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“E-Malls also known as Electronic Malls or Online Malls are like normal shopping malls but they function online in the form of website or app. Like a normal shopping mall has many shops and brands present inside it, similarly, an E-Mall website or app has numerous brands and suppliers a charge commission from these brands and suppliers depending upon the number of sales they do.”
In simple words, we can call an E-Mall, an online shopping center with a collection of multiple online shops on a single platform. All the transactions from selecting the goods to buying and selling of goods and services take place with the help of the internet. E-Mall is a concept of E-Commerce and is one of the most trending and profitable forms of business. The retailers who have their brands and stores on these E-Mall platforms are known as E-Tailers.
There are basically four types of E-Mall stores:-
1. General E-Malls: These general E-Malls are like general stores they do not specialize in any specific goods or service, instead you will find all kinds of goods and services on these online stores. For example Junglee.com and Amazon.com.
2. Specialized E-Malls: These E-Malls specialize in specific goods or services and sell only that product. For example, 99acres.com specializes in buying and selling property and housing on an online platform and Netflix.com specializes in providing exclusive series, T.V. shows, and movies on an online platform.
3. Regional E-Malls: General E-Malls are basically on a global platform they are not a part of any local region or area. But Regional E-Malls function based on a local or regional area. Their sales happen in that area, their marketing is done in that area and their target is a part of that area. For example, limeroad.com or sochstore.com these online stores specifically target the Indian regions and the Indian customer base and famous for their Indian dress collection like Kurti, Saree, etc.
4. Pure online stores: These E-Malls are purely online stores meaning that products that you find on these platforms cannot be found anywhere else in any shopping mall or shop. Like Samsung mobile phones can be found on online stores as well as shops but products like the Netflix original series like House of Cards, Stranger Things, etc, can only be found on Netflix.com and cannot be found in the form CD or DVD on shops.
E-Malls are a very trendy concept nowadays, there are many factors that contribute towards the success of E-Malls. Let's check what are these factors how are they helping the E-Malls in becoming so trendy.
Factors that make E-Mall a Trending Concept:-
A) From the point of view of the customer:-
1. Fast Buying Procedure: It easy to find products on the online platform, the buying procedure is also not very lengthy, the payment can also be made online, therefore, making it time-saving and easy to use for the customers.
2. 24/7 Buying: There is no time limit on the online platform, you can order the product anytime and from anywhere you want to.
3. All Types of Products at One Place: In the case of General E-Malls all kinds of products like retail, food, electronics, books, etc all are available at one place and people can buy all these items together from the platform making it easy for the customer since they don’t have to look for different shops to buy different products.
4. Able to Compare Feature and Prices: It is easy for the customers to compare the features and prices of various products. For example, the customers can compare prices and features of the iPhone 6 and iPhone 7 on the same platform and also check out the difference in their features and model.
5. Time-Saving: One of the most important factors that make E-Malls so trendy is that in the current scenario almost everyone in the society has a busy and fast life. Shopping on an E-Mall is a fast process, they don’t have to search for different products in different shops, transactions are done in one place and they don’t have to put in a lot of effort thus making it most suitable for today's busy lifesaving both time and energy.
6. Exciting offers and features: Customers get exciting offers and discounts on the online shopping portals, there are various discounts, offers, gifts, quizzes, lucky draws, etc. which makes online shopping interesting for customers. Also, these platforms or apps have exciting features like gift pack options wherein you can also send a message card, this makes online shopping more convenient for the customers.
7. Convenience: The customers can order any product from anywhere and that product will reach their doorstops making online shopping very convenient for them.
8. New Ways of Marketing: Online shopping platforms nowadays are using new and exciting forms of marketing to attract customers. The platforms know that they will be facing a millennial generation now and also that the older generations have also adopted the current trends, so they use social media advertising, influencer marketing, sponsoring of events and concerts, etc. These marketing techniques attract current generations and also cater to the needs of society.
B) From the Point of View of Sellers/Retailers:-
1. Fast Selling Procedure: The sellers don’t have to waste a lot of them in putting in efforts neither do they have to explain the customer's anything in person or face them, also since all the transactions are done online it becomes a really fast procedure for sellers.
2. Selling 24/7: The sellers don’t have to worry about any time limitation for the sale of their product, their product can be bought anytime thus making it more profitable for them.
3. Low operational costs: The sellers don’t have a lot on operational costs or selling the goods, since everything is done on an online platform.
4. More reach to customers: There is no geographical limitation on the online shopping platform, the sellers can sell their products in any region at any point in time.
5. No need for a physical company start or setup: The capital investment is not very high thus making the business easy to start.
6. Easy to manage: It is easy to manage and track as everything is being recorded and everything is happening online thus making it a more efficient and effective platform.
7. Business can be run from anywhere: The seller can sell their product anytime from anywhere they want to. The seller could be sitting in a movie hall or in a restaurant and they can sell their product and can do deals.
8. Higher Return on Investment: The investment in this platform is very low but the Return on Investment is very high if your product is liked by the customer base.
So, these are the reasons why E-Malls are trending nowadays from both points the view the buyers and sellers since these two are kingpins of every market. To conclude we would like to say, that seeing the current situation of pandemic and lockdowns E-Malls has become a basic need and in the near future E-Malls will be the choice of everyone, from every class and from any region in the world. The current society trends and the lifestyle has made E-Malls trendy and the most profitable form of business.