By Rahul Narvekar, CEO, Indianroots.com
In just a few years from now, the internet will start flooding merely with online marketplaces and you will definitely not want your own business to be left behind. So, it is imperative that you should know about eCommerce and how to line up your business.
eCommerce business is making it possible for entrepreneurs to reach the market and customers without the need to leave their home.
Without the need of having a physical presence on every street corner, even the smallest online retailer can consider to be an eye-catcher and as efficient as the big giants.
What does it take to Go Online?
Are you bitten by the eCommerce bug? Do you want to set up your own online portal, but don’t know how to begin with?
To become an online entrepreneur, all you need is the willpower and tactical business sense. The scenario appears most of the time that an individual is neither a techie, nor a graduate in fashion education, though he/she operates a fashion eCommerce company.
The ability to drive a team, working for long hours, finding the balance between work and life, being completely proactive and the skill to adapt to a fast changing landscape is now becoming the biggest challenge to run an e-commerce company.
eCommerce is all about three words – Speed, Service and Scale.
An online retail business is very dynamic and one needs to have the ability to anticipate the trend and where the market is heading.
The best way would be to make a strategy which can help you drive it as per the market trend. If we look at the overall and the current landscape in India, the e-tailers who were able to pivot and scale fast are the market leaders of today.
From the inventory-led models to marketplaces to the curated niche plays, teams which have foreseen and adapted the trends are the ones to take leadership positions.
This is the essence of being an eCommerce entrepreneur.
There are two resonant qualities that help entrepreneurs triumph over the challenges of starting a business and reaping the rewards of their labour. It’s like opening a physical store. Setting up shop online takes zeal and requires a high level of optimism.
Moving a business online doesn't have to be a strenuous process. To set up an online business, entrepreneurs should apply their passion and positive thinking that will allow them to stay focused in the face of pessimism from the competition. The desire to do something you love to do can help build a career out of it, and if you are good at something, never do it for free.
What do you need to get an eCommerce business going?
A brand name- Make sure to choose a brand name by which the customers are easily able to identify your product category.
A Unique Selling Proposition (USP) - Why should a buyer land on your website? There should be a good reason for a customer to choose you over your competitors. It is suggested to take the road that appeals you and tweak it as you go along.
A website- A website can either turn the customers away or make them stick to it. Never design a site that is not intuitive and results in tedious navigation. Also, in technical terms, a website page should not take more than 5 seconds while opening the page for a specific product. This may lead buyers to shift to other websites.
Always add superior-quality images and excellent product description if you want to give a good start to your eCommerce business. Not enough payment options result in customers leaving empty-handed even though they were on the brink of buying something!
Selection of Products- It really depends on what you sell. You can sell virtually anything online, in keeping with the one-day deadline to get your business going. Nevertheless, if you’ve got a very unique idea, you are ahead of the game.
Collection of payments- For the seller, the minute when money changes hands is critical. The offline retailers charge customers by using a point of sale (POS) terminal, while an online store uses a payment gateway. Checkout, or what brick-and-mortar stores call the point of sale is a crucial aspect of any business project.
Ability to deliver the goods- For virtual stores, it is a challenging task to deliver the products to your customers on time. You can use courier companies for logistics and product delivery. There are specialist logistics companies that even offer a COD mode of payment, which is the most desirable option for Indians.
If you have all of the above, then you have an eCommerce business and once you have done it all, you should start attracting some traffic on your website. Just follow these basic steps to gain stability and make excellent profits in the face of your fiercest competitors.
To conclude, the idea is not to come up with an ideal eCommerce setup, but the objective here is to get you rid of your paralysis or powerlessness. Moreover, once you run it for a little time, you can discover things, learn your lessons and wipe the slate clean if needed. Start generating small revenue and continue tweaking various aspects of your e-business to turn your baby steps into giant strides of success!