How to Start an Online Retail Business
India’s Business to Business (B2B) e-commerce market is expected to reach US$ 700 billion by 2020. Online retail is expected to be at par with the physical stores in the next five years.BY Nibedita Mohanta | Aug 10, 2017 | comments ( 0 ) |
The new age technology bug has bitten everyone and we have become not only dependent but addictive to technology.
This has infected entire business system as well as daily life.
India’s retail market is expected to nearly double to US$ 1 trillion by 2020 from US$ 600 billion in 2015, driven by income growth, urbanisation and attitudinal shifts. While the overall retail market is expected to grow at 12 per cent per annum, modern trade would expand twice as fast at 20 per cent per annum and traditional trade at 10 per cent.
India’s Business to Business (B2B) e-commerce market is expected to reach US$ 700 billion by 2020. Online retail is expected to be at par with the physical stores in the next five years.
India is expected to become the world’s fastest growing e-commerce market, driven by robust investment in the sector and rapid increase in the number of internet users. Various agencies have high expectations about growth of Indian e-commerce markets. Indian e-commerce sales are expected to reach US$ 120 billion by 2020.
Here are a few steps to follow, if a budding entrepreneur or an aspiring businessman wants to start an online clothing retail store:
Choose the domain name:
After the business plans is ready, the product, you are going to offer your customers is decided, and market analysis is done, in short, the basics are sorted, one can sit down to decide the domain name.
This involves a lot of technicalities, thus it is advisable to take help from a technically sound person and purchase a suitable domain.
The domain name is going to be the name or word, which will help people find your product and will get you business.
There are plenty of websites, which offer help in building a domain name and website for your business.
Creating the site:
Once the domain name is set, the next thing is to fill the website with important things. This is purely technical job, thus your technical staff can take care of this thing.
One only has to direct them, what and all one requires showing on their website page.
Website page should not be a sloppy page with everything written all over, it might turn the customer off. It should be crisp and to the point, for easy understanding of the customer.
Make it legal:
This is another important thing to be taken care of as it involves your contacts, your customers’ personal details and privacy.
Buy the necessary legal bonds to keep your business from hacked or online forgery.
Learn the tax obligation norms for running an online business. There are some taxes applicable or tax relaxation based on factors such as product, work station, profit margin and staff working under you.
Start merchant account:
Add some reliable merchants to your business, which will take care of the money involved.
Link your domain with reliable merchants, where the purchasing of products or refunds will take place.
In frequent intervals keep throwing discounts or offers to the customers to keep them in your business.
Help the merchant in making profit and it will help in earning you money.
The last but not the least important part of your business is letting the world know of its existence.
Buy ad spaces in newspapers, television, and radio and promote it. Sponsor the ads on social media such as Facebook, Twitter, and wherever possible.
Make people aware of the existence of your products or services. Also let your customers know about the offers, discounts, sales you offer through the ads.
The central govt is in no hurry to take a call on e-commerce but it is closely monitoring the