Market Analysis:
We really need to track the market very thoroughly, especially when talking about the Indian market. Indians are not yet really believing or cannot be trustworthy on online shopping. If it is asked in any of those middle-class families in India, they would prefer to go shopping on weekends or holidays and buy things from the shops, malls etc. Online shopping is still a phobia for many Indian families. So especially if we need to build an e-commerce store (site) then big metros need to be targeted where A class public who understands and shops online for that matter. Without a proper market knowledge and analysis, anyone can get to a wrong direction.
Type of establishment:
Mainly there are two ways to establish an ecommerce business in the market.
- Proprietary e-commerce website
- Joining an e-commerce marketplace
Proprietary e-commerce website
A proprietary e-commerce website venture is a difficult option to choose, as it requires a web development team, online marketing team and a payment receiving gateway. It also requires a long-term initiative, good amount of investment in terms of money, effort to build a successful business. It also requires a bank account and Vat registration.
Joining an e-commerce marketplace
Being a part of an established e-commerce marketplace is comparatively easy then to create your own. Even to become a part of the established marketplace you need to have a bank account, Tax registration number. The established marketplace will take care of everything, like the website design, the development, payment gateway, technology, marketing etc. Thus, the load of the new sellers is reduced.
3.Giving a proper NAME:
First and very important thing is to give a proper name to your online store, which is remember-able as well as remarkable. Undoubtedly a unique name, which is easy spell-able and memorable. A short name is first preferred. For instance, names like Ola, Oyo, Snapdeal etc. It’s a long list, but all you need is something simple, special with a “.com” domain.
4.Good Marketing Strategy:
Here are four different strategies you can rely on that will offer a measurable & substantial return.
Collaboration & strategic partnership:
Normally, if we join someone who is successful, ultimately, we and our product or business become more successful. Hence looking for opportunities with brands that complement your product offering that would provide unique value for your customers as well as theirs.
Growth hacks and sharing incentives:
Motivation is always a great thing to grow. As seen in past, a business where motivation has played a role, their growth level and team enthusiasm level are also very high. Same goes with E-commerce, sharing an integral part of what makes the buying experience fun, rewarding, meaningful and exciting for consumers. It’s a strategy that works for many successful businesses that offer free usage of their premium course work to capture the attention and buy-in from users.
Build relationships with influencers:
Building relations is not only important but it is actually a way of going ahead and achieving your planned dream. It is really crucial at times to create a neutral view towards everyone. As a startup, you will really feel the heat for where to pitch your business and ideas, but your attitude should be building better relationships with people you regard as influential in your industry. Some endorsement and introductions always act as a key factor for the business success story. They can surely give a push to your business. The surest way to be ignored by the media, customers or investors is a self-centered attitude towards marketing your business. The best route to being promoting is being someone they trust and regard as a friend.
Put your content on steroids:
Keeping an eye on your content is utmost important. Look what your competition is creating and how they are performing with their applications. Give attention to the content which is performing well and according to that get ahead, do changes if required. Oftentimes, there are gaps in content and opportunities for delivering something your competitors missed or are too lazy to perfect. Spending the time to create useful, entertaining and link-worthy content increases the chances of your startup being discovered and shared.
5. Security “Very Essential”
As online shopping is rapidly growing, security becomes paramount, not only retailers but anyone who is online via internet. It also doubles the customer’s trust, while shopping online on the site. This can be achieved predominantly through minimizing the risk that customers may face through online. Authentication is so very important for both buyers and sellers which gives them risk-free shopping and also creates the legitimacy for both. Acquiring a digital certificate is one way of authenticating a merchant. This way, the customer knows that the website to which they submit sensitive information is actually the merchant, rather than a third party posing as the store.
