In the year 2014, Google India conducted a research and found out that there were 35 million online shoppers at the time. However, this number would increase in the next two years to about 100 million people. Factors that contribute to the growth of online shoppers in India and the rest of the world are the coverage of broadband internet and the growth and advancement of mobile phones. Entrepreneurs are now venturing online to tap into this population and sell their goods and services. If there was ever the best time to start selling products and services online in India, then this is the time. Here you will learn the tips and tricks on how to go about this.
Calculate all the costs involved
To sell anything online, you must incur some cost. It is wise to evaluate whether you can still make any profit attending to all the costs. The costs involved include;
- Shipping cost – Depending on the size and weight, there are various costs involved when shipping products to different India states. Find out with your courier or shipping company. Normally it will cost anything from 5% to 15% of the total cost of the product.
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- Packaging – Different products require different packaging material. Find out which packaging material and its cost before you put your first foot forward in selling online.
- Payment gateway fees – A gateway payment is required whenever you are setting up your store. You may be charged up to 1.5% of the total transaction. Others will need you to pay a one-off payment and annual maintenance fee.
- Storage fee – This will depend on with the kind of product you are selling. Physical products may require storage space. Online stores such as Amazon will also charge a small storage fee.
- Marketing cost- This is the cost you will have to incur when you are making yourself known to the world. While there are free ways to do this, more often you will have to meet the cost when dealing with paid market channels. Google’s AdWords is suitable for beginners as it also provides one with tools they need to calculate the cost.
Is it profitable to sell online?
It is good to do your math and find out more about the profitability of your new endeavor. Several formulae can be used to identify this. You are off the hook if your profit margin is positive. On the other hand, you do not have an option but to minimize your cost if the profit margin falls on the negative or is too low.
Create a digital catalog for all your products
Come up with a list of all your products in a spreadsheet, to import on e-commerce marketplaces. You can self-host your shopping cart as well. A complete spreadsheet must contain,
- Name of the product
- Product code
- Selling price
- Discounts if any
Go ahead and get quality photographs of these commodities from at least three angles. At times you may ask the product manufacturer to provide you with these photos as they have professional and best quality pictures of their goods.
Get discovered online
Customers prefer to search online before they purchase a product. Therefore you should make sure that you have a presence online. Have descriptions of your business or products on various social media platforms or company website or blog for your clients to easily find you. Getting your website discovered online may not take a day or two and you may spend some time and money to have it there. Develop or hire a professional to design it. Optimize your company names and product so as to attract more visitors. Do not forget to use social media effectively to advertise and promote your products. How to Sell Online Productively
By following the above tips, it may only take you a little while before you start experiencing rooftop profits. You will start being featured among the most successful entrepreneurs selling online in India.