By Gunjan Chandok
“The sooner we drop the ‘E’ out of ‘E-commerce’ and just call it commerce, the better.”Bob Willett, former President of Best Buy International
These words are an indicator of the online revolution that has been a blessing in disguise during these pandemic times. E-commerce refers to the online buying and selling of goods and services, with the use of internet. It is considered a disruptive technology. A substitute for brick-and-mortar stores, online stores are conducted using computers, tablets, or smartphones. Almost every product and service can be made available through e-commerce transactions.
The availability of goods and services as per the convenience of place, time, quantity and necessary levels of quality has led to more and more consumers opting for multichannel marketing.
Online options available for shopping have become a popular and convenient mode of purchase these days. It not only gives multiple options and variety but also facilitates options for payment options. Online business has necessitated the presence of e commerce infrastructure in businesses.
When we are talking about E-Commerce, we basically need three things:
- in-demand products for selling
- Marketing skills
- zeal to succeed.
It has revolutionized shopping by introducing the following changes:
- Shoppers expect more variety even when they pay a visit to retail store. Thus, online retailers facilitate multiple brand options for the customers.
- Product details and specifications are made easy to read and refer that too in legible font on the online portal which is sometimes difficult to read due to smaller font size on the original packaging.
- Delivery is smooth and hassle free
- Response is timely and fast
- Sharing responses and community chats are possible
- Advanced technology of data storage facilitates repeating previously ordered items and comparative ordering every time one orders online
- Artificial Intelligence and big data have further made it a win win case for customers since the shopping pattern and behaviour of the customers can be monitored and used for sending attractive offers, promotions.
Image Source: Google images
Therefore, selling online has become a lucrative option having its own set of challenges, which can be simplifies by finding answers to the three basic questions:
why, what, and how?
Whatever you’ve heard about starting an online business, it’s probably true. It’s a competitive playground that challenges even the savviest entrepreneurs, but the overwhelming consensus is that setting up an online store is worth any upfront hassle.
One of the best parts about it ? You can sell online beyond the borders of your city, your country, or even continent without ever leaving your work desk! Once you get started, virtually anyone from anywhere in the world can become your customer.
But where do you start?
There are simple ways to figure out how to sell online, and they all stem from the answers to three basic questions –
- Why You want to do it
- What You want to do
- How You will do it?
Once You enter this maze of entrepreneurial adventure, the journey is exciting, challenging and rewarding. It is charmed with following characteristics:
1. Your Venture Becomes Your Buddy
Selling online is 24×7 stores format since the advantage of selling across borders lets you utilise 24 hours of the day doing business across borders. Working hours taken aback seat Everything you do must propel you towards success.
2. Low On Investment? No Worries!
That’s the charm of doing business online it can be started with a small investment!
Having minimum overheads, for example incurring expenses for the hosting of your website and running some online promotional ads, you can sell online and build a profitable business in just a few months.
3. Money Making Is A 24/7 Activity
Constant stream of traffic coming to your online store and optimizing the conversions to a good standard, lets money flow easily.
But What To Sell??
Mapping a profitable idea about what to sell is not a cakewalk. However, you’ll be surprised at where you can find product recommendations. The answer comes from the most unexpected links like the ones mentioned below:
1. Cashing on Trends.
Being unique and genius with a ground-breaking idea will help one sail through E-Commerce. However, digital world isn’t always kind to unique online selling ideas. For getting on board with the Trending businesses Bandwagon, discovering the growing trends or top niches in 2021 will help in chalking out the profit plan.
Initially screening the Online Retail Giants such as eBay, Amazon, or Etsy for identifying the:
- the month’s top picks
- most favourite products, or best-selling items?
- particular trends like colours, shapes, fabrics, or patterns?
Will give you a rough idea about what you want to sell online. And find ways of sourcing these products for your own online store.
2. Targeting For Healthy Margins.
Image Source: Google Images
Profit is the basic motivation for taking up a risky online business. The average E-Commerce gross margin is approximately 40 percent. However, the margins fluctuate on the basis of every market and every product, therefore, considerable efforts and time should be invested in competitive analysis and the going rate.
Ensure prominent website presence with the help of Hobo.Video for your high-margin winners, putting them at the front of your marketing initiatives and cross-selling campaigns, and adding variations of the best-selling items.
The ultimate question to be answered is “How to Sell Online”
Selling online is the execution stage of all the efforts that have been invested in staging the Online Venture, therefore, it should be well charted and rightly targeted. Following strategies can be used as and implemented:
1. Utilising the Existing Sales Gateways.
Selling can be done online through marketplaces like Amazon, eBay, or Etsy, but it has its own set of pros and cons. Although there is a lucrative opportunity of having access to a large community of returning customers but for someone who’s just learning how to sell online, it’s a big deal to be able to tap into a vast pool of online shoppers that already trust the platform.
It also provides opportunity for testing the demand for products being offered. Start building an online store or become a reseller at one.
2. Sell Via Social Media Platforms.
Apart from online marketplaces, social media channels like Facebook and Instagram help you sell online. Using influencers, these platforms allow you to present your products in front of prospective customers. People will stay with your brand if you offer them authenticity, which these influencers reflect.
Are you able to bring them recommendations for good products or not?
People prefer to read reviews and watch videos on the topic, therefore, doing the same will give your brand an edge over your competitors. Hobo.Video is a revolutionary social commerce platform where both influencers and brands collaborate to provide genuine services.
If you’re looking to work with influencers, make sure to check out this bonus read: The Complete Guide to Getting Started with Influencer Marketing
3. Create Your Own Dropshipping Website.
Platforms like Shopify, are an easy mode of setting up your website. Free trials and endless online resources can be utilised for getting started in just a few days. It’s a great way of selling online due to minimum setup costs – since need of buying the inventory or managing a warehouse is not there. Moreover, you can benefit from the Hobo.Video reselling model, which helps you set up a dropshipping store on their website.
This offers the ability to offer an extensive selection of products, and flexibility of running your business from anywhere in the world. It’s the perfect combination of potential and freedom that’s attracting the digital nomads and hustlers.
Indian sub-continent being the second-largest internet user base, is one of the most promising markets on the global platform. Given these pandemic times, with an aim to make life and work easier has resulted in significant rise in shopper spends. Majority of people have started opting for online purchasing options for getting essentials delivered at their doorsteps.
This is the reason Ecommerce businesses which are already dominating the market have to be prepared for being adaptable towards the latest trends. Resulting in more conveniences being created for customers in the form of more products, lucrative deals and better offers for more varieties of products. And this trend would enable ordinary people to be able to do their own online business.
Thus, Brands and the general public should gear up to encash this opportunity!!