Nowadays the ecommerce market is growing rapidly and it is believed that by 2021 this will increase almost two times. Introducing ecommerce in today’s time can prove to be very profitable because the internet is also growing rapidly in the world. That’s why ecommerce business is going to be one such business in the coming time, which has no business in the market yet it can compete with an e-commerce business.
But the first question here arises that if you want to start an ecommerce business, are you fully prepared to start ecommerce business? If you are not ready now or are getting ready for it, then I will tell you some 10 tips that you must keep in mind before starting any type of e-commerce business.
10 Powerful Steps to Start Your Own eCommerce Business
1. Choose Your Best Product For Your Business
Before starting any ecommerce business, you have to choose a certain product. Yes! If you are going to start an ecommerce business then you must definitely choose a certain product before it. Because you can’t sell all types of products at one time. You have to do business by keeping a single product in mind and selling it in the market.
After selecting the product, you have to find out whether the product that you have chosen to start ecommerce business has a strong ground or what value is in the market. If the value of that product is high or the value of that product is going to increase in the future, then you can start ecommerce business of that product.
2. Select Best Market Place For Your Product
If you make a product and want your product to reach your customers as much as possible, then you have to first find the best marketplace for that product. Identify the popularity of that marketplace for your product and know how well that place of that marketplace actually has access to the market, all know it well.
I would like to tell you the name of some marketplace which will help you which marketplace is best for your product. With this help, you will get the idea that this product is best for this market. There are some recommended market placements for every kind of product.
Hospitality: OYO Rooms, Yatra, MakeMyTrip, Goibibo, Tripadvisor.
Handicraft: Craftsvilla, Afday, Its handmade, SaffronMart, TheIndiaCraftHouse.
Food: Foodpanda, Swiggy, Zomato, InnerChef, FoodCloud.
Transportation: RedBus, EaseMyTrip, ItDc, MakeMyTrip, Yatra.
Property: 99acres, MagicBricks, RentMantra, GumTree, FlatMates.
Apparels: Jabong, Myntra, LimeRoad, Shopclues, Kooves.com.
Electronics: Amazon, GearBest, e-Bay, Flipkart, HomeShop18, Croma, IndiaMart, Naaptol.
So, these are the best marketplace according to your product. If you are selecting one of the marketplaces of Innuble for your product then it is important to know the characteristics of your chosen marketplace before that, it is very important to know how far it is spread in the market. Be sure to carefully consider these things before selecting any marketplace for your product.
- High Reach
- Good Will
- Fast Transactions
- Ease Of Use
- Customer Base
3. Search for the Level and Nature of your Competitors
Before going to any online field, it is very important to know the extent of the competition. In the same way, if you are going to start an ecommerce business, then obviously you will also get a lot of competitors there.
You have to overtake all those competitors. What are they doing in the market to sell their products, which ones are following the idea to get their product to the customer? You do not have to copy the competitor’s ideas, you have to differentiate something else in that marketplace. You have to put some ideas like this in your business.
If you have to overcome your competitors in that marketplace, then you must take care of the innumerable things of your own competitor for that. Therefore, to get ahead of your competitors, first of all, know their strength, quality and its level of knowledge.
You also have to take care of your competitors’ behaviors. For example, what kind of methods has been used by the competitors to deliver products to the customer in their business? Check the quality of your competitor’s product pricing, product range, policies, shipment, and discounts. Since there is no such thing that you are struggling with manipulation, you are investing to increase your business but, on the other hand, your computer is trying to make your online business down.
Therefore, the best way to get success in online business is to get the behavior of your competitors, its level, and nature. If you once learned to move beyond your own competitors, then you will be ahead in your online business.
Also, read: UNDERSTAND YOUR COMPETITORS
4. Presentation and Catalogue Catches the Eyeball Attention in e-Commerce Business
There is a big roll in your ecommerce business with the presentation and catalog of your products. Because your customer cannot touch your products online in the system, neither can they check it out or ask questions. But if the presentations of your products are exceptionally good, then it is certified that your customer will agree to buy your products immediately.
Therefore, in order to attract customers towards their products, keep clear all the photograph, designs and colors of your products so that whenever and wherever a customer sees your product, immediately agree to buy.
After looking at good photographs, designs, and colors, it is time to give good descriptions of that product. Yes! If you put all the correct and complete information of your products in your catalog, then all the confusions of the customer are removed.
So, keep our presentations and catalogs in full of information so that whenever a customer sees and reads your products, they agree to buy your products.
5. Merchant Support Service
Merchant support means is that the marketplace in which you want to sell your product will give you better support. Because where you sell your product, you will not be selling your product alone. There will be a lot of businessmen who will be selling their product there. That’s why your merchant initially you do not mind. But you have to stay in contact with your merchant. So you have to understand your own merchants.
You have to interact with them in regular time. Do they understand your discounting, your policies better? Does it display your product properly in your marketplace? As you wish, your product, If it looks like a marketplace display, it is very important to get support from your merchant. Keep in mind that whenever a customer wants to ask something in that marketplace about your product, does that marketplace immediately support it or not?
Therefore, before joining any e-commerce marketplace, read its support system, check its response time. Sometimes due to being a new product, they ignore the product owner. So, I would like to tell you that, check all the things such as the Service Service, Response Time, etc., whether the marketplace is correctly giving it or not to the customer?
6. Check Margins, Fee, and ROI
Whatever you want to join the marketplace, first of all, check the number of margins you are getting there on your product. As if the price of your product is $100 and you are getting 50$ then that amount is called Margins.
After that, you have to check how much and what type of fees your marketplace charges over your product. For example, any fees like cash, cancellation policies, or product.
Then you have to check how much you are getting overall income. The first is the visibility which is called branding and the second is the sales which are called cash. You have to check both branding and sales to see how much of your income is going on by making all the investments.
7. Shipping Charges and Mechanism
Here, each company has its own policies and its own style, to carry the product to the customer. So you have to choose whether you want to ship your product to your own customer or your marketplace is in the shipping.
If you just want to sell your product and let the shipping company do it, the company also charges the shipping charge in it. So if your product is being sold in the surrounding area, then you should ship the product yourself. This will not give you a shipping charge to the company.
But if you do not want the management of the shipments and you just want to sell the product, then in such a marketplace you should shipment only to the customer of the whole product.
8. System Access and Control
Be sure to check its system access and control before joining any network or marketplace. Is it your marketplace that is giving you access and control or not? Because there are many marketplaces in the market that will not give you access and control and will not share the details of the customers with you.
Sometimes you will not be able to show all of your products in your network. For example, if you have 50 products, then you will only show 10 and the remaining 40 will not be visible in your network. In such a situation, you only need to know which is a marketplace which is more suitable for you.
As some of the companies control the maximum and the minimum number of listings, or you refuse to sell your product in a particular place and do not provide customer data for them. Amazon is a company that never share its customer’s email to its sellers. He keeps the data of his customers.
9. Keep your Payment Mechanism in the Control
In your ecommerce business or if you have any business, payment mechanisms are very impoverished. Payment Mechanism means that you have invested all the money to sell your product and after that money does not come to you then you can call it payment mechanism.
Your product is being sold in the marketplace, but if you have a retrofit of income, you are reaching a lot, so in this case, your ecommerce business is not going to run. Because if you do not have time on time you will not be able to make your own product. And if you do not make the product then your business will not work properly.
So you have to take care of your marketplace in your business when it is returning your money. Whether you are getting your money on time or not? For example, I tell you, Amazon takes its sellers for about 14-90 days, and in the same way, Shopclues take 30-90 days to pay their salaries to their sellers.
So grab that marketplace in the container you get in it. Patent Mechanism is a very important step to balance your business. Therefore, it should be kept in the consolidation of every e-commerce businessman.
10. Returns and Refunds
Return and refund is a very frustrating process in any ecommerce business. So if your product margin is very low and the process of refunds and returns are increasing in your product, then your business will never grow.
Now in such a situation, your competitor or someone else orders your many products for enjoying purpose only and then returns it afterward. Now, in this case, the marketplace collects the fee for you and cuts the money in the form of your fees.
But if this thing happens repeatedly in your e-commerce business then it can be a great loss for your business. Therefore, you have to select the marketplaces that will be with you in your situations. Help you with this loss and if there is a little loss, then do not take more fees than you do in terms of returns and refunds.
Also, read: 10 Popular Types of Money Market Instruments