The Indian E-commerce market worth $38.5 billion in 2017 and is expected to grow up to $200 billion by 2026. With the rise of 4G networks, fast internet and smartphone usage, buying and selling of products online has become a new trend. This article depicts how you can find and sell your products online through various means.
Make your Presence on the Internet
The first step to sell your product online is to have a medium on the internet where people can have access to your products. The best way for this is to get your own website on your brand name or use other famous e-com websites for selling your product. In the initial days, using famous e-com websites like Amazon, Flipkart, E-bay, Jabong, etc. gives you advantage over your personal customized website in a way that these websites already have huge customer base.
Thus you don’t need to work hard in marketing your product. Later as the business grows you can have your own customized website, mobile application and accounts of social media.
Finding Products That You Will Sell
You need to decide what will work for your business and how you will accommodate selling a particular product. You can do a bit research on the product or the type of product that is in demand at a particular season and at a particular region. After that you can consider selling that product. To sell such products you need to either manufacture them on your own or you have to ask for a supply.
1. Importing Products from other Countries: Importing products from other countries helps you in many ways in expanding your market and increasing your revenue. Some products can easily be imported at cheap rate which can later be sold at higher price. Importing goods from China is one such way of maximizing your profit and diversifying your market. To import goods from China you need to have some basic documents like:
- You documents of Registration as a company
- Your bank account
- Import-Export Code
- TIN number or GSTN
- For selling certain category of products, certificate from respective authority is needed like BIS
You would also be required to pay taxes while importing goods from other countries. They are:
- Custom Duty
- Import duties and related taxes based on cost, freight and insurance
- Landing charges
- Countervailing duty
- Cess, etc.
You need to make a network for getting supply of goods from foreign countries like China. Either you can travel to the place on your own to make networks with suppliers or you can use Alibaba website for getting suppliers. One need you need to care is that you should be very vigilant while booking your order and getting your supply. Always go for sample before you order your stock. Lastly, if you are getting your supply from online suppliers then always use PayPal for payment as it is safe. You can sell all kinds of imported products on an e-com website except those that are prohibited.
2. Manufacturing your own product: Small scale manufacturing in initial stage is never a bad idea as an online medium for sale always invites good sale. Manufacturing products that require limited resources and minimal capital can prove to be beneficiary for getting great returns. Manufacturing edible products like pure farm juice of aloe Vera, vinegar, herbal products, etc. Manufacturing artistic items like pottery, scenery, wall paintings, decorative, etc. Manufacturing stylish attractive items like phone cases, bracelets, pendants, customized T-shirts, and many more.
To manufacture such items you need to start your business that gives priority to manufacturing. Customized T-shirt selling is one of the most successful ways of earning money. You only need to take orders from customers online and then create a sample t-shirt template. After their approval you can manufacture the customized t-shirt and sell them online. You can also give your customers to customize the t-shirt online which can later be manufactured.
3. Starting your own Drop shipping Business: Drop Shipping business is a good option for those who don’t want to go into the hassle for the above case. You can work as a middle man where you can take orders from customer, take commission of certain percentage and then pass on the order to the supplier. The supplier will take the majority of money and then directly send the item to the customer. But for this you need to work very hard in creating a market base for your customers and only then the other suppliers will associate with you.
The method of drop shipping will give you great returns when your market base is strong and you attract lots of customer on your website. For this you can team up with suppliers who are ready to work for you. New suppliers will easily become your member as they need market and that will help you in getting good returns. The only thing you need to care is that while earning money you don’t compromise with the quality of products. Thus check the supplier’s product before you make him your partner.
4. Getting your Products from Local Vendors: Local vendors in small towns make very attractive products if when sold in online market can earn great returns. Some of the products that are in high demand from local vendors are pickles, poppadum, chips made of potato, banana, mango poppadum, vinegar, local snacks, etc. Apart from this, apparels like embroider cloths, apparels made from special designing and fabric, etc. are also in great demand. Teaming up with such local vendors will not only help you in your market but will also help them in getting decent returns. They are the ones with whom you can do lots of negotiations leading in lots of profit margins.
Taxation and other Business Protocols:
As a registered business you need to have all the account of your buy and sell and it should be filed under GST return every month. You can consult a tax consultant who will help you with taxation. You may also need some more assistant in taking care of your website, maintaining stocks, keeping contacts with your suppliers, packaging, transport, etc. For this you certainly need a plan and few people who can help you out. You can hire them for specific work for your business.
In case of importing products, you will need a warehouse to store your import goods thus you need to arrange such warehouse close to your office. In case you are manufacturing goods then you will have to register your company separately. For this you can hire a professional advisor that will help you in all such issues. You will also need to network with packaging and shipping companies who will pack and ship your products to the customer’s address. Choose a standard packaging and shipping service as a late and poor shipping service may dismay the customer’s perception for you.
Lastly, advertisement is an important part to boost your online business. Hire a marketing team that will boost your presence on the internet. Using digital marketing methods you can boost your sale which will help you in growing your business. If you are able to do all this then your business is destined to become successful.