What You Should Know for Running a Successful E-Commerce Business
India’s retail industry is forecasted to reach $1.2 trillion by 2021, from $795 billion in 2017. This growth will be fuelled by the e-commerce sector, which will grow from $24 billion in 2017 to a massive $84 billion in 2021, according to report by Deloitte India and the Retail Association of India.
Therefore, this could be a good time to start with your e-commerce business and earn decent profits. Here are some tips to run a successful online business.
Open a Current Account
The benefits of a current account for businesses are plenty. They usually do not put any limits on withdrawals and deposits, and offer smooth mobile banking options. As a businessman, you can directly make payments for pay orders, cheques, and demand drafts. Most banks offer free outstation cheque collection and fund transfers across IMPS, RTGS and NEFT. In fact, no extra charges are levied if you are banking from other bank branches.
Depending on your business volume, you can choose a business current accountwith a minimum balance of ₹10,000 to ₹1 lakh. For the latter balance, you are eligible for free cash deposits of up to ₹12 lakh per month, 25 free ATM transactions and a free Visa Signature Card. Passport, PAN Card, Driving License or job card by NREGA are the accepted documents required for a business account.
To stand out from the competition, make sure your SEO game is the strongest. Keep a check on the ever-changing algorithm updates to stay on top of the search results. It is important to abide by Google’s webmaster guidelines, violating which can lead to serious consequences. Improve your rankings by generating high quality posts and load them with relevant keywords. Take extra time to plan your SEO strategies to attract your target audience.
Great pricing, a simple check out process, discount coupons and free shipping are the key factors behind customer satisfaction. Create the website in such a way that navigation is easy and quick. To maximise sales, make sure the shopping experience is mobile-optimised as well. Pay close attention to the landing page and design in a way to hold the interest of consumers.
Consider making your content creative and interesting by incorporating animation, videos and GIFs. To boost the conversion rate, make the font size is big but suitable for mobile screens and ensure the page loads within 2-5 seconds. Reports say that 40% of internet users leave a page if it does not load in 3 seconds.
Lastly, stuff as much information as possible for a particular product, so that your visitors are 100% sure before ordering. Irrelevant and inadequate data can result in page exits real quick.
Stay Up to Date
Know your potential customers and research on their shifting preferences. This will help in strategic marketing and result in better conversion. In fact, keep close track of technology, trends and tastes to deliver exceptional services.
Brick and mortar stores have become a last resort, while online shopping is growing by the day. To take firm control of your e-commerce, make good use of the current account benefits, maintain transparency in your website and take time to read customer reviews to constantly improve your services.
