Magento A Boon to Retailer Industry
When it comes to online retail industry, consumer's interest is to remain active across the internet that will broadly enable the retail industry to generate substantial revenue.
According to National retail Federation (NRF), the total retail sales growth in 2017 is about 3.7 to 4.2% over 2016.
According to ASSOCHAM-Resurgent India, the number of consumers who shop online are expected to cross 100 million by the end of 2017.
With that, the online retail market is expected to rise by 65% by 2018. Due to the rapid expansion of eBusiness on digital platforms; retail industry is expected to be at par in the next five years.
However, as retail industry is rising, on the other hand, there exists certain percentage of retailers struggling to retain their customers through digital medium. It's anyhow necessary to make customers returning as they are only the crucial asset in company's growth.
According to a report from Internet Retailer, in 2016, 55% of US retailers were having retention rates of less than 20 %. Though, the retailers w ere focused to implement loyalty programs to increase customer engagement.
The secret to transforming retail business in such scenario of highly competitive era not only driven through offline sales instead, there have to be a strong online presence across various channels.
How technology can be helpful to expand retail Business?
As online business opportunity open up new gateways of sales channels, it's somehow important to decide which eCommerce platform is flexible, scalable and features rich option to set up your business as well as from the customer's' perspective.
In general, the very common misconception made by the people is just having eCommerce platform will have it all. But, the in actual the having the platform that is compatible to your business does matter that all in all help in managing the store with better functionality.
Well, Magento here has created a milestone to set up the online business as a growing eCommerce store. Among the various eCommerce platforms (WooCommerce, Shopify, Opencart) to build your eCommerce brand store with, Magento has preferred as the most affordable yet efficient platform to manage the eCommerce platform. Even the largest brands like eBay, Ford, Nike, Lenovo are having their stores on Magento platform.
Magento plays a significant share in eCommerce industry. By owning 25 percent of market share, Magento is the biggest competitor when it comes to eCommerce platform. The revenue generated from by the platform in the B2C industry will reach around 1.92 trillion USD in coming years that shows it's the business driven platform.
Check out the core reasons, why to go for Magento:
The Magento is the open source platform having the large community of developers, programmers, and bloggers who experience online store management as per need. Whether it's small scale or large scale business, Magento is adaptive to deliver store management with customized yet controlled functionality in time.
Magento with open source platform offers a large number of extensions. For the eCommerce stores, extension is an add-on that enhances store functionality and makes it more efficient from the user perspective.
For instance, Magento one-step checkout, Advance Message Box, PayPal Adaptive, Sales agent, Advance Permission Box etc. are some of the feature packed extensions that enhance customer experience and product sales as well.
In an era of mCommerce, Magento exists as a mobile responsive platform too. The platform is integrated with the HTML5 version to enhance the mobile shopping experience. Plus, from the customization perspective, the images and video are manageable easily with built-in features that impart fantastic shopping experience.