Things to Consider Before Creating an Ecommerce Website
Revenue from the ecommerce sector in India is expected to increase to US$ 200 billion by 2026. This can be attributed to increasing Internet penetration coupled with a rise in smartphone adoption, and with the entry of global powerhouses like Amazon and Flipkart with access to deep pockets.
There is no better time than now to begin a business, open a current account and start selling online in India. Low start-up costs, an all-time potential income and the ability to even sell internationally make it a very attractive proposition.
Choosing the right business model is a key decision to make before opening an Ecommerce website – drop-shipping, wholesaling or warehousing, white labeling, and manufacturing, subscriptions - are all good strategies to adopt. However, the most effective model is a single product category that you can complement with affiliate marketing. It is easier to manage the content marketing and branding on a single product and concentrate all your efforts on driving sales by monetizing traffic. It's also important to choose a niche that’s not too crowded, or one that’s dominated by the major brands.
Match Your Brand to Your Target Customers
Once you’ve identified the image you want your prospective customers to associate you with, it’s time to come up with product ideas and build your brand so that it connects with your target audience better. Go ahead, you can now take the following next steps - register your business, set up a current account for your business, pick your store’s name, get your business license, find the right vendors, create a logo and work on your visual branding – it’s time to start selling.
A goods and services tax (GST) registration document is usually enough to open a current account with a bank and is also mandatory if you plan to operate an E-commerce business. The benefits of a current account come to the fore when you need to facilitate heavy transactions like business-to-business trade, bulk purchases or effect salary payments.
Market. Sell. Market. Sell. Market. Sell
The best ecommerce sites devote a lot of time to online marketing for driving conversions. The goal here is to get traffic and subscribers quickly - create an email list, or place an opt-in giveaway on your website, or launch a campaign on social media - you need to choose keywords and search terms for each page of your site, in your URLS, and in your ad campaigns and use sponsored content, social media, pay-per-click ads, or a combination of strategies to drive traffic to your site and to sell your products.
Providing relevant and useful content to your prospects and consumers via email helps to keep your brand top-of-mind and improve sales, and by responding quickly to customer service requests and product quality issues, you can instill trust and enhance your credibility. One simple way to gain consumer admiration and confidence is to constantly ask for feedback and comments.
While opening a business current account after considering all the benefits is a great place to begin, running a successful ecommerce website can be difficult. Following these simple rules can get you off the ground, but continuous monitoring of processes and efficiencies is needed to keep the bottom-line from going into the red.
