Now, building an E-Commerce business website is the trend and will surely take a lot more effort but once created will surely bring a lot of markets, once created and branded properly. It is not an easy task to run an e-commerce business in India in the current age of competition, but it is certainly achievable if one has the focus and grit to understand the customer and the people who are in the organization.
If you are looking to start your own e-commerce business in India like Amazon, or Flipkart this is the way to go. Basically, an E-Commerce business is an online process of buying or selling goods and services. There is not any paperwork involved in making any transaction.
One of the best things I like about an e-commerce start-up is that you can update and modify it the way you want and make it attractive and appealing to the eyes of your clients. Your customer will have access to your services 24×7 and you don’t need to come out of your door for marketing and other stuff if you are doing it at a small level.
According to a report, In 2019, E-Commerce Sales Accounted for 14.1% of all Retail Sales Worldwide. However, there are some things that you need to care about in your E-Commerce business plan for 2021.
How to Start an Ecommerce Business in India (10 Step Business Plan)
Step 1: Define your business name
Business names are always important as they give you identity after identifying what you want to sell. It will be the legal identity of your business. This opens a room for marketing your product with ease. The name that you choose should be simple and unique. Co-operate searches need to be done so you are safe and secure.
Step 2: Set domain name
Ideally, there is always diversity in business. The business name acts as the domain name. A domain name system (DNS) stipulates the website address that your business wants to keep.
One of the important factors for an E-Commerce business plan is a website, A Website can be useful in developing different marketing strategies. It acts as a point of contact between you and your customers.
A website is accessible to many people at any given time, creating a climate of trust (credibility). It is convenient as it tells customers that you exist. Selling can be done throughout because there is no limitation.
Step 3: Identify the type of business and register
People engage with businesses as a sole proprietorship, partnership, or cooperation. Each of these has an advantage and disadvantage attached to it. For example, operating as a sole proprietor always subjects you to so many risks.
You need to weigh before which type of business best suits you. The income removal system (IRS) allows you to file the structure of your business on your own or get a different filing company to help you.
Step 4: Employer Identification Number (EIN)
You can not operate an e-commerce business without a bank account. To get a bank account you need for your business you need EIN. This number you are given acts as identification. You use it to file taxes for the business. It is always a requirement whether you will operate alone or employ people.
Step 5: Obtain legal documents
Every country has its own policies and procedures that every citizen must adhere to. This is also one of the things you must do for an E-Commerce business plan. Failure to do that, the government has the mandate to declare your business illegal, you get jailed, and occur other penalties.
Licenses for the business and work permit should be obtained. Confirm with your state what type of taxes you are required to pay in order to operate. Also, you need to Apply for Goods and Service Tax (GST) certification and Shops and Establishment Licence.
Step 6: Source for vendors
It is not possible to operate without vendors. Everyone needs to identify and keep in contact with different vendors and get the best quality and prices for the materials they need to make their products. Conduct a thorough and serious search of the vendors to help you identify who you want to work with.
Step 7: Early marketing
Media platforms are very paramount in e-commerce. It is also necessary for an E-Commerce business plan. Alert customers that there is something good coming up so they can create interest to know. You can even decide to introduce blogging as a tool.
How To Compete In The E-commerce Market
Every day is new and brings changes in people’s needs and desires. Luckily, this is where small and upcoming start-ups can still win in the midst of other e-commerce giants. Here, is how to compete in the E-commerce market.
We are aware of how Amazon and e-Bay have driven many small and medium companies to extinction. But the other side of the reality is also that new interventions are always abundant and there’s always a new idea, product concept, or methodology that can topple the market leaders as we know them, or at least create a comfortably sweet spot in the market for themselves-which is just where your startup needs to reach.
If your start-up is introducing a new product or service altogether, there is a very different approach you might need to take as compared to a start-up that is re-offering the existing product or service to bridge the demand-supply gap.
Be very clear as to who you are, what is your offer, and what is your target. Make sure that your core team and your entire organization have this understanding to ensure that the combined effort of the entire workforce maximizes the results.
It is a hopeful time to be as Amazon and the likes do cater everything to everyone. But the digital age has made it possible for everyone to co-exist as people’s tastes are ever-evolving and start-ups targeting the niche will be able to carve out their own space.
Create Your Own Service
Your chance to be victorious in the game is to be an innovator and make your own market rather than depending on the existing marketplace. It is a harder approach to what you are already doing but will take you miles ahead of others.
Take MeUndies for example. It is an underwear-only brand that uses ‘micro-modal fibers in its underwear and offers monthly subscriptions to deliver a new pair to your doorstep. Catch? It is only 16$ a pair and is taking the internet by storm with its quirky patterns and colors.
At no added cost, it is suddenly more than just underwear. Some of the biggest brands are still in the thoughts of people, and you can turn the idea into a thriving opportunity with the right backing.