Always settle for more, is the new hymn in this business world.
If you have a brick and mortar location to hawk your wares or you have a plan to set-up your own new brand store, which oversees your all business operations. Then, the over luring benefits of ecommerce will invite the wave of Web surfing customers to your Taling Chan (Floating market).
According to Indian government’s Economic Survey 2018, India ’s e-commerce market has reached $33 Bn registering a 19.1% growth in 2016-2017. “In the next 15 years India will see more people come online than any other country,” says Morgan Stanley, a bank. Estimates are that by 2020, the online retail market could be more than seven times larger. Therefore, such sales are expected to grow faster in India than in any other market, which attracts the flood of investment in ecommerce firms. So, to expand your growth, integrity, worth, revenue, and practice your business to the new heights, the solution is, Sell Online.
Top 7 benefits to why it’s a good idea to sell online:
Say ‘No’ to set-up costs
Making savings in set-up and operational costs, the need to rent high street premises, pay shop assistants or answer pre-sales queries; are major business blockades. Selling online reduce any geographical restrictions and enhances productivity across the globe. Now, You might get shocked! The cost of actually setting up an ecommerce website is 2k per month, much lesser than your offline market.
The essential items you require to oversee your ecommerce website are having access to emails, the Internet, and calls turning the whole sales system of business into automated online. You will, therefore, save on staff, wages and other business costs, which are usually an expense such as electricity, rent and heating costs. The saved money can be used to develop your ecommerce website and grow product range further. It will aid to expand your product offering faster. For instance, http://streetstylestore.com a women based online store, that has started it business as an online portal and after successful reach, it spread its dimension through a physical store in Hauz Khas, Delhi.
Choose the right niche
A unique product is a go-getter in any market. Just as, Searching for a rare coin seller is a tough journey. However, the ease and breadth of the Internet make that search simpler. Consider selling a niche product to your online store. This opens greater depth of consumers as niche players share a common set of traits and enhance a deep understanding of customers’ needs and the ability to stay engaged.
Now, what keeps your business going – Innovating products, maintaining consistency and recognizing the right niche market are three traits of an ideal niche business.
Smaller niches mean less competition, gives you a better chance of connecting with potential buyers. On the flip side, your pool of customers will be smaller but loyal. To overcome it, spend some time in researching your niche and balancing the level of competition with the size of the market. Look around and recognize that digital products like software, music, and eBooks can be sold internationally and delivered instantly, and thus have a slightly different cost structure. Also, remember the role location plays in selling online. And, include the costs and logistics of delivery in your selling strategy. For instance, https://vaya.in is an online seller that sells designer tiffins (lunch box) to a niche market.
Think Globally & Open 24/7
The remarkable thing about the web is to sell worldwide, Due to the Internet’s accessibility, millions of people across the world can view and order from your website at anywhere. Thus, receiving orders from overseas is a ‘cloud 9’ reach for any retailer. If you have great products at the best prices, consumers in US, Australia, Maldives, or even from the ‘mars’ will find you. Globalizing has always proven to be the basic facet of bombarded sales and profits for your business. To buy an exclusive item from foreign, which your country’ market sells as well, but purchasing it from online would rather cost lesser than aforementioned.
Quality of being active 24 hours a day, seven days a week is only possible with e-commerce websites. This means as a business, you are maximizing your sales and profits irrespective of time constraint.
Sell your exclusive Culture
In the past two decades, the world has gotten small. Improved technology has made global distances virtually a non-issue for doing business with new Cultures, Cuisines, and specialty of a country. Therefore, people have started looking for exclusive products. For instance, West Bengal is famous for its Baluchari sarees, taking this gem moment http://www.banglarsare.com sells the Bengali sarees online to its pleasant customer.
Though up till now, the all-too-common doubt arises amongst marketers is creating cultural conflicts. For instance, McDonald’s, the world’s largest seller of beef products, has a thriving business in India; the land of the sacred cow is proof that cultural differences are only a barrier when a company fails in its due diligence. McDonald’s has a strict “no-beef, no-pork” policy in India because the cow is widely worshipped by Hindus and consumption of pork is forbidden in Islam. Instead, the fast-food chain has a variety of vegetarian and chicken dishes in local flavors and is considered to be just as Indian.
5) Ecommerce Sales Strategy
Two hidden secrets that work unexceptionally to increase your online sales are upselling and cross-selling strategies.
Upselling involves offering related products to the products the customer has selected to purchase. These products are of low cost and usually compliment the final purchase to baffle customer in their buying decision to encourage the average basket value to go up. Next is Cross-selling, It allows you to encourage people to spend more money by buying additional products, which relate to the main product your customer is purchasing. On e-commerce websites, this may be included as, “You may also like”, “Wear with this”, “Perfect match with”, “Why don’t you go pro”. These are all tactics to increase sales revenues for your business. For instance, If you buy a foundation on https://www.nykaa.com, they promptly offer you a primer to complete your look.
Other powerful marketing initiatives to encourage interest from new customers such as call-to-action and special time-sensitive offers. These encourage prospects to take action whilst on your site and therefore increase your conversion rate.
6) Higher margins and better cash flow
Prominent Market players extend their business into 360 degrees to make a big amount. If your business sells to cross-trade industry sector and employs B2B market strategy, then your ecommerce website will allow you to sell at higher margins.
The shopping cart and payment options on these websites also mean you are gaining a 100% payment from the customer straight away. This will improve your cash flow, particularly when customers normally provide you with payments in several installments. There are also several reliable payment systems like Paypal, Google Checkout, Sage Payment Solutions, WorldPay, etc. This will ensure all your payment transactions are processed successfully so your ecommerce business receives the payments efficiently.
7) Finally, More measurable
After doing every hit and trial, you may be wondering how do I know it will be successful, or how will I measure the results?
Well, ecommerce websites are extremely measurable and trackable through systems such as Google Analytics. You can view statistics including how many orders are processed through your site, average cart total, cart abandonment rate and percentage of total revenue your website has achieved at regular intervals.
Increasingly, the shoppers of today are less keen to leave their comfort zone. So while some pundits are predicting the doom of brick and mortar stores, one could say they’re missing the big picture i.e. online platforms. Selling online can offer profits and the jewel in the crown is Amazon wants to make India its second-biggest market, after America. For the time being, though, with just 12% of the market, it lags behind the homegrown successes, Flipkart (45%) and Snapdeal (26%). All three, as well as some smaller competitors, are spending at a blistering rate
So, why are you killing your time?? Seize the opportunity today to evolve your business!!
For a free consultation regarding ecommerce website implementation, you can get in touch with us. https://primesellerhub.com
Co-Founder of Prime Seller Hub.