There is a step-by-step guide for every process whether to make an email ID, to make a social media account, or even to register yourself as a citizen in any country. Similarly to become a business owner you have to follow certain protocols to register yourself as one.
This blog is specially designed for the one who is a newbie and wants to become a seller on amazon. We are aiming to guide you step by step on how you can start your own eCommerce on amazon.
So without wasting any time let’s get started.
Making a Plan
First and foremost you have to make sure you are going on the right path. In order to do that you have to do thorough market research, set your business mission, and decide on a proper product analysis and financial budget.
Find your Niche
After thorough research, you have to decide what products you are going to sell. This niche will decide whether it will be profitable or not, will it stay trendy for a while or stay evergreen, what kind of impact will put on the mind of the customers and other important factors will decide whether it will give you significant revenue or not.
It is advised to select the products based on the season and fragility of the item.
Recognize your Supplier
In this part, you have to understand which supplier has the potential to fulfill your product unit requirements. In case you are the manufacturer you can ignore this part, but for the ones who are starting out you can look for websites like alibaba.com who can fulfill your order in bulk.
If you are not satisfied with the option you can go on google and find your ideal manufacturer who can provide you the quality products, low shipping charges, best prices, etc. This part mainly covers the market research.
Place your Orders
Now that you have decided on your supplier, it’s time to place your order. It is advised not to go for a large order but for small ones. Use this small order to get feedback and test your targeted customers.
Remember to stay in touch with your supplier and always check the quality of the product you are delivering to avoid any unhappy customer.
Registering yourself as a seller on Amazon
In order to sell on amazon, you need a seller’s account. This marketplace offers two types of accounts first is an individual seller and the other is a pro account. In the individual account, you will charge 0$ a month but you have to pay a dollar for every sale in the pro account you will charge 39$ per month.
So here you have the flexibility to choose according to your needs.
In order to register, you need necessary documents like GST number, business address ID, individual identification, business phone number for verification, and other important information that will be mentioned on the screen.
Create your Product List
Now that you have set your account, it’s time to list the product on your account. It is advised to optimize the products you are listing by including high-resolution images, stating out proper details with rich content, and giving some insight about the products in bullet points. Here you have to focus on making the product more appealing.
Manage your Inventory
While selling you have to pay special attention to the inventory. Keeping track of inventory level is extremely important. If you are unable to keep a proper track, you might face a situation where you might be out of that specific product and won’t be able to deliver the item the customer is asking for. This affects your brand image and hampers customer’s loyalty to some levels.
To manage your inventory you can use an efficient inventory management system that can also offer multiple features that can help your business smoothly.
Act on your Customer Feedback
It is necessary to make necessary changes according to your customer’s feedback. These feedbacks will help you recognize the gaps in your business plans and plan efficiently to generate significant revenue for your business.
These testimonials can turn out to be social proof that your products or services are authentic and are of good quality.
Amazon is one of the most profitable eCommerce marketplaces and if you are planning to start your business, we believe this is the right time to get in. Hopefully, you might have understood the path to start your online business. All the best in your future endeavors.
Omni channel approach is the new normal in the ecommerce industry, whether you are a small time seller or a big one, in the competitive market everyone wants to stay on top no matter what. In order to maintain healthy competition, the marketplace is open to everyone who is willing to sell their product through them.
Today you will learn about one of the most profitable marketplaces called Flipkart. According to the report published by Statista, Flipkart reported a revenue generation of 346 billion and a revenue increase of about 12% in the financial year 2020. Being a seller who is just starting out, we can guide you on how you can sell on Flipkart in India.
Getting to the point, let’s focus on some questions that a newbie might have around the topic.
How do I Register as a Seller on Flipkart?
Being new to Flipkart you have to follow a certain path to register yourself. Since Flipkart has quoted a certain path for every seller depending on the number of people involved to conduct their business through them.
Documents you will need to register yourself
For individual seller or Sole proprietorship
GST registration certificate
Bank account statement
A signed document declaring showing the ownership of the business
For individuals owning a private limited company
Company’s PAN number details
GST registration certificate
Certification of private limited company
Articles related to association and memorandum
Address proof for business and identity
For any partnership or LLP Firm, be prepared in advance
Deed of partnership or established LLP
Document for address proof – telephone bill or electricity bill
LLP PAN details
Document of partner who holds the power of attorney
Steps on how you can register on Flipkart?
Now that you have got a clear picture about the documents that you will need to register yourself. Let’s look at the steps that you need to do to complete the registration.
First visit page seller.flipkart.com and from there click on the register now button.
From there you will be directed to the page saying “create seller account”
There you see a number of fields that must be filled under Name, mobile number, password etc. You will receive an OTP on the number you have provided for verification.
Going on to the next stage, you can decide and select the pick up location and primary selling category of your product.
Next you will be required to fill in other details like business details, bank details, listing details etc.
Tips to plan out before you proceed with the Flipkart Seller Panel
What will be the nature of the business?
The price range of the products
Expected revenue in the next 3 months
Gender of the seller
Age of the owner’s account
Help you might from Flipkart’s end to grow your business
Possibility of selling the products under your own brand
No. of products to sell online
And several other pointer related to your business
Why you Should Sell on Flipkart?
As you might know Flipkart is one of the top 3 leading ecommerce websites in India and it was also ranked number 1 in 2019 as one of the top companies on LinkedIn. It was started in 2007 as an online book selling company and now it sells everything online.
It offers the opportunity to every seller even those who are on a low budget. It means if you can start your own business even with minimal investment. Moreover Flipkart can make sure your product can reach the customer and in a tip top condition. Flipkart also offers SPF (Seller Protection Fund) that will protect the seller from any kind of losses. Because of this most are leaned on to listing their products on Flipkart.
Seamless and free listing feature
You can easily sync your products with the help of Flipkart representatives.
Payment only after making a sale
Flipkart has a policy of taking a small amount as a commission which is applicable only after making a sale and successfully delivering to the end customer.
Access to a larger customer base
There are more than a million sales that are happening on a daily basis on Flipkart. Thus every seller will have the opportunity to expand their online presence and engage new customers.
Larger Product Niches
Flipkart offers more than 80 categories of products like books, electronic gadgets, sports equipment, laptops etc. These mentioned products also have subcategories so that the customer will be able to define his own line of products in a more specific way.
If you compare online, in India there are only two king giants in the category of ecommerce websites: Flipkart and amazon. And both of them have their own set of pros and cons in terms of fulfilment, reconciliation etc.
There is another question that always comes across in the mind of sellers i.e.-
Can I sell on Flipkart without GSTIN?
There are certain products listed in the product category on Flipkart that can be sold without a GSTIN number. For example books can be sold without GST in that case you have to provide the bank details that are associated with your business.
After selecting and giving all the necessary details a seller dashboard will appear there you can check which details are needed to be uploaded before selling on Flipkart.
Starting out a new business is always going to be tough especially when you are going to compete with more than 28 million sellers online. But if you plan out and follow certain steps like investing in product listing ads, maintain an updated inventory etc. your business will thrive organically and generate significant revenue.
Right now we are at the peak of our technological advancement and as the popular saying goes “There is Always Room for Improvement”. As new updates keep coming, it is affecting the way we think and modifying the way we are viewing an object, an event, or in this case a brand. We aim to educate you right from the basics and a proper overview of how an eCommerce website can be optimized for voice search. So without any further ado let’s get started.
Today you will learn about voice search and how to optimize eCommerce websites for voice search to sell products online.
What does Voice search mean?
Voice search is a feature in which a user can give a voice command and based on the reference to the voice command it searches over the internet and finds the relevant websites, an app, or any product. In technical terms, it includes open domain keyword queries on any form of information on the internet.
This search is interactive in nature and includes certain and constant refinement by asking for clarification. The search is done by any device that can take voice input. The most common types to activate searches are by
Clicking on the voice command icon
Calling out the name of the virtual assistant device you are using
Or by clicking on the home button or gesture on the interface
Now let’s come to the point that now you have an eCommerce website but want to optimize it for voice searches. This brings the main question
How do I optimize my eCommerce website for voice search?
According to PPC reports, it has been found that most customers prefer to search their queries via voice searches. Hence looking from a business point of view voice search can be used as a top-funnel activity. And because of this there will be more chance of discovering your product or eCommerce website online than your respective competitor.
So you have to design your website accordingly,.
Optimizing your website for voice searches
First, you have to do the proper research yourself about search engine optimization, how digital marketing works, and focus especially on a better and interactive user experience. So that your website is shown search engine result pages (SERP).
Focus on interactive questions
Most of the queries that a customer search is in a form of question and mainly it is in a form of usual phrase. For example, if someone wants to buy shoes online he/she might ask for a query “Ok google, please suggest a shoe store near me?”. That voice command will automatically activate a search online and will show a number of results on the screen.
It means you have to focus on the triggering texts like best, free, new when, why, new, etc. to optimize your content on the website, blog, or FAQ page. Also, focus on long-tail keywords in a question form with less competition. You have to think logically about what a query might be.
You can take help from google analytics to determine the impact of the keyword you are focusing on. From there you can also focus on getting some more keyword ideas to embed in your website.
Develop a rich snippet
A rich snippet is one of the important factors that can drive your eCommerce business. Google’s algorithm works on a rich keyword basis. You might have seen on the Google search box that highlighted in a bold letter in the snippet section about your query. It means that the website contains
When a user searches a product via voice search there a good chance that the device will read out the snippet to the customer that is present at the topmost page (Position Zero). So, you have to structure your content accordingly that can answer common queries on any possible targeted question. Also, you have to use relevant keywords URL and H1 tag in your content.
Improving the structure of your website
When the content on the website is properly structured, it can give the information that can index your site. This way it can improve the ranking of your website to higher positions as Google’s algorithm is now preferring structured data the most.
For example, you might have seen some website which shows starts as reviews by the customer. This is due to the result in schema markup implementation on the website. The developer has the choice of implementing multiple schemas to optimize it.
Listing Products on Google Shopping
You might be aware that most of the demographic are using google to do voice searches, so for instance if a customer is using voice command via google assistant to find a product. There is a good chance that your product might be easily discoverable on google shopping.
There are several extensions on different eCommerce websites that can easily sync your products on google shopping. These extensions map out the product’s data, content, variation, cost, etc. This way you can save up a lot of time and remove any additional resources that you were using to manage your product on multiple channels.
Include an FAQ’s section on your page
The trend of using FAQs might be becoming obsolete and big organizations have now stopped using it. But still several eCommerce websites like amazon are persistent on using FAQ below their product description.
On the positive side, the FAQ section saves a lot of time for the customer, he/she can easily list down all the relevant questions on just one single page that is less energy-consuming. Here you also have the opportunity of embedding few keywords to optimize the product content.
Enable voice search in your own eCommerce website
You must integrate your eCommerce website with voice search to increase the chance of finding the relevant and required product. To streamline the experience of thousands of products on your website, you have to enable an AI-powered voice search that can direct the customer wherever he wants to go on the website.
The basic concept behind this is that the customers are already coming from a voice search command, they might already be expecting a voice search feature on the website as well. If you can integrate customer service in your website via a voice chatbot that can effectively reply to customer complaints.
Register on Google my Business
This another add-on to optimize your website. Here you can provide all the relevant information like your website, niches of products, location, etc on google my business. So when the user is searching by any query he/she has more chance of discovering your brand name in more detail.
And presenting your business in a more detailed manner will establish a brand authority for your audience.
Take help from social media
To prepare your website for voice search, you need to know what type of questions people are asking, in what pattern they are asking, are they using a local language or a mix of different languages. Also, try to understand their emotion behind the specific product.
Using social media as a tool can turn out to be more beneficial and you will get a more clear picture of what questions you must focus on while designing the voice search for your eCommerce website.
As technology is evolving we as businessmen have to think about how we can use this same tech to our advantage and use it effectively to amp up our revenue. Voice search is a leap to the future of eCommerce and going down the line it will become a new normal for everyone in the world.
An eCommerce seller is always on the lookout for which products to sell online. Because sellers have the tendency to buy in bulk and if a certain batch is gone to waste, the cost has to be bear by the seller. Which finally will be reflected in the price paid by the customer.
It is always advised to follow the latest trends, people’s reactions to new niche products, and recognize the profile of your ideal customer. Now let’s come to the point, here you will learn about which product to have to focus on that might be in demand in the year 2021.
These products only cover the categories based on the selling and search trends in the year 2020 and we believe it will carry over in 2021 as well. So be sure to keep a close watch on this niche of products.
Peel-off face Mask
Several search tools and multiple eCommerce platforms like google trends, amazon, Oberlo, etc. are indicating that the demand for peel-off masks has increased over the last few months. The search data published by “Keywords everywhere ” suggests that this specific keyword receives more than 30,000 every month.
Face mask keyword facts
Another keyword that is receiving the most searches is “charcoal face mask” which is over 41000 and “facial mask” over 81000 per month. The data also suggests that there are more than 5.3 Million views on “peel-off face masks” alone. You can also follow Instagram and Facebook if you are planning to sell beauty products online.
Designer Nail polishes
Designer nail polishes are a catching trend among the younger demographics and according to “grand view research” reports the nail polish market might reach 15 billion USD by the year 2024. “Google trends” also suggests that the searches for “Nail polish” are spiking on an average up to 250,000 after March 2020.
Why designer nail polish is in demand
The younger generation is now starting to experiment with nail products like enamel, lacquer, and varnish. And due to their innovative look, texture, and effects, these cosmetics might segment might boom in the future.
Resistance bands are quickly becoming one of the highest-selling online products. It is a known fact that the corona pandemic has pushed us into isolation and has led to the shutdown of gyms around the world and has made us unfit. To deal with this, people have started purchasing gym equipment for their home gym.
More facts on resistance bands
“Keyword everywhere” is suggesting top searches on keywords like resistance bands with 673,000 per month, exercise bands with 25000 per month, and exercise resistance bands with 5300 per month. Focusing on these niche lines you can attract some compelling potential customers with good conversion rates.
If you are a seller it is recommended to select some branded products, optimize your product page, and put in some good pictures.
In 2018, it was revealed that the reusable water bottle market is valued at more than 8 billion dollars and is growing at a rate of 3.9% until 2025.
What do numbers say
The trend data published by keywords everywhere shows water bottles have a search volume of 103,000 per month, reusable water bottles at 27,100 per month, sports water bottles at 14,800 per month, and custom water bottles at 22000 a month. Google trends is also showing a gradual increase in the demand for this line of products.
Probable reason behind it
As humans are becoming more of a threat to the environment, a non-reusable water bottle is a go-to choice to reduce any negative impact. Your possible target audience is more likely to be more health-conscious and aware of the harmful effects of using one-time-use bottles.
The blanket is the perfect option if you are searching for profitable products to sell online and want to attain higher profit margins. It is a 6.6 billion dollar industry and is expected to grow up to 9.9 billion dollars by the year 2027 as reported by CAGR.
Since it is a seasonal product, google trends show a sharp spike only during the winters. And it also suggests that people lean more towards a decorative, stylish product and more comfortable blanket made of wool. There are also custom made blankets that can offer print on demand service if requested by the customer.
If you run ads on Google, it is advised to focus on two keywords first is “wool blanket” which stands at 40,500 searches, and fleece blanket, which stands around 50000 a month. Depending upon the type of blanket you are planning to sell you can try specifying your product so that you can narrow down your search to your group of potential buyers.
As people are becoming more health-conscious every day and their home is now converting into a small personal gym. The yoga mat industry is booming and has the potential to expand to 17.3 billion by 2025. This statement can be confirmed by stats given by google trends that show a pattern in the seasonality in the searches and purchases of yoga mats.
These patterns are a new year resolution season in the month of Jan and Feb, early summer season in June when people usually go outdoors, and finally, there is a gifting season which is in November and December.
We know this might be an odd one out from the ones that we have mentioned above. But it is true that the jigsaw puzzle is one of the greatest ways to pass time since the 1700s. Some people use it to relieve stress and make something beautiful. Most companies are exploring new creative ways to make puzzles more exciting and complicated.
Looking at the statistics, just after the lockdown was imposed there was a significant rise in the search which was around 820000 searches per month on average. Research published by a global research study showed that the jigsaw puzzle industry is worth around 9.1 billion dollars and has the potential to reach a compound annual growth of 15.1%.
What Caused this Spike?
Forced isolation of people into homes due to the pandemic and need of making the jigsaw puzzle more complex, creative, and exciting by organizing certain jigsaw competition events.
Most people have a creative bone in themselves and everyone has their own taste depending on their lifestyle. If you’re looking to find something different from the general choices, choosing artwork as your niche product can give a huge profit margin. With social isolation and work from home culture, people want to add some zest to their surroundings.
Before you take any new steps to sell artwork, it is better to narrow down your target audience. Our ideal artwork might include something bold, motivational, abstract, or any aesthetic photography. These are some of the designs that might be good to sell in 2021.
As new technology and attractive campaigns are the driving force of the success of every electronic product. The headphone industry is marked at 25.1 billion USD reaching an annual growth of 20.3% by the year 2027.
In this industry, true wireless headphones are very hot right now. It lets you connect one headphone with one audio device and another one with other audio devices. Because of its small size, it is becoming one of the favorite gadgets of every individual.
It is an evergreen market and as said before it is growing substantially in this current market. So if you want a piece of the profits you must select brands that are booming a lot in this or have better campaign strategy than others.
Conclusion The real reason behind every successful business is hard work. And most of the hard work goes into research and experimentation. Finding products to sell online that suit your needs and fit in the equation. So if you are an eCommerce seller you can try eVanik, which can help you find you manage your business and save up a lot of time and money in the process.
Importance of inventory management for small businesses
“Stock, level, place, time and cost should be right” that’s all it takes to manage inventory.
Sounds simple right!
Let’s think about Danish who is an online retailer and has been selling his fashion wear products in one online marketplace.
He is hardworking and wants to grow his business. So, he registered at 4 more online marketplaces and started selling his products on all of them.
It was simple to list products in all the marketplaces.
And Danish was initially able to manage the orders coming from all these marketplaces manually.
But once the orders started increasing, things started moving out of hands.
His products and inventory were common across all the 5 marketplaces, but the orders were coming in individually.
Gradually, he started facing many challenges like updating inventory for every single product manually for each marketplace and ensuring that there is no loss of sale because of not updating the inventory.
Another challenging situation was when product stocks went out, still, he was getting an order for the products as he did not reduce the inventory to zero at all the marketplaces.
The problem becomes more challenging with thousands of products selling across so many different marketplaces.
Danish thought it would be fine soon.
But with the growth of the business, the complexities started growing more.
Danish now spends more time and effort in getting his stocks right, throughout the day, for all his products.
He also went to the extent of hiring 5 people (one for each marketplace) just to update the inventory tens of times every day.
And yes, this was all done manually!
His daily routine was to download the sales from each marketplace and update spreadsheets, containing the inventory of the products 5-10 times a day and share it to his team.
His team would then manually update the stock at the marketplace for each product one by one.
This cyclical process gave him no option but to stay where he was and quit the objective of business growth.
Despite hiring a large team to manage the inventory manually.
He was now confronted with more order cancellations leading to penalties, sale loss, long wasteful hours of manual work and no time to focus on growing the business.
More cancellations lead to lower seller-rating and tarnishing the brand image.
All I want to tell you is, “managing inventory is the key to a profitable business”.
Experienced business owners spend most of their time and efforts in automating the inventory and supply chain process.
The right inventory at the right time at the right price in the right place is the key, and there is serious science behind that.
Stock shortages or aging inventory have crashed many businesses. And when it comes to managing the inventory on e-commerce marketplaces, the challenges multiply geometrically.
Let’s take the around, in this part Danish invested in automation software for his online inventory management.
And he realized that the cost of this automation is a fraction of the 5 resources which he had hired.
More than massive savings on cost, his business started growing!
Now, there were zero order cancellations and his average inventory count reduced dramatically, reordering got more organized.
Now, he could find all the time to think about growing his business.
The above story was to reflect the importance of inventory management for your business.
But how does this concept start?
Evolution of the inventory management process
Everything in this universe is evolved i.e. gradually developed with the time, and so does the process of inventory management.
The process started even before the introduction of technology or the invention of computers.
However, the process is believed to be started before the industrial revolution when merchants had to do the inventory management process manually, understanding the needs of customers.
With the manual process, merchants were not able to manage inventory accurately, leading to loss.
At the time of the industrial revolution, the demand for mass production rose and the businesses grew leading to a better inventory.
Finally, in the 1930s Harvard University designed the first modern checkout system. The system used a punch card in the catalog that was inserted into the device that read them.
And data was stored, the same checkout system was used for inventory management.
With time and the introduction of fine technologies, the process turned out to be more refined. The barcode and scanner brought a drastic acceptance of the process making it very simple and convenient for retailers.
The technology is still moving ahead and coming up with more surprises in the future!
What is inventory management?
Mayank Kumar quotes, “Inventory management is the process of exposing the right inventory to all available demand channels and maximizing throughputs profitably without losing a single opportunity”.
Inventory management involves tracking and managing the lifecycle of stock and includes ordering, handling, and storage.
In the e-commerce scenario, it is the process that involves managing returns, multi-warehouse movements, managing damaged inventory, warehouse management and lots more.
Large companies invest huge finance into inventory and warehouse management systems especially to address these key questions.
Is this product available in the warehouse?
Where is this product stored in the warehouse?
How much to reorder?
When to reorder?
Right inventory management is helpful in optimizing your stock management process and to work in a more cost-efficient manner.
It is quite obvious, that inventory management provides you a detailed outline of every product when it enters or leaves the warehouse and it addresses the following requirements
Centralized view of stock- Managing inventory gives you an overview of your entire business, you can now have an accurate track of your inventory as they are centralized at one hub.
Planning and forecasting- Imagine knowing what your customers demand and how much stock you require for the coming time.
Isn’t it all you need as a perfect business plan!
With the right management of inventory, you can easily make reports to analyze your stock.
It helps you in making a smart business decision and gives you information on what is demanded more.
Time-efficient- Inventory management is one of the most time-efficient methods to work with, it not only helps you to work fast and accurately.
But also helps you to complete the inventory process with improved delivery and getting high customer satisfaction.
For every business, it is important to keep track of their work. It helps them to understand the direction they are moving, and inventory management provides you that opportunity.
Basically, inventory management solves all your queries related to stock and its management.
Remember, in today’s competitive world you have to be ahead of the crowd.
How to manage inventory in an e-commerce marketplace scenario?
As we now know the importance of managing inventory for any business, let’s see how we can do that when selling on e-commerce marketplaces.
Search and research – Planning is really crucial to make your move smooth.
For successful inventory management, you can use data and reports such as product sales velocity, profit calculator, sales comparison, channel-wise movement, etc.
It will help you to deep dive into past trends and plan for the future.
Do you know, marketplaces such as Amazon provide business reports on their seller central dashboard.
Do not overlook stuck or stranded inventory and stock in transit.
Remember, people tend to order more stocks without seeing that there is existing inventory in the system which is either not active/utilized/published or stored at the right place.
Focus on profitability – Margins & profits through sales on e-commerce marketplaces are more than just sales and purchase.
There are dynamic costs such as commissions, shipping, packing, advertising, storage, etc.
And they get loaded to your product.
Your purchase cost of a pair of Jeans is Rs. 200/- and you are selling it at Rs. 400/- on Amazon.
This may look to be a gross margin of Rs. 200/-, but here are some of the real costs which may simply change the picture
Average shipping cost = Rs. 50/-
The commission charged by Amazon (15% on selling price) = Rs. 60/-
Packing, storage, fixed fee, etc = Rs. 50/-
Average Returns (20% and 10% of these are damaged) = Rs. 8/-
Net GST payable (Input on purchase and fees and output on sales) ~ Rs. 5/- (assuming that the product is on 18% GST category)
Total costs – Rs. 173/-. Add a TCS cash-flow block of 1% = Rs. 4/-
The net realization from the marketplace on a product being sold at Rs. 400/- and the purchase cost being Rs. 200/- is just Rs. 23/-.
Now think about your internal costs – salaries, warehousing, procurement, bank interest, etc.
As I said, “it is more than just sales and purchase”.
Use a warehouse management system – On-time delivery of online orders is the key to growth and reduction in cancellations.
When you get multiple orders and your inventory is not well organized, it will lead to delays in picking, packing, and shipping, leading to more cancellations and returns from customers.
Therefore, a scientific and agile warehouse management system ensures automated, timely and well-structured movement of stocks.
Monitor aging inventory – A product that has spent a huge time in your inventory is known as aging inventory.
In inventory management, you have to keep an eye on the stock or product that is in your inventory for 12 months or more.
It is very important to manage aging inventory as it is consuming your inventory space, hampering the management of your inventory.
Manage returns in real-time – Returns are a hard reality in e-commerce.
You can control some of the returns by keeping a habit of rechecking before you ship the product.
However, this helps to only some extent, so at that point, you are left with nothing but to handle return in a smarter way.
As for any industry, average returns are in the range of 25-30%. With such high ratios of return orders, it becomes even more important to manage inventory more intelligently.
To make it easy you can do is to track returns and keep them at the top of inventory management.
Keep a habit of audit- A habit of auditing every six months or annually can be a great support.
This will help you to know what you have in your stock and what you can add more to grow your business.
Moreover, the process of auditing helps you to check over the quality of products and monitor the machinery of your inventory.
Track product information- The most important part of managing inventory is tracking the product information especially barcode data, SKU, suppliers’ information, etc.
All these processes can be really hectic and time-consuming.
Additionally, manual tracking can lead to lots of errors.
What to do?
To ensure an optimize inventory management, you can integrate your inventory with inventory management software.
With the integration process, the system of your company gets integrated, not only with the back end of your company but also with suppliers and 3PLs, making the tracking process more accurate.
Integrating inventory will help you to integrate financial activities like logistics, HR, sales and financial production solving problems of reconciliation.
It will connect the demand channels for offline sales, and will also connect with discovery engines through digital payment acceptance.
With integrated inventory system software, you can easily make local sellers and stores digital and discoverable.
Connecting to the global market with Indian economic merchants.
Therefore, importance of inventory management for small businesses isn’t just limited to stocks but also provides you all accurate financial reports including tax returns that are important for your investors and government.
So, If you are looking to integrate your inventory, eVanik can help you!
5 Online Marketplace Strategies Successful Retailers Use
The eCommerce market is certainly growing. Business forecasts for the industry look promising. Statista predicted the eCommerce sector to grow by as much as $4.8 trillion by 2021 from $2.8 trillion in 2018. The advent of the online marketplace platform and the massive adoption of mobile selling have helped the eCommerce industry become the economic giant that it is today. But not all online marketplace vendors have found success.
According to finance and entrepreneur expert Neil Patel of Forbes, new online businesses have a failure rate of over 90%. Patel went on to cite the reasons why many online businesses don’t survive the first year of their operation. The list includes:
Having too many competition,
Developing a product that nobody wants/needs,
Inability to delegate tasks or overstepping of boundaries by key team members, and
Lack of a solid business plan.
The online marketplace business is also poised to expand. However, if you want to be among the few that can grow along with it, you might want to consider implementing the following online marketplace strategies.
Sell in a Multi Vendor Marketplace
Taking your online business forward means you have to sell in a multi vendor marketplace. While you may find success by selling independently, the chances of increasing your sales and boosting your revenue are much higher when you sell on multi vendor market solutions. Among the most popular platforms are Amazon, eBay, Rakuten, AliExpress, and Etsy.
Amazon, in particular, remains to be the best multi vendor marketplace platform, having the largest slice of the online retailer pie in the US. In a 2018 survey on eCommerce sales by the Internet Retailer, Amazon accounts for 40% of all online retail sales in the US back in 2018. Other studies concur with this finding.
Selling in a multi vendor marketplace presents many advantages. For one, small online businesses don’t have to invest in significant portions of their budget on building their online stores. You also save costs in terms of marketing because you are piggybacking on the marketplace’s reputation, reach, and popularity.
Marketplace platforms supply you with a rich set of multi-channel marketing tools as well. You can share widgets and links of your product pages from Amazon to your customers and potential buyers with ease. You can generate reports and derive insights from data analytics. There are so many benefits that you really can’t ignore how impactful selling in a virtual marketplace is to your business. To attract more customers, it’s also essential to implement advertising strategies in an online marketplace.
Sell in Multiple Online Marketplaces
It is crucial to widen your reach and diversify your channels to be a successful online retailer with marketplace growth strategies. If your business is thriving on Amazon, imagine the kind of revenue you can generate if you sell your products on Etsy, eBay, Walmart, and other virtual marketplaces as well.
One reason why you should sell in other digital marketplaces and not just concentrate on one is to maximize the visibility of your products and, in extension, your business. While most US-based customers purchase from Amazon, shoppers do tend to shop around, looking for alternate sellers before making a purchase decision. By selling in multiple marketplaces, customers can see your products wherever they shop.
You are also able to access and reach international customers when you sell in different marketplaces. Amazon lets you sell to 11 countries. Newegg, on the other hand, extends your reach to 51 while eBay guarantees access to 27 countries.
Get an Omnichannel eCommerce Platform
Selling in multiple online marketplaces seems a good idea. But it can be a nightmare if you’re managing your marketplace channels separately. Selling on 5 different marketplaces means 5 unique accounts. You and your team have to shift your focus from Amazon to eBay to Etsy to keep your processes running, orders fulfilled, and customers satisfied.
On top of that, you need to run several business systems at the same time. For instance, the simultaneous use of a CRM, inventory management, and order management solutions, although necessary, can overwhelm you and your employees.
With an omnichannel eCommerce platform, you can unify all your accounts and centralize all your transactions, products, customers, and communications within a single eCommerce environment. An omnichannel eCommerce software makes it easy for you and your team to reach out and engage customers, market to specific audiences, and gather insights from all your data.
You’re not only able to manage sales in all your marketplaces, but you can also integrate all processes so that your employees can function with a complete spectrum of capability. Your customers can enjoy a consistent and reliable shopping experience regardless of where they choose to browse and purchase.
Create Your Own Multi Vendor Marketplace
With the success of Amazon, eBay, and more, you’d think creating and running your multi vendor marketplace is a good idea. It is. The good news is that you can start quickly as there are many eCommerce platforms that allow you to do just that.
A multi-vendor marketplace is an online marketplace where more than one buyer and seller completes a transaction. It’s a common hub to connect buyers and sellers to increase profits.
Various tools are available to let you transform your ecommerce store into a fully-fledged marketplace where you can add multiple sellers into your website. Sellers get their own profile, add their products, and monitor their sales efficiently. Meanwhile, the admin or merchant can set commissions for the sales. This e-commerce marketplace strategy is a win-win for everybody.
Pick A Ready-Made Platform
There are so many marketplace solutions and options available today. If you are not well-versed in how an online marketplace operates, or at least not yet, then you can also start with ready-made platforms. For instance, you can start by creating a business site on WordPress.
WordPress is the world’s most popular content management system. It is so friendly and intuitive that it powers over 25% of all the world’s websites, including online shops and e-commerce stores.
WooCommerce, WordPress’ official eCommerce plugin, makes it easy for just about anyone to create an eCommerce store from the ground up. On top of that, WooCommerce is loaded with rich tools and features and boasts reliable support whenever you need help with your online business.
WooCommerce constantly updates its features and rolls out new capabilities now and then. Plus, there are so many WooCommerce tools from third-party developers that you can use to optimize your operations, such as the highly-rated WooCommerce Frontend Manager. You can then scale this model through integrations with various systems.
Selling Your Products Online
With more consumers preferring to shop online nowadays, choosing to sell your products online is a no-brainer. You can save costs from having a brick-and-mortar store, have a wider customer reach, and manage your business even on-the-go.
Now, deciding where to sell your products is another matter. Should you build your own ecommerce site or sell in online marketplaces? There are pros and cons to either.
If you are starting out or if you need additional revenue channels for your businesses, you should sell in an online marketplace. You can benefit from its already established market, start selling immediately, and gain profits.
With that, it’s also crucial to utilize the right utilize an effective online marketplace strategy.
Since there are various solutions available online, it can be confusing where to start. eVanik is a complete eCommerce management solution. To get an overview of its features, benefits, and capabilities, check out this eVanik review page where the product was evaluated by industry experts from a reputable B2B directory platform.
If you are an entrepreneur and have not started selling your products online, this is your time to stand up and go e-commerce friendly. Electronic commerce, basically known as e-commerce is a medium to process buying and selling of products and services online. The benefits of e-commerce not only includes introducing your product globally but also helps you in saving your time, money and other resources. So before we move ahead and talk about its benefits let’s go through the journey of the term.
Let’s travel to past
The term e-commerce was officially announced in the year 1991 as the internet was open for commercial use, the process at that time only supported the execution of commercial transitions electronically, that is the transition was only done between business organizations in order to send commercial documents electronically.
The process of transition back then was done with the help of some leading technologies for electronic data interchange. In the time span of 3 years the acceptance of the internet among the population of America. The general public turned towards a handy use of the internet and that was when the idea of e-commerce for buying and selling of goods evolved.
As it is rightly said, “Rome was not built in a day”, so even with the idea and a complete picture of plan the process took another 4 years. These years were invested in creating a security protocol like HTTP. Finally, in the year 2000, many US companies represented e-commerce, especially by creating a web page on the world wide web. And since then the process is improving, being accepted and growing globally. E-commerce has been providing many benefits to growing businesses, just learn and earn them.
Benefits of e-commerce
In all these years e-commerce has been accepted and trusted by many organizations. Reports by India brand equity foundation (IBEF) depict that the Indian e-commerce market is expected to grow and reach up to US $ 200 billion by 2026. Therefore the foremost benefit of using e-commerce for your business is sustaining the market competitions and boosting your chances of success. E-commerce has evidently shown cases of many success stories but today we will only talk about the benefits of e-commerce for small businesses.
Marketing of a product has always been an important aspect of its acceptance in every domain. The process of e-commerce promises to make your work convenient. You can easily market your product on an online platform.
With e-commerce, you can make your customers aware of your product, new launch and its features via online medium and attract a large mass in a short time.
More than this you can also attract your customers by providing a visual tour and with leverage content in different social media like websites, Facebook, Instagram, etc.
E-commerce not only markets your product but additionally, it helps in providing a detailed outline of your product to customers.
You can now help your customers to go for the most appropriate choice as per their needs. The datasheet helps customers to get the right insight into your product at any time of the day and at any place. Customers now need not travel to the store just to see if this is the product that they are looking for.
For your customers, it is very important to get the right information in a convenient manner about the product and of course, this is another way for you to win their trust.
Retarget your customers
E-commerce helps you to keep an eye on your customers and their interests. You can now target and retarget your customers easily.
Retargeting your customers will market your product and boost the buying behavior of your customers.
E-commerce helps the sellers to understand the buying behavior of customers and thereafter work accordingly. For example, if your customers select a pair of shoes and mark it as wish, so you will have data to retarget your customers accordingly. You can mail them with some discount offers or you can reach them again when you find that there is some attractive offer that your customers may like.
On the other hand in traditional commerce, it was very hard for retailers to remember about the interests of all of their customers and then provide them the experience they are looking for.
Business never stops
Every shopper is different from their interests, buying patterns, shopping styles. Some shoppers shop for specific things others may shop because the product attracted. Some shoppers do shopping as a leisure activity while others may find it a hard task. Something that every shopper has in common is they shop according to their suitable time.
And so e-commerce provides every business with a platform to work 24/7 for all 365 days. Now you can grow and expand your business with an unstoppable working culture. Even if you are not physically available your channel will work for you.
Reduces recurring cost
We all understand starting a business is really challenging, there are many challenges that cross the path of entrepreneurs. Out of all those challenges, one of the biggest challenges comes from finance.
Since e-commerce is supporting your business in so many ways, how could it not help you here?
E-commerce helps a business by reducing the rent or lease cost of the store, maintenance of the store, personnel cost, store design, and personnel hiring and training cost. With e-commerce, you can work on an online platform making a virtual store.
Offer details to your customer
Just looking at an advertising poster and buying it up!
The buyers of today are smarter than this, they need details retailed to brand and product they are planning to buy and that where e-commerce comes in the picture, it helps retailers to not only to provide details to customers regarding products or services but it works in providing a detailed outline of the company.
There are times when customers want to know everything about the product including the brand and company and in retail stores, it is quite hard to give customers a detailed outline or answer to every question that a customer is looking for.
Therefore, e-commerce can help you there. All it demands is making a good profile of the company by making attractive and user-friendly websites.
So start giving your customers a little more.
Know review of your product
Nowadays every buyer follows the ratings by other buyers on the product before purchase and then accordingly initiates their step.
By the way, do you know how amazing your product is?
If you are saying “NO” then read what your customer says. Yes! With e-commerce, you get a chance to know the feedback of your customers and can also see and compare the ratings.
It gives you a chance to work on your product according to customers’ needs and also make other buyers aware of your product features.
Now, this is clear that we need to use e-commerce portals for growth and success but how to avail them is still a question. Right!
Don’t worry, we have an answer for that too.
Is e-commerce just perfect?
No doubt, e-commerce comes with lots of benefits for your business and it has so much to offer you, but every offer comes with a cause. So here are some of the points to reconsider about e-commerce.
Reconciliation- being a part of commerce be it traditional or electronic you need to look upon the internal financial records and compare it with monthly statements of banks or other financial institutions. It is an important step to do, as it avoids fraud transitions, credit drafts, and many other similar issues.
If you are an online seller and you sell your product on different platforms together, your task becomes more stressful, as now you have to download reports, look and compare, you may also have to recheck it.
Doing all these on your own is a real hectic task!
Accounting/ Return filing- The story of work pressure doesn’t end here, you need to send your excel sheets to CAs or do manual entries.
The problem that most of the small and medium enterprises face is a lack of knowledge about GST that may end up with the loss of the company rather than generating profit.
Inventory management- It is amazing that you have registered your business in all the online channels to sell your product, but is it convenient to handle?
Registering to many portals is easy, even investing money in all of them becomes an easy task, but something that is not at all is managing them together.
Switching between one channel to another and keeping an eye on all of them is not at all easy and even if you do that, the accuracy rate shivers.
Return management- Did you give a thought of how you will manage the return of your products.
Things are easy when they go in favor but turns to be harsh when they do not move as planned. So yes, return management needs a lot of attention and you have to manage all those records and update in real-time.
So the warning most of the time is about managing all the things together that make it hard for small and medium enterprises.
TDS & TCS Compliance- The journey that you have to go through using e-commerce will also involve certain compliance issues.
For every sale, the e-commerce operator will charge commission along with the other fee that includes handling, shipping, etc. The fee comes under Tax Deducted at Source (TDS) provision, which depicts that it is liable to deduct some percentage of your income tax (Income tax act, 1961).
If the TDS does not get deducted and paid on these expenses, the online retailer will have to pay income tax along with TCS (Tax Collected at Source) for these expenses too.
So it is very important for an online retailer to manage monthly compliance of TDS records and keep a regular track on return filing and assessment of GST. And since this article has talked about and solved so many problems, here is a solution to this problem too.
You can subscribe to eVanik and solve all these issues at once. You will have a complete suite to work at your convenience.
The benefits of e-commerce can go way beyond this. These are some of the glimpses of benefits that you can avail of moving to e-commerce. Since everyone in the world is looking for a place where they can shop with their convenience, without investing time on going to places and choosing among thousands of options. So this is your time to give your customers what they are looking for.
However, e-commerce needs high management and looks after but moving ahead with the right plan will always give a profitable result.
Make e-commerce your choice with your existing retail store, don’t let boundaries stop you and give your customers more than what they ask for.
Everything you need to know about Omnichannel retail
“Fairy tales made me believe that magic exists. If you think about something, look for it and it happens to cross your path over and over again”. The Omnichannel strategy somehow works in making this ideology true. If you desire something, you are going to find the product everywhere, over and over again. If we go through definitions they say “Omnichannel strategy is the process to provide customers with a fully- integrated approach to commerce”. In simple words, it is the strategy where customers have the convenience to shop on any channel with the same customer experience. An omnichannel retail brand gives you authority to choose your shopping pattern your way, you can shop online and pick up from store or see in-store and pick online, the process even extends to selecting a product in the cart in a website and when you open it in your mobile application or via any other social media site. You will find that product in the cart. Isn’t it magical! Something that is going to amaze you more is, now you can even shop online and return to the store or vice versa. So it simply says all your shopping channels are now integrated making you the priority of the time. The process not only supports you being a customer but if you are a retailer too, trust me, omnichannel retailing is the best choice. The process does not demand retailers to be present everywhere but their products are traveling across the globe along with their identity. Moreover, the omnichannel retail strategy gives customers overall experience and time to research among all the products. It gives you the power to get the best among thousands of products. Now you can also scan, compare, save i.e. mark the product as a wish list and then buy it from any channel. It provides the chance to buy a product without any psychological pressure of time and limited stalk.
India is the second biggest online market across the globe, with more than 560 million internet users, positioned distinctly behind China. There are expected to be more than 600 million internet users in India by 2021.
At present India’s business sector for internet business areas is developing yearly at a fast pace of 51%.
India is jettisoning offline commerce at an alarming pace and switching to E-commerce for most, if not all buys.
From $15 million in 2016 to a whopping $200 billion by 2026, the E-commerce sector is slated to increase by about 1200%, according to a report by financial services expert Morgan Stanley.
Where India stands currently?
Evidently, there have been vivid efforts like ‘Digital India’, availability of smartphones at throwaway prices and affordable data packages, yet vast sections of India’s population have yet to come online.
India is developing at a rapid pace and if development is to be estimated, how might we overlook the role of E-commerce in it. The number of new contestants right now raising every day and with the development rate arriving at its pinnacle, it tends to be assumed that in years to come, standard retailers will want to change to online business.
There is no doubt that with the estimated statistics of the anticipated growth of internet users, the potential of the market is non-negligible. Yet, E-commerce remains exceptionally underpenetrated with only 50 million online shoppers and out of which not all of them are active shoppers making only 20 million purchasers every month.
Major concerns relating to E-commerce
If India has to maintain its status of a global e-commerce mainstay, a few concerns are needed to be tackled.
There is an inherent gap in the numbers and to bridge it, the corporate sector must join hands with GoI to make sure that transitions occur effortlessly and with as little disruption as possible.
An all-encompassing e-commerce structure should be built up, one that incorporates best governance practices while obliging the extraordinary needs of this huge new customer base.
E-commerce in India has endeavoured to streamline payments and logistics, yet returns and exchanges despite everything pose an issue. Since most e-commerce companies are liberal with customers showing dissatisfaction for products paid for online, swindling returns and exchanges are on the rise online.
Shift to a digital economy is a must. While GoI has ventured out the execution of the Unified Payments Interface (UPI) framework, further endeavours are required by means of the development of formal banking and simple credit offices for the populace.
There ought to be an advancement of powerful information protection frameworks along the lines of EU’s General Data Protection Regulation (GDPR), making everything fair among offline and online players in terms of indirect taxation and facilitating limitations on cross-border e-commerce transactions.
Internet is as yet unregulated in India with only a few cyber laws set up to check money frauds, which leaves Ecommerce companies unsure and watchful to completely immerse themselves in the Indian market. Banks must join hands with the governmental cyber cell to welcome financial safety on the internet so the Indian online customer can enter their payment information without stress and not need to experience dreary security checks.
Another major step is to cater to the needs of the future consumers who are to emerge from India’s tier-2 and tier-3 cities.
The key difficulties to defeat here are a differing exhibit of languages, a newness to computerized frameworks, and inclinations for a diverse cluster of items across micro-markets. Every one of these variables requests the usage of a fitting omnichannel system combined with a strong offline-to-online model, assisted sales and product curation, for a smooth integration of the new entrants into the wider e-commerce ecosystem.
Future trends of E-commerce
Mobile optimized: What we can envisage is there will be an improvement in mobile shopping experiences. It was first seen that sites were created that would run decently on mobiles. Now, it is anticipated that online store owners will be trying to build sites that positively run on smartphones and tablets.
Wearable devices: Many products such as Google Glasses, smartwatches, and other wearable devices though have not taken off in full swing are sure to enter the market in the future with greater momentum.
When these devices become increasingly popular, it will be seen that retailers, as well as e-commerce stores, will shower discounts, promotions, offers, and updates to their customers through these wearable devices.
Personalized ads: Prospective customers have been served personalized ads by online stores for years. It will be also seen that storekeepers put forth more attempts to offer a progressively significant personalization to clients when clients become increasingly comfortable with imparting some personal information to brands and confided in online stores.
Local marketing and branding: As bigger E-commerce sites offer more up to date offices and highlight and evaluate better approaches for drawing in clients, smaller stores will go to a neighbourhood base to survive. Smaller online stores will use SEO to target clients in a constrained geographic territory and consolidate it with online networking commitment to customize relations with nearby clients. Their marketing and promoting technique will spin around focuses that separate them from larger sellers.
Marketing automation: Most often online customers browse around for quite a while and leave the store without purchasing. Such customers can be converted into paying customers with the help of customized and targeted marketing. The pattern of using a solution like marketing automation will keep on rising by the day. Automated lead nurturing, remarketing, email personalization and analytics will help small online store owners convert more clients.
Investments so far in the Indian E-commerce sector
Amazon procured a 49 per cent stake in a unit of Future Group in August 2019.
To grow its broadband and E-commerce presence and to offer 5G services, Reliance is to invest Rs 20,0000 crore (US$ 2.86 billion) in its telecom business.
In September 2019, a super-app platform ‘Switch’ was launched by PhonePe to give a one-stop solution for clients integrating a few different dealer applications.
In tier II and tier III cities, Nykaa opened its 55th offline store in November 2019.
Flipkart is expected to launch more offline retail stores in India after getting acquired by Flipkart, to promote private labels in segments, for example, style and hardware.
2017 was the year when the E-commerce industry in India had witnessed 21 private equity and venture capital deals worth US$ 2.1 billion and in the first half of 2018, 40 deals worth US$ 1,129 million.
To improve internet penetration among rural women in India, Google and Tata Trust have collaborated for the project ‘Internet Saathi’
The fate of E-commerce in India
The way India is headed straight toward development is a boon for E-commerce as the potential for online users turned shoppers is tremendous. In any case, losses have become nothing unusual for Ecommerce organizations attributable to the overwhelming heavy marketing and promotions that are done to serve the Indian Online customer.
The Indian Government is putting a valiant effort to help E-commerce in India. Despite everything, there are miles to cover before Ecommerce effectively surpasses offline businesses right now. Development is critical to changing E-commerce in India with the goal that it is irresistible to Indian shoppers. An expanded effort is additionally the primary objective that all E-commerce organizations in India must endeavour to accomplish. Universal Ecommerce mammoths like Amazon and Walmart are set to change the substance of Indian Ecommerce and are as of now working superbly.
The e-commerce industry in India provides means of financing, technology, and training to MSMEs which directly impacts them. It is expected that the Indian e-commerce industry will be the second-largest e-commerce market in the world by 2034 outperforming the US.
Small and medium-sized E-commerce companies can gain from large players by keeping customer care at the fore. That, alongside co-activity from the government, will take Ecommerce to its pinnacle in India.