Bill Gates once said, “If your business is not on the internet, then your business will be out of business.”
The e-commerce industry is bringing in the next wave of change for the Indian economy and if you are planning to step into the world of endless profits, then the clock has already started ticking. Now, the time has come to start your e-commerce business in India.
The advent of e-commerce has transformed the global business environment and home content by bringing the stores to the customers, eliminating the need for customers to visit the physical store. Aided by a thriving digital economy of Rs 500 million Internet users, India's e-commerce sector recorded the second-highest annual growth of 31.9 percent by 2019. Platforms like Amazon, Flipkart, Snapdeal have shown us that e-commerce is truly the future and the only way they can grow as they did was because they realized the imminent potential of the e-commerce industry in the country.
Online Marketing and its Impact
Online marketing is a thriving business. But at the same time, there are too many e-commerce businesses struggling to make a living. Given the impact of the Internet on all aspects of economic life, it can be seen as a source of the emergence of a new electronic economy with rapid growth, giving rise to new industrial and business opportunities, and hence, increasing job opportunities. Strong economic activity on the Internet or in the use of their skills has led to the emergence of a new concept- e-commerce. If your goal is to make quick money - the goal should be to create a growing, profitable business that lasts a long time. You have to have a long-term vision of building an asset that brings real value to the market.
Growing your Business through E-Commerce Platforms
Building an e-commerce business takes a lot more than just choosing a brand name, listing products, and starting selling products online. Even the best business ideas can fly if you don't drive enough traffic to your site.
Here are some simple ways to grow your business through an e-commerce platform:
- Research and plan a business plan and model: Starting your research is a critical first step. Do not use the hunch. Growing any online business is an investment. Treat it that way.
- Register an e-commerce business and brand name: Choose a business name and register your company. There are legal protections and tax advantages for inclusion.
- Mark your product and Select and target the right audience: Describe your market, and focus on it only.
- Attract your customer/ customers with the right SEO/ Marketing strategy or Ad: Marketing is also an important part of today's world.
Tools to Grow your Business
- Marketing is the largest and most powerful tool a company can have which can also be your biggest competitive advantage. People buy products because of the story and the emotional connection they feel about the product. And of course, very few brands invest early and often in their online branding strategies. In fact, persistence in marketing is often considered the key to success for any brand. Brands often come when they have enough money and time, but more often than not, they don’t get the chance to make a first impression due to time and monetary constraints. The key point here is that 'How you present your product in web news is important from day one.
- E-commerce is giving a boost to small shops and vendors to merge themselves in order to reach a greater target audience. This will be twice as beneficial because the small mediatory can earn double profits through the coexistence of both physical and virtual platforms. Not only this, once they reach a certain target they can open their own websites to reach the consumers. Many such small brands have also tied up with big e-commerce platforms as well. There are brands that are new in the market but they have successfully managed to create their own brand presence in the market all due to their virtual presence.
E-commerce is both a boon and a bane for the retail industry. There is a certain age barrier that affects the people who are not technologically equipped enough to shift to e-commerce platforms. The millennials find it easy to shop through e-commerce platforms but on the other hand, it is really very difficult for the older generations to shop via e-commerce. In 2020, with the advent of technology and the Covid-19 phase, even the older generation is slowly and gradually shifting to e-commerce platforms. And this is really helping the small mediatory businesses to collaborate with e-commerce platforms and see growth in their business curve.