- Kindly give us an overview of the company and its specialization
Tenovia is an e-commerce analytics and consulting partner for retail and D2C brands with focus on building and scaling e-commerce revenues. We’re constantly guiding our clients and working with them to take full advantage of the e-commerce channel economics that we have mastered over the years. From leveraging technology, identifying the right mix of digital channels, unlocking new revenue streams, streamlining supply chains to providing a stellar experience to end users, we ensure our clients scale up in the e-commerce space. We have an e-commerce Analytics SaaS product called Tensight – through which brands can get insights on merchandising, supply chain, warehousing, competitor tracking, e-commerce and digital marketing, customer insights and aggregated reviews / ratings. We provide Consulting for data driven actionables and recommendations that should be prioritised by brands to maximise their e-commerce revenues.
- What will digital transformation spending in India look like? And what does this mean for your business?
With over 500 million internet users, India is one of the largest digital markets in the world, not to mention the fastest growing; as a result brands naturally have to embark on rejigging their digital business or invest in building their digital roadmap. What’s interesting is that today there are effectively just about 70 million shoppers so there’s a very large opportunity to drive new users to online commerce and the government efforts in ONDC will only add momentum to this.
Ecommerce is the front runner in leading digital transformation; especially with the increasing volume of new shoppers online. Brands as a result need to invest in processes, technology, AI, and other tools that will help find innovative ways to coax new users as well as increase engagement from repeat buyers.
We are as a result poised to leverage this opportunity; as we have the right tool sets and services that not only enable businesses to gear up for the online ecosystem but also provide them with advanced insights to drive revenues and new user acquisitions.
- What is the major factor driving the growth of the e-commerce Analytics Market?
The e-commerce business is still relatively in its early years in India. There’s a large base of potential buyer base that’s yet to be tapped in its entirety for online transactions. While in mature markets e-commerce channel contribution is around 30% of the business, in India it still hovers in single digits for most brands. Some categories lead others in online adoption. This is expected to shoot up over the next few years with more brands recognizing that online is an important channel to scale and nurture. In 2022, most of the brands have done the basics for e-commerce. In the initial years they grew aggressively year-on-year. But as the business got to a certain size, the rate of growth slowed down. This is where Analytics steps in, e-commerce Analytics gives the brands a competitive advantage which can sustain the aggressive growth rates online.
Brands that consistently study their data, invest in analytics and make day to day decisions based on analytics are definitely on the cutting edge in this space. Delayed decision making is probably the single largest eroder of revenues in the e-commerce space.
That’s the space in which we exist – democratising the access to analytics across all stakeholders in the e-commerce team – enabling timely data driven decisions that leads to increased top lines and healthier bottom lines. We believe that the acceptance and demand for e-commerce Analytics will be widespread in a 9 – 18 months window.
- Why Ecommerce Analytics Should Be Taken Seriously and Why do you think eCommerce Brands Should Adopt a Data-driven Culture?
With increased digital literacy, greater penetration of high-speed internet and smartphones, as well as government-back digital programs, ecommerce has become a household practice. The number of companies adopting ecommerce to sell products is increasing exponentially. While this means that there is immense potential in the sector, businesses are also competing with more and more brands every day.
To tap into this opportunity and win over competitors, ecommerce businesses must leverage the right strategies. The bottom line for ecommerce businesses is to maintain high stock availability, optimize marketing and communications, predict risks and pitfalls, and align their strategies with their consumers. They must possess a macro understanding of the ecommerce market and keep growth metrics at the center of their processes. Centralized ecommerce analytics tools can provide advanced analytics and insights to help brands boost profitability and revenues. An ecommerce analytics tool can turn data into actionable insights. By integrating it into an ecommerce platform, brands can get real-time data, insights, and foresights on their top sellers, set and forecast sales targets, track sales and discounts, as well as a detailed analysis of campaigns.
- Where do you fit in to boost Festive Season Sales with the Right partner?
During the festive period, with the high volume of consumers sifting through different marketplaces, it becomes absolutely essential to have the right marketing as well as product strategies lined up.
We help our customers in more than a couple of ways –
- Create a product assortment that is best suited to derive the maximum ROI depending upon the demand on the respective platforms/basis seasonality
- Enable maximum exposure to both new users as well as recurring customers to ensure the lowest cost of marketing as naturally the average selling price dips during the festive season
- Ensure operational readiness as with high traffic volumes, there are bound to be hiccups and challenges in fulfillment and supply chain that can be tackled early on
- Can incorporating videos in digital marketing strategy boost e-commerce business?
Over 97% of marketers’ claim that video content helps their prospects understand the product better and helps the customers make a crucial purchasing decision. The ROI/Return On Investment of a video depends on several factors. Quality, strategy, and duration are some examples. Nevertheless, according to a survey by WYZOwl, 83% of the participants claimed that videos bring more ROI. At first, you might think of video as an expensive asset. But this is not true. There are innumerable tools that you can employ to create a high-quality video without spending much. These days, most smartphones have a high-end camera that you can use. Also, the tools Doodly and Videoscribe make the process even easier. However, planning all the above and executing in the right manner is paramount. An eCommerce consulting company can help craft, implement and execute digital marketing strategies that work.