How To Make Money By Becoming 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 make money. With technological improvements, becoming an internet vendor is now a breeze.
Why should you Sell Online?
The number of customers who buy online is predicted to rise by 190 million in 2021 as a result of the growth of the eCommerce sector in India and the coronavirus epidemic, which caused a change in consumer shopping habits. This indicates that becoming an internet merchant offers a lot of income potential. A few benefits are as follows:
A website for e-commerce is easier and less expensive to set up than a physical store. You will spend less on personnel, payroll, and other business expenses like power, rent, and heating because the sale method is automated online. This money saved can be put toward expanding your product line and improving your online store.
Online businesses have no geographic boundaries, unlike office-based firms. You have access to manage your company from anywhere in the world. You only need access to phones, the internet, and email. Additionally, there are no time constraints, so buyers can buy anything they want whenever they want to from your website.
In order to increase the stock levels of the products that are selling successfully, e-commerce websites can be quite helpful. Another thing to think about is how these well-liked products might be expanded to produce a larger assortment of things that can be sold online. As a result, you’ll be able to increase sales, customers, and revenue for your business.
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.
To improve your website’s page rankings in search engines like Google, you may even use SEO techniques. You may further entice customers to visit your website by using SEO.
5. Increased Margins & Better Cashflow
If your business participates in and sells to the trade industry sector, an e-commerce website will enable you to sell at higher margins. Your product’s earnings will consequently rise even more. Additionally, the shopping carts and payment options on these websites make sure that you get the buyer’s complete money right away. This will improve your cash flow, particularly if your clients frequently pay you in installments.
You can also use a number of reliable payment processors for your e-commerce website, including WorldPay, Sage Payment Solutions, PayPal, Google Checkout, and more. This will ensure that all of your payment transactions are correctly completed, enabling your business to effectively accept payments.
Steps to Become an Online Seller
1. Choose a Product Line
You must first decide on the product you wish to offer online. There are platforms these days for everything, so there are no restrictions on the type of product you can choose. Choose a subject that truly interests you, such as art, or start a “buy and sell” enterprise. For instance, you may sell customized presents online to satisfy the rising demand for them.
2. Find a Suitable Platform
You can build your own website to sell goods online, but if you want to make more money with less work and expense, you might consider using an online marketplace. The benefit of using an established web platform is that less advertising money would be required. You just need to choose an affordable, reliable platform, like Flipkart or Amazon, and you can start selling your goods to clients.
3. Keep your legal paperwork on hand
Online sales are subject to the same laws as other forms of commerce. Before you start your business, you will need to have your GST number, PAN card, bank account information, and other important paperwork available. In order to avoid potential complications, all legal requirements must be properly fulfilled.
4. List Your Products
Even though it could appear difficult to market your things online, you can now quickly catalog your products with the use of user-friendly apps. To upload your goods, you can either scan barcodes or use the product matching feature and customized templates. You will additionally need to enter the product’s price, quantity, and other information.
Typically, the store itself handles the product’s delivery or shipping. You can select an appropriate shipping option and strike a balance between the consumer’s needs and the product’s availability.
5. Link Your Bank Account
Your bank account must be connected to the website of your choice in the final phase of this procedure. By doing this, you can be sure that neither customers nor merchants will overcharge you. After the business deducts a little fee, you will receive the money if you make a successful transaction in your account.
Which Platforms are Best for Selling Online?
There are several options available when shopping online. You can build a shopping cart onto your website, join an online market, or use an e-commerce platform. Depending on how long you’ve been in business and what your objectives are, you might not make the ideal choice.
An e-commerce platform will get you up and running more rapidly if time is of the essence. Existing businesses with websites can easily add a web store utilizing a shopping cart to their website. You could also select two or more options, like using an online marketplace and running your own website for product sales.
Things to Consider Before you Start Selling Online
1. Evaluate the Costs Involved
It is important to first determine whether you can generate decent profits after accounting for all the expenditures associated with becoming an internet merchant. Shipping expenses, packing costs, payment gateway costs, storage costs, and marketing costs are a few of the crucial calls.
2. Find out if Selling Online is Profitable.
Now that you have a thorough understanding of the numerous expenses related to selling products online, you can rapidly determine the profitability of your business enterprise. Here is a quick formula to assist you:
Selling price minus (Sourcing Cost, Packing & Shipping, Transaction Fees, Marketing Cost, and Variable Costs) equals profit margin.
If your profit margin is positive, you are ready to start selling online. If it’s low or negative, think about reducing the costs.
3. Create a digital Catalogue
Making a list of the products is the next step after determining your profit margins. The following should be on this list:
- Product Code (or SKU)
- Product Name
- Selling Price
- Discount (if any)
- Brand colour
- And all other relevant aspects
After that, take three to four excellent product photos, preferably with a white background and taken from various angles. It is suggested to obtain professional guidance to successfully sell things online. In some circumstances, the manufacturer might also give you access to these pictures.
4. Configure the entire process.
It is advisable to start out organized. Describe the steps that need to be followed to send the items after receiving an order. It might be a straightforward checklist for billing, packaging, quality control, etc. Your staff will profit from this even when you are not there.
5. Software for Inventory Management
Given that you will be dealing with inventory every day, manually managing inward and outward stock movements could become painful. Start maintaining an inventory management system that you can trust. Some software even enables you to link your account with a marketplace or shopping cart for your goods.
6. Be Discoverable Online
It’s likely that your buyers will research your business online before making a purchase. If customers were unable to find any details about your business, including product reviews, they might give up searching. A company’s website, social media account, or other online presence is essential, for this reason.