How to make a profitable online store
- Posted On - December 21, 2022
- By - Sayak Dutta
- 0 Comment
Start selling on India’s most visited shopping destination. Creating an online store can be a great way to make money. But how do you make sure your store is profitable ?
But owing to digitization and the advantages in technologies, you can start an online store with minimal cash investment in no time.
Start an Online Store with minimal investment
If you’re someone on a budget but want to start an online business of your own, the following sections will guide you through the process.
- Understand the different ecommerce business models
- Find the right products to sell
- Find your product source
- Calculate your product pricing
- Find the right ecommerce platform
- Use free themes to design your store
- Select the right payment gateways
- Find a good shipping partner
- Create a marketing plan
- Build a community
Sell Products That are in demand :
2020 was a record year for ecommerce and the industry hasn’t slowed down since. And it’s no wonder becauseover half of US consumers prefer to shop online.
Many entrepreneurs, startups, and ecommerce businesses have seen their sales grow to record levels, while other brands are launching new products to capitalize on the demand for online shopping.
ere’s a list of the top-selling products in 2022 and how we think they’ll perform in years to come.
- Skin care and beauty
- Cleaning products
- Coffee products
- Subscription orders
- Fashion accessories
- Snack foods
Identify Your Audience :
Identifying your audience allows your business to focus marketing efforts.
- Analyze Your Customer Base and Carry Out Client Interviews. …
- Conduct Market Research and Identify Industry Trends. …
- Analyze Competitors. …
- Create Personas. …
- Define Who Your Target Audience Isn’t. …
- Continuously Revise. …
- Use Google Analytics.
Check marketplaces local to your country to see if customers are buying these high-demand products. For example, vitamins and supplements are popular products, but consider the following questions:
- What kinds of products are being purchased?
- Who is the audience?
- Are there other supplements you could sell that don’t have a clear market leader?
EnduroSport targets those who participate in outdoor sports all day. There were no healthy options going after this market, so they saw an opportunity. They were originally supposed to launch during the COVID-19 pandemic but pivoted to help those in need while waiting for the crisis to pass.
Price your products competitively :
Competitive pricing is the process of strategically selecting price points for your goods or services based on competitor pricing in your market or niche, rather than basing prices solely on business costs or target profit margins.
Use effective marketing strategies for Online store :
The 5 P’s of marketing are part of what is often referred to as a “marketing mix”. A marketing mix is the actions brands take to market their products and services by using a specific framework with the five biggest components of successful marketing: product, place, price, promotion, and people
Offer excellent customer service :
Good customer service means building relationships with your customers. This can mean you have a rapid response time to service requests, respond to all customer feedback (positive or negative), have self-service help documents, and a frictionless process for getting in touch with support.
Constantly update your inventory :
Periodic counts might be once every two months or every three weeks, depending on warehouse size and company needs. This will create better visibility than yearly or seasonal options but it also requires more time and manpower. Workers must ensure they are performing inventory consistently between each count.
Determine your Shipping Strategy :
The four elements required to calculate shipping costs are shipping point and origin, package weight, package dimensions and expected delivery times. You can calculate the majority of postal shipping rates using these figures. With this information, you can compare shipping rates using a shipping cost calculator.
Monitor Your Online Reviews :
Reviews help you measure customer satisfaction and clue you into aspects of your Online business that need refining and adjusting. Identify and correct customer pain