How to start a successful e-commerce business the aasaan way

The digital world evolves, and e-commerce businesses adapting to changes through innovative digital strategies show rapid growth. The New Indian Express reports that with over 190 million Indians shopping online, the Indian e-commerce sector will likely reach USD 55 billion in 2021.

Although there is no better time to launch an online business, learning how to start, grow, and maintain a profitable e-commerce platform is not easy. Worry not! Apps like aasaan have all the knowledge needed to run a thriving online business.

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How can we launch and run a profitable e-commerce platform?

Here are a few easy-to-follow steps to start and maintain a successful online business:

1. Do your research

It does not matter what kind of e-commerce business you want to launch or if you are a start-up already; it is crucial to do your research. The internet caters to everyone, and while that means competition, it also means that there is a vast amount of information to explore, find your niche and zero down on the right product to sell online.

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While researching, take time to plan and factor in all costs, including registration, production, packaging, delivery, website maintenance, insurance, and any other overheads, much like you would for a traditional business.

Remember, growing a profitable online business requires a lot of planning and patience. So, be thorough and delve as deep as possible. Once you know the USP of your business, you are ready for the next step.

2. Figure out your business’ name, licences, and legal structure

Think of a short and catchy name for your online venture that is unique, easy-to-remember and impactful. The name should also be able to transcend language barriers, so don’t pick a name that is hard to understand or doesn’t translate well in other languages!

Once you’ve shortlisted a few names, check to see if domain names are available. Even if you aren’t investing in a website right away, keeping scale-up plans in mind is essential.

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The next step is to figure out what kind of a business you are going to register. Are you a sole trader, or do you have partners? This requires some research and industry understanding, and each option, partnership, LLC, and sole trader has pros and cons. It is advisable to seek expert advice.

Also, research about the kind of licences you need to be able to sell your product or service online. While there is some leniency, it is best to make sure you are working within the bounds of the law.

Get GST registered once your turnover exceeds the set government limit. Keep in mind that this can differ from state to state, and the turnover limit to register for GST is between Rs 10–20 lakh.

3. Choose the right platform

Choosing the platform depends on what you are selling/providing. There are abundant options. If you take a cautious approach, consider selling through other online marketplaces or registering as a supplier on Amazon, Flipkart, or any other platform.

Social media is also a great way to start small and grow a business online. If you have an already established business and want to expand quickly, a good website and digital strategy can attract customers.

While numerous platforms help e-commerce businesses set up online stores, including open-source platforms such as Magneto or an all-inclusive software such as Shopify, it is best to research and choose the likely option to attract your consumer demographic and get you the most sales.

Additionally, to set up a payment gateway, you will need the following documents:

· Current account

· Business PAN card

· Certificate of Incorporation

· Memorandum of Association

· Articles of Association

· Identity proof

· Address proof

· Website terms of use

· Website privacy policy

4. Plan inventory and logistics

You’ve most likely already figured out what you will sell/provide by now. But before you stockpile, make sure you curate a list of products/services you plan to offer. Understand how others in similar spaces are succeeding and learn what you can do better. It would help if you were prepared to meet spikes in demand. Similarly, also have a backup if things don’t go according to plan.

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Do everything in your power to make sure that you don’t get stuck with stock that doesn’t sell. Understanding the online-consumer mindset is an excellent way to ensure you have the right mix of products/services to sell.

Also, it would help if you made a solid logistics plan to get your products/services to your customers on time. No one likes late deliveries and damaged goods, or bad service!

5. Tell people about your business

Marketing is an integral part of any business, and launching and growing a profitable online business is no different. Make an effort to spread awareness: you can use social media, advertising, or even a combination of both.

Before people get to the buying stage, they have to develop an interest in your brand and your product/service. This you can achieve by creating and marketing content that not only brings out your brand and its image but also gives people the required information.

Once you’ve launched your online business, keep track of what marketing tactics work to grow your business.

Bonus tips for growing a profitable online business

· Start simple

· Share your business on as many platforms and channels as you can

· Sell on as many platforms as you can

· Keep your brand up-to-date with market trends

· Be ready to diversify and make changes as and when needed

· Remember trust and customer feedback are the backbones of a business

· Stay mobile-friendly

While there is a lot more to learn about how to launch and grow a profitable online store, using necessary tools such as aasaan will help you shorten your learning curve. This is for the simple reason that these tools make it more straightforward for businesses to keep costs low and grow online.