east and the west. The most recent one on Nike that sales from their eCommerce business grew by 51% in fiscal 2016! Oh yea, you might argue that for Nike its not a big deal being an an established brand worldwide but what about a lesser known brand like Saatva, a luxury mattress brand, that clocked 200% increase in online sales and went on to win the E-Retailer Growth award from Internet Retailer. If this is not evidence enough then check out the growth in online sales of Casper Sleep, Dollar Shave Club and also FitBit and others on the Top500 Guide of Internet Retailer.
Also read: Change In E-commerce Pattern
Brands are here to stay – this has been time and again proven. Brands Sell – in almost every product category under the sun, specially under the rising sun of eCommerce. It is time that Brands realise the potential of their reach online and further leverage to build on it. It surely is far easier to reach your audience online than in the offline world – of course it costs marketing money but then so does offline selling. If you haven’t heard this already, there are brands that went ‘online first’ and have now opened up brick n mortar shops to increase their reach – that by itself is testimonial of the fact that brands need to establish and grow their online retail business.
India is the fastest-growing eCommerce market in the region. India’s online sales will grow more than fivefold by 2020 as the number of online buyers and per capita online spending increase rapidly. However, in addition to underdeveloped logistics and challenging last-mile connectivity, India’s cash-based culture still poses a huge challenge for eCommerce firms.
Brand owners, at least those who have not yet launched their own online stores or those stuck with stores built on templates, should invest in partnering with eCommerce technology and solution companies like Adapty to leverage full potential of their brand in the online space. Adapty has recently launched an ThyCart – an eCommerce store solution that can be fully customized as per the brand’s persona and specific requirements. Knowing brands are extremely conscious about the look ‘n feel to ensure it reflects the brands positioning they need a solution like ThyCart that gives the flexibility to customize and lets it launch in 2-4 weeks with ongoing multi-level support through the tenure.