Monday, May 4, 2020
Supply chain challenges and issues in covid 19 Corona days- The Indian perspectives
Covid-19 Corona virus
has bought business to standstill. The world economy suffered irreversible consequences
due to this epidemic outbreak. It has affected hungry need of millions across
the globe and notwithstanding many more lost the job for life time. This
unprecedented scenario has exerted pressure on supply chain sector. This
article discusses supply chain challenges and issues emerged during and after
covid-19 Corona days.
According to economic times
( corona virus supply chain shock03/004/2020) , the virus outbreak has hit
badly to auto component industry due to their reliance on Europe and US market.
The Hindu business line
in its article on 01/04/2020 had written in length about the Indian supply
chain vulnerabilities. Highlights of the article are emerging cost minimization
models and just in time delivery. Further, supply chain risk of china sourcing
exposed in this lockdown period. Added to this, renewable energy sector,
pharmaceutical sector and auto-components buy large quantity of components from
china are wandering for not finding the future path. Apart from this article
stressed on Indian firms inability for quick response and resilience. Now, more
number of firms believes in de-risking the business from hugely depending on
single source strategy. However, these risk propositions have provided a window
of opportunity for local Indian companies.
Umashankar Mishra’s article
on Agriculture supply chain during lockdown written the positive gain to
agriculture sector. The article lauded Indian council of agricultural research
(ICAR) effort in developing an app that connects farmers and freight management
system. The app emerged as the platform for both farmers and middlemen to fix
their pricing issues. Further, the article emphasized on connectivity of
farmers and app to reduce logistics hassles in the supply chain.
Vishwanath Kulkarni (March
26, 2020), in the Hindu business line, discussed about panic buying affecting
inventory at middlemen though government is having huge stocks. In addition to
this, the writer penned that logistics roadblocks due to lockdown bought gaps
between stock at government and stock at middlemen. Companies like Ninja cart
had faced state border issues to procure vegetables and fruits from other
states. Another company waycool beloved that it’s not the supply issue but its
supply chain issue due to those customers was not receiving products.
Friday, May 1, 2020
Tuesday, April 28, 2020
Digital marketing efforts of Bigbasket.com
Digital marketing efforts of Bigbasket. Com
(Source: Redseer.com)
Introduction to the company
Big Basket laid foundations in 2011.It is India's largest online grocery store company. The seed of the company sown by Mr. Hari Menon.Introduction to online grocery market in India.
(Source: https://static.toiimg.com/photo/imgsize-55724,msid-75426369/75426369.jpg)
Retargeting
Definition of retargeting
- Retargeting is the digital marketing technique of attracting customers who viewed about product but didn't buy it
- Retargeting is the paid advertising method wherein advertisement are positioned in other website after customer didn't proceed for either carting or checkout.
- Retargeting are remarketing tools in which advertisemens appear in front of customer from previous search history.
Where Retargeting works
- Retargeting works well with mobile applications
- It fits well with search ads
- It suits website banner ads
Benefits of Retargeting
- Increases customer awareness
- Cost effectiveness
- Long term campaign
- Focused targeting
- Timed targeting
- Large scale reach
- Campaign analysis
- Ad creation using ad gallery
- Efficient pricing with automated bidding
- Brand promotion
- Maximize a customer life time value
- Increase the conversion rate
- Higher commitment
- Increased creativity
- Pitches for potential customers
- Increases sales.
- Audience selection
- Point of contact
- Increased brand recall
- Increased customer trust
- Increases relevance of ads
- Reduces losses
Types of Retargeting
Classification 1
Standardized Retargeting
Dynamic Retargeting
Remarketing with list of search ads
Video Retargeting
Customer list Retargeting
Classification 2
Consumer personality based targeting
Cross channel Retargeting
Account based Retargeting
Email Retargeting
Customer Retargeting for brand loyalty
Facebook custom audience
Classification 3
Objective based Retargeting
Plan based Retargeting
Engagement based Retargeting
Onsite Retargeting
Video Retargeting
Classification 4
Pixel based Retargeting
Social Retargeting
List based Retargeting
Onsite Retargeting
Search Retargeting
Classification 5
Website Retargeting
Contextual Retargeting
Friday, April 24, 2020
Taking payments and managing orders.
Taking payments and managing orders.
A company joining the e-commerce world has to decide on how they are going to accept the payments online.
Let's say a grocery e-commerce startup that sells in a small town.
Strategy1: Use Payment company sites.
Showcase your products on online and customer cart groceries and also proceed further for payments, the company with payments button take a customer to a third party website like PayPal.
The advantage of this strategy is a startup need not think about infrastructure, security, and receipts.
Strategy 2: Digital wallets
In this strategy, a customer loads cash into the e wallet of a company through his bank accounts and pay from it to purchase merchandise.
Strategy 3: Cash on delivery- Cash payments.
Unlike western world, India is not open to digital payments. Thus, a startup may ask customer to order online and pay cash at the time of delivery.
Strategy 4 : Cash on delivery - digital payments.
In this strategy, a customer orders a product online pay using debit card, or credit card or unified payments system( Google pay)
Strategy 5: Pay in the integrated payments platform using digital payments
A customer orders online and pays in the company e-commerce site using netbanking, credit card, debit card, and third party UPI like Google pay.
Strategy 6: use bitcoin payments.
The advent of block chain and bitcoins Encouraging a customer to pay through digital currencies.
Order management
In this strategy 1, a company focuses on a transaction and don't have control over customer payments. There may be issues of improper financial transactions.
However, when start up have complete e-commerce platform, apart from payments, it asks customers to create accounts and load personal details. This will aid a company to customize their sales promotion.
The integrated platform gets customer shipping addresses, can get permission for their contact sharing, and track orders for better customer satisfaction. Further, it can do market basket analysis and provide products recommendations.
Tuesday, April 21, 2020
Understanding the data life cycle - PDCA approach
Understanding the data life cycle
The data cycle improves the decision making of the firm from information collected from different online marketing activities.
The four main stages of a data cycle are: Plan, Do, Check and act
Plan:
Let's take an example of a retail store in your neighborhood. They want to communicate their new door delivery facility to consumers.
The first step is set the goal. The retailer want at least 30℅of their existing customers to avail the benefit in the next one month.
The retailer would like to run social media campaign for the same.
Do:
The retailer runs social media campaign for a specified period say a week.
Check:
After the specified period, the retailer will asess whether he would be able to get 30℅ door delivery orders. They also check weather post on Facebook, Instagram, or Google got a better result. The social media sites those could not get the results needs to be reasessed.
Act:
In this stage, a retailer will understand shortcomings and run future campaigns with modifications. They may alter timing, content or offering.
Notes:
Collect data periodically
Use Google Analytics
Find the trends for future endiviours.
Question: How marriage Hall will use PDCA in their digital campaign?
Web analysis
Web Analytics
Web analytics is the branch of business analytics that collect data from organization's website to give valuable insights for the progress of the business.
Metric
A "metric" Is defined as the business control tool used to count the scenario.
There are different metrics used in digital marketing. A few I will be discussing here.
- Unique visitors: The number of new customers visiting the website.
- Time spent on site: The number of minutes or seconds a customer spent on a post or on a website content.
- Sales: The amount of sales organization has achieved in a given period
- Repeated customer: The number of customers visited the organization website more than once.
Dimension
Today, a customer is using multiple devices such as desktop, laptop, leap top, roll top, tablet, phablet, and mobile for communications.Hence, it is necessary for marketers to evaluate the type of device used by customers.
Dimension is the tool used to collect the customer's device information.
Device data include operating system used, browser in the device, and location from where a customer browsed the content.
Advantages:
- It helps organization to find the device that converts website visitors to meet their goals.
- The hour of the day customers are using the device.
Conversion
The number of people met with organization goal of digital marketing. The goal of digital marketing may be as following
- Order: Number of orders placed by people who visited the website.
- Map: Downloaded the company facility directions.
- Contact form: Number of people shown interest in the organization by filling the contact forms.
- Collaboration: Number of people shared the company content, participate in the contest, referred the company app to others etc...
Conversion rate=The number of people met the organization goal/The number of people visited the website
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