According to a recent estimate, India’s e-commerce business is set to grow at 38% per annum. This will move fast further due to the launch of Jio 4G broadband services, the National Broadband Plan and the much-expected opening of the Retail sector.
The relative success and popularity of online sites like MakeMyTrip.com, Jabong, Myantra etc have also encouraged many to tap the e-com opportunity. However, dreaming of starting an online business is one thing and getting the entire eco-system in place is quite different. We look at some of the basic requirements of starting an online business in India.:
Build Your Online Store: If you have the money to invest, you may have your own website built that will have your store. However, in case you are just starting up and funds are a limiting factor, get help from online sites such as WordPress or Godaddy.com competitive rates, these sites offer basic services that you may require to set up an online shop – services such as uploading your product/services catalogue, payment procedure, handling queries and online orders.
Further, you should customize your online store so as to reflect the real company. This means, the logo, color schemes should be in complete co-ordination. This is not necessary when your only public interface is your online store.It is also important to make your online store mobile friendly so that it loads easily onto a phone.
Get A Secured Payment Gateway: Payment Gateways are two types in India – One, your own Bank itself which provides its own payment gateway and the other, the third-party services which tie up with many banks to provide a gateway. Rates of these providers vary and hence, you need a do a proper market research on the provider that suits your requirements the best. For a better idea on the type of payment gateway providers, read our blog –
Clearly, Specify The Terms & Conditions: With so many online stores vying for customer ‘footfall’ and offering discounts, competition is tough in the net world. Further, it is very easy to cause customer dissatisfaction with poor store layout, payment problems and unclear terms of services. It is, therefore imperative to specify the shipping terms, the returns policy, etc so that there is no ambiguity in the case of a sale gone wrong. Having said this, make sure that the terms and conditions are not unreasonable so as to scare away prospective customers. Here is a good blog on Market Your Online Store: In this age of digital channels proliferation, you cannot depend on traditional marketing alone to carry the word for you. What’s more, with an online store, it makes more sense to tie up your marketing efforts digitally, thus leveraging the benefits and visibility offered by platforms like Facebook, Twitter, Google+, YouTube. Adding these channels to your core business will get more visibility with minimal cost.
Keep A Feedback Channel Handy: After all, you are just ‘starting-up’ in the online space and need to learn every trick involved. No better way than to make channels of feedback so that you can improvise on the Form, Grievance Addressing Corner in your online store so that you can nip in the bud any functional anomaly before it balloons to difficult sizes.