Digital has not perceived only as a mere sales channel anymore as it has become a way of life. E-commerce in India has been experiencing remarkable growth, successfully changing the way people transact. The online market space in the country is burgeoning in terms of offerings ranging from travel, movies, hotel reservations and books to the likes of electronic gadgets, fashion accessories and even groceries. The Indian Institute of e-commerce states that by 2020, India is expected to generate 100 billion of online retail revenue. As more and more consumers embrace the virtual world as a safe and convenient place to shop – either on computers or using their Smartphone’s – one thing is for certain, e-commerce is here to stay.
While there are plenty of recommendations for how a new e-commerce business should start their venture, the following are five essential steps to launching a winning e-commerce business:
1. Do a detailed market analysis Starting a successful e-commerce business is not anything like a piece of cake. No matter how tempting it is to start off immediately, take your time to inspect your target audience. Think of these questions at first: Have you adequately researched the demand for your products or services in the market? Are you familiar with your potential competitors? You will need to keep up with already established market players in order to gain and retain new clients. You’ll need to define a tight niche and uncover an unmet need in the marketplace to solidify your chances for success.
2. Preparing a solid business plan Sure, it sounds like a great idea: Set up shop and start selling some products. But let us remind you that like you, there are tons of online stores out there. An oversaturated niche is hard to beat. So how do you uncover your niche? You’ll have to start by specializing in a tightly defined field and building out a concrete plan for marketing your business. This way you’ll attract more customers than by just simply setting up a store and waiting for the customers to roll in. So what should one hope to get out of a business plan?
– Knowledge. A better sense of what you know and more importantly, what you don’t know.
– Resources. The resources you’ll need to make your business successful (e.g. money, partners, and employees).
– Road map. Helping you set clear goals for your business from the outset.
– Viability. Probably the most important thing – once you write your business plan, you should have a better sense of the viability of the opportunity.
So, get a running start with a solid business plan.
3. Defining Product Range A successful online store needs a good range of products. Choosing these products is an essential step in establishing your E-Commerce Income! Clearly, there’s a lot to think about when making this decision, as it lays the foundation for your online success. It’s true that deciding what products to sell can be rather difficult, as there are literally millions of options to choose from. Not only that, you need to ensure there’s a market for your products and that you can actually make money from selling them. Here are some tips to help you find define your Unique Product Range in the market.
– Understand your target audience
– Identifying the demographics of your target audience
– Focus on psychographics aka Focus on customer traits
– Be a little price sensitive
4. Defining seamless delivery channel The speed of delivery and checkout procedure are as important as the product quality for a customer. It would not be wrong to say that logistics could be the defining factor for the success of e-commerce in retaining their customers. Successful e-commerce thrives by embracing new logistics models and utilizing distribution properties. All in all the trick of the trade seems to be the usual – get the basics right in order to have a competitive edge and not lose out on the customer base! With plenty of innovation and refinement, there are better facilities available today in terms of logistics. Using specialist logistics providers means you can also use their services to offer cash on delivery, which is a preferred payment mode in India, as well as collect the product from customers in case of returns. Given the services available for e-commerce, you can get started without having to set up capital-intensive infrastructure. With a bit of knowledge and the right selection of platforms, you can succeed as well.
5. Preparing Marketing & Sales Plan Sales promotions can give you the edge you’re looking for when it comes to revenue. Successful companies know that sales promotions are among the most effective methods of increasing sales and building customer satisfaction. So, the question arises here is to go online or offline? It is not to prefer one over another, but to understand the strength of merging online and offline. When offline and online strategies work in conjunction, the cumulative effect on the company’s ROI is significant resulting in a balanced growth for the brand as a whole.
Here’s a short guide on some of the winning offline & online strategies.
A. Offline Promotions :
– Networking and can help drive traffic to your website.
– Print publications still have a valuable place in offline marketing.
– Direct mails as a lead generating tool.
– Running print advertisements to reach the target audience.
– Association with trade shows.
B. Online Promotions :
– Develop personalized landing pages.
– Make your site mobile friendly.
– Advertising on social media channels.
– Blogs with smart SEO (Search Engine Optimization) integration.
– Unique product descriptions to catch the attention.
– Tailor the browsing experience to target segments.
So there you have it, the five essential tips aimed to the success of an e-commerce business. By setting up these factors in advance of launching your e-commerce site, you’ll be well prepared for success and your business will skyrocket.
From pay-per-click advertising to blogging and from search engine optimization to analytics, e-commerce marketing is broad, diverse, and, potentially, complex. These skills are really the ones that skilled professionals & entrepreneurs require. REVA University will help you hone your skills and tactical capabilities through our comprehensive Masters of Computer Application (MCA) course. In the 3-year MCA course, you will be tutored to meet the ever growing demand for qualified professionals in the field of Computer Applications and allied areas. Amplify your business acumen and IT skills with REVA University’s fulltime MCA course to help you succeed in this burgeoning sector of e-commerce.
Admissions open for the academic year 2017. Apply now!