Author: Gabriel

Rise of ePharmacy in India

The onslaught on the pandemic saw the rise of various industries including E-Pharmacy, which offers users the convenience to purchase medicines with just a push of a button.

E-Pharmacy is an online medical shop where one can purchase pharmacy products from the comfort of your home. Just upload a prescription on the app and place an order for the pharmacy products you need.

This sector according to Frost & Sullivan is creating a paradigm shift in the Indian medicine market. It’s likely to reach over $3.6 billion by 2022 & presently contributes close to 2–3%. By the end of the year, it will capture 10% of the total market. 

ePharmacy is changing the landscape:

With discounts on medicines and giving users the convenience to purchase medicines and get the delivery right at your doorstep. Noting the rise of ePharmacy, investments have been on an influx. Various acquisitions are taking place, including Karexpert, C-Square and Netmeds. 

Reliance struck a deal with Netmeds’ parent firm Vitalic for about $83.2 million for 60% stake in the pharma marketplace. This deal grants Reliance a 100% ownership of Vitalic’s subsidiaries which are valued at about $134 million. RIL has said by April 2024 it wants to expand its ownership to 80% in Vitalic.

Reliance previously invested ₹10 crores in health-tech app Karexpert and integrated the services with Jio Health Hub. C-Square sold 82% stake to RIL, the company is entering a new rising vertical and is likely to dominate it.

ePharmacy is seeing exponential growth with many people opting for online purchase of medicine and consultation, this is resulting to be beneficial for the ePharm companies.

Netmeds delivers medicines, personal and baby care items, along with booking doctors and diagnostics on its website and app. This company had been looking for a buyer, and the pandemic provided that, through the deal with Reliance.

“Netmeds enhances Reliance Retail’s ability to provide good quality and affordable healthcare products and services. It also broadens its digital  commerce proposition to include most daily essential needs of consumers.”

Isha Ambani,  the director of Reliance Retail Ventures

The news of the RIL and Netmeds deal comes a week after Amazon announced the launch of its e-pharmacy service in Bengaluru, which it plans to expand in the rest of the country soon.

Amazon struck a deal with Netmeds, 1mg, PharmEasy and Medlife, as an attempt to expand in the ePharmacy market. 

Factors contributing to the growth of online pharmacies in India

  • ePharmacy companies are compliant with the IT Act & the Drugs and Cosmetics Act – legalities enable the industry to grow constantly. 
  • A significant amount of external funding is occurring in this market, with fundraising visions crossing the 150 million mark. 
  • This industry has also experienced government compliance with the draft of the pharmaceutical policy in 2015. The Niti Aayog’s three-year roadmap on the development of e-pharmacies too eased the growth.
  • ePharmacy offers pocket-friendly checkup packages to the customers, discounts, free consultations, etc, initiatives like this have helped the industries growth.

The future of ePharmacy

  • Consumer awareness: aligning activities to educate the common consumers with the policies, legality, etc will help the industry grow stably.
  • Quality assurance: purchase assurance & safety policies should happen by dealers before selling and buying the medicines online.

With the demand for increased convenience and instant solutions, ePharmacy has the potential of becoming a hit. Rural areas too show tremendous growth, which will allow the online medicine market to expand throughout India. 

Tricks Startup should use to master Digital Marketing

Tricks Startup should use to master Digital Marketing

Nothing can be more exciting than starting your own venture and joining the growing population of millennial entrepreneurs. While you need to strategize for growth and expansion, you also need to promote yourself and build your audience base. And as a business of today, you need to emphasize on your digital marketing strategies to find your niche among your competition.

Whether you are considering starting a venture or already have your own startup company, here are a few digital marketing tips that can help you position your brand and your business right.

Make content your strength

Whether it is for SEO purposes, social media, website content, brand or branded content, or even set a brand voice, developing the right content in the right context is the key. But constantly upgrading the content costs, and that is why you should need to develop evergreen content that can be repurposed in the near future and keep the content flowing.

Drip Emailer campaign

Once you have your own mailing database, plan a drip-mailer campaign which creates brand relevance, loyalty among your audience, and increased chances of conversions. All this provided you find the right campaign theme that attracts your audience.

Influencer marketing

Social conversations today are ruled by influencers who give your brand a face and a name that your users can connect with. Make the most of the influencer’s reputation to build credibility for your brand. 

Harness the power of data

Use smart tools like Google Analytics to learn about your past and present data on your website, social media pages, and other online channels. Learn how these numbers can drive your ROI or improve your current activities.

Build your own social community

Find your tribe on social through regular conversations with your audience and encouraging them to become the voice. Brand communities help generate feedback, referrals, and even conversions if done right.

Become an authority

While you might be busy promoting your brand and business, it is important for your audience to know that you also are a significant source of knowledge and authority in your industry space. Tying yourself to important causes or current affairs can do the trick.

The future of digital driven businesses in India

The future of digital driven businesses in India

According to Internet and Mobile Association of India (IAMAI), currently, there are more than 500 million internet users in India. With the recent economic growth and increased digital adoption, it opens up opportunities for digital-driven businesses. Adding to these changing market landscape, the thriving presence of the Digital India campaign also contribute to the prospective growth of digital companies.

Emergence of digital marketing enterprises

With the country’s quick adoption of digital technologies, there has been an increasing need for businesses to be online and be seen by their audience, across the digital ecosystem. Scoring a higher search engine rank and better online visibility are the needs of the hour. Catering to this growing need for businesses to be pervasive, there has been an increase in digital marketing companies in the recent years. Most of these agencies have highly qualified professionals who employ the best tactics to boost their client’s businesses and online presence. The changing market need has also resulted in an increased demand for digital marketing consultant for businesses. This subsequently makes these service providers almost indispensable for businesses, to be able to survive in the radically shifting market scenario.

The startup trend

The rising trend of startups is changing the face of the country’s economic landscape. But a common problem that most startups face is the lack of funds at disposal towards digital activities. Traditional marketing, with its high-end costs, become cumbersome for the nascent companies. This creates a significant scope for digital marketing enterprises. A digital marketing agency makes for a cost-effective yet powerful way of leading the small and medium businesses towards conversion-oriented marketing. As experts in marketing and analytics tools, the digital marketing company proves to be result-oriented and promising for startups.

The way forward

As recent research and statistics show, digital enterprises will soon occupy a prominent space in the country’s business landscape. As of today, India hosts the top ranking digital service agencies who blend the principles of traditional marketing with the powerful techniques of digital marketing to yield the best business benefits to their clients.

3 Must Do cross selling strategies for your eCommerce store

Cross selling, is the process of selling complimentary products in addition to the one in which the consumeris already interested in. It is one of the easiest and most effective sales strategies as the likelihood of a consumer choosing a complimentary product is quite high.

When used strategically, cross selling provides an excellent opportunity to promote your sales. Here are three most important strategies that will help you to plan an effective cross selling strategy.

Personalise the selling experience

Studies indicate that customers are generally interested in a product only when they get a personalised selling experience. For example, ads or promotions with words like “You”, “your” and “Yours” will help the consumer to associate better with the products that are being displayed. It makes it more interesting and engaging if we try to use the shopper’s name also.

Here are a few examples to show how Amazon tries to cross sell by personalising product recommendations for us.

  • Recommendations basing on the product that I have shown interest. Do notice the usage of the word “you’ve” or simply you have

related-items

Source: amazon.in

  • Recommendations basing on our shopping trends, with emphasis on “your”.

shopping-trends

  • Recommendations basing on our wish list. Again emphasis on the word “your”.

wish-list

Show relevant suggestions

  • As far as possible, show similar or complimentary products. For example, we searched for a canon dslr camera on Amazon.in. Now, Amazon shows us two different instances where they are trying to cross sell me.

same-product

  • Amazon shows us other products that also related to the product in which we expressed interest. In this case, we searched for a Canon DSLR camera and Amazon displays all the other camera accessories.

relate-items-one

  • Amazon displays some sponsored products that are also relevant to my search.

Persuade with a Evidence

Consumers show interest on the recommendations made by others who have used or bought a product similar to the one they consider for purchase. Under the Frequently Bought Together category, Amazon shows all the products that other bought along with a Canon DSLR camera or its accessories.

bought-together

One can use user ratings, frequently bought together items or price discounts to make these recommendations and it often helps when the consumer is considering high valued products like Televisions, Sofa Sets etc.

Conclusion

When used strategically, cross selling can yield phenomenal sales benefits. However, by bombarding the customer with too many cross selling attempts there might be a chance of annoying the consumer. So, we hope these suggestions will help you to make an informed decision on your cross selling strategy.

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