How To Earn Money As An Online Seller In India 2023-2024: Online shopping is undeniably popular these days, and it has created a wealth of options to make money online. Selling your things online is one of the best ways to gain money. With technological improvements, becoming an internet vendor is now a breeze.
Why should you sell online?
According to Statista, the rise of the eCommerce industry in India, as well as the coronavirus epidemic, has resulted in a change in consumer buying behavior, with the number of online buyers predicted to climb by 190 million by 2021. This means that becoming an internet merchant provides a lot of income potential. Here are a few of the benefits:
Setting up an e-commerce website is less expensive than starting a traditional business. Because the sales method is automated online, you will save money on personnel, payroll, and other business expenses such as energy, rent, and heating. This money saved can be used to improve your e-commerce website and increase your product line.
Online enterprises, unlike office-based firms, have no geographical constraints. You may run your company from anywhere in the world. All you need is email, internet, and phone service. Customers can also buy from your website at any time because there are no time constraints.
E-commerce websites can help you understand which products are doing well so that you can increase your stock levels of those items. Another thing to think about is how these successful products could be expanded to offer a broader range of goods for sale on the internet. As a result, your company’s sales, clients, and earnings will grow.
4. More Measurability
You can easily measure and track how many orders are placed through your site, the average cart value, the abandoned cart rate, and the percentage of total revenue your website has attained at regular intervals using tools like Google Analytics.
You may even use SEO tactics to improve the rankings of your website pages in search engines like Google. You may further encourage customers to visit your website by using SEO.
5. Better Cashflow and Higher Margins
If your organization participates in and sells to the trade industry sector, an e-commerce website will allow you to sell at higher margins. As a result, your product earnings will skyrocket. The shopping carts and payment systems on these websites also ensure that you receive full payment from the buyer right away. This will improve your cash flow, especially if your clients pay you in installments.
You can also use reputable payment processors for your e-commerce website, such as WorldPay, Sage Payment Solutions, PayPal, Google Checkout, and others. This ensures that all of your payment transactions are completed effectively, allowing your organization to receive funds in a timely manner.
Steps to Becoming an Online Seller
1. Choose a Product Line
The first step is to think about the product you wish to offer online. There are no restrictions on the type of product you choose because there is a platform for anything these days. You may choose something you are passionate about, such as art, or you could start a ‘buy and sell’ business. For example, you might meet the rising demand for personalized presents by selling them online.
2. Find a Suitable Platform
While you can build your own website to sell things online, you can always use an online marketplace to save time and money while earning a lot. The benefit of using an already-established internet platform is that you won’t have to spend as much money on advertising. Simply find a low-cost and trustworthy platform, such as Flipkart or Amazon, and you’ll be ready to offer your products to buyers.
3. Keep Your Legal Documents Ready
Online selling is governed by the same legal principles as any other type of business. Before you start your business, you must have your GST number, PAN card, bank account information, and other important paperwork available. All legal processes must be properly performed in order to avoid any complications.
4. List Your Products
It may appear difficult to advertise your things online, but thanks to user-friendly apps, you can now effortlessly catalog your products. You can upload your goods by scanning barcodes or using the product matching feature and custom templates. You’ll also need to input the pricing, quantity, and other details for the product you want to sell.
The store is normally in charge of the product’s delivery or shipping. You can select an appropriate shipping option and strike a balance between the product’s availability and the needs of the clients.
5. Link Your Bank Account
The final step in this process is to connect your bank account to the online platform of your choice. This ensures that you receive payments from clients and retailers on time and that you are not overcharged. When you make a successful sale, the merchant will deposit the money into your account after subtracting a small fee.
What are the best online selling platforms?
There are numerous choices for online sales. You can add a shopping cart into your website, employ an e-commerce platform, or join an online marketplace. Your finest selection may be determined by the length of time you’ve been in business and your business objectives.
If time is of the importance, an e-commerce platform will help you get up and running faster. Established businesses with their own websites can easily set up an online store utilizing a shopping cart. You could also combine two or more alternatives, such as selling things on your own website and using an online marketplace.
Things to Consider Before you Start Selling Online
1. Evaluate the Costs Involved
Becoming an online seller entails a number of expenses, and it is critical to first determine whether you can make a reasonable profit after deducting all of these expenses. Shipping expenses, packing costs, payment gateway costs, storage costs, and marketing costs are just a few of the crucial calls.
2. Find out if Selling Online is Profitable
Now that you understand the numerous costs connected with selling online, you can rapidly determine the profitability of your business venture. Here is a simple formula to assist you:
Profit Margin = Selling Price minus (Sourcing Cost + Packing & Shipping Fees + Transaction Fees + Marketing Cost + Variable Costs)
If your profit margin is positive, you are ready to begin selling online. If the costs are modest or negative, consider lowering them.
3. Create Digital Product Catalogue
After you’ve established your profit margins, the following step is to create a product list. This list should include the following items:
- Product Code (or SKU)
- Product Name
- Selling Price
- Discount (if any)
- Brand colour
- And all other relevant aspects
After that, shoot three to four high-quality product photos from different angles, preferably against a white background. It is recommended to obtain professional guidance while selling things online. These photos may also be provided by the manufacturer in some situations.
4. Setup End-to-End Process
It is preferable to organize oneself from the outset. Describe the steps that must be followed between receiving an order and shipping the merchandise. It might be as simple as a checklist for quality inspection, packaging, billing, and so on. When you are not present, your employees will profit from this as well.
5. Inventory Management Software
Given that you will be interacting with inventory on a daily basis, manually managing inward and outward stock movement could get tedious. Begin tracking your inventory with a dependable inventory management system. Some software allows you to connect your marketplace or shopping cart account to your inventory.
6. Be Discoverable Online
Customers will most likely check up your organization online before making a purchase. If customers cannot find any information about your organization, including product reviews, they may abandon their search. Having an online presence through a company website, a social media account, or another platform is therefore critical.