By 2021, global eCommerce sales are expected to rise to $4.8 trillion, according to figures published by Statista. Things are looking great for the Indian online retail market as well. In fact, revenue from the eCommerce sector is expected to touch almost $200 billion in India by 2026! And when that happens, India would replace America as the second biggest eCommerce market in the world.
If you too want to grab a share of this incredibly lucrative pie, it’s time to jump into the eCommerce business. But before you do that, here are some things you need to be aware of:
Before you start an eCommerce business, it is vital that you have a current account for your business. Some of the features to look for in a current account are free SMS alerts, multi-city banking, overdraft facility, free account statements, and doorstep banking. These features would become highly important as your business grows. In case you wish to target areas outside India, you must also look at the other business banking services, such as forex solutions.
Next, make a checklist of everything you need to get your business up and running. This could include buying a domain name, creating a website, and negotiating with vendors regarding services and products. This would give you an idea of the capital investment needed. If you are falling short, consider a business loan. Based on your business and repayment capacity, you can get loans of up to ₹40 lakhs from certain banks. There are even special loans for small business. Getting a loan has become incredibly easy. They require minimal paperwork and no collateral.
When negotiating with vendors, it does not always have to be about price. Ensure that you also get the best terms of payment. If it takes you a month to sell the item, but the vendor wants instant payment, you could face cash flow problems. Negotiate these terms beforehand to avoid problems.
Only 2.86% of the visits to a website convert into a purchase. Therefore, it is extremely important that your website is designed perfectly. The first thing that you should focus on is making it user friendly. To achieve this, choose a simple design, aim for intuitive product categories, and improve search with the help of autocomplete. Also, ensure that the site loads quickly, and the customer requires minimal clicks to buy a product.
Another thing that your website should have is high-quality images. The product page should have many images of the item, plus features such as 360º view and zoom.
The site should also have a secure payment process. The site must have HTTPS in the address bar, which makes it more difficult for hackers to get confidential information. The site should also have 2-factor authentication. It is better to not cut corners on your website. If budget is a constraint, business loans can always come to the rescue.
Apart from these, great customer care is another vital part of a successful eCommerce firm. Your relationship with your customers must not end with the sale.