In an attempt to replicate the UPI’s success in India, the government plans to take on the eCommerce platform through the creation of Open Network for Digital Commerce (ONDC)
A Times of India report mentioned that the ONDC will enable customers to log in to an open network and look for products or services that they require. Depending on buyers’ location, sellers’ will be listed along with the product details and price.
This shall digitize the entire value chain, standardize operation, promote inclusion of suppliers and enhance value for consumers.
- 1 What effect does it have on small businesses?
- 2 Reasons to sell online in India
- 3 Marketplace vs own eCommerce website – key differences to consider
What effect does it have on small businesses?
As per a survey, more than 70 percent of businesses are in equal or better financial position than they were before the pandemic. Six months ago, that number was just 53 percent.
Due to the various efforts taken by the government to promote online business in India, small businesses now feel more confident and financially secure.
Need more convincing?
Here are 5 reasons why your business should sell online and the benefits of selling products online in India:
Reasons to sell online in India
1. It boosts your sales
Providing your customers the convenience of shopping from you online and having products delivered straight to their doorstep gives them a strong reason to buy from you. Your consumers will be able to buy the things they need with just a few clicks.
2. Helps market your products better
The most effective forms of marketing are generally done via the internet. Selling online also helps with other digital marketing methods.
You can promote products on social media and even create videos and infographics. You can leverage blog content to direct people straight to your product pages.
3. It saves you money
It’s a no-brainer that selling online can actually help you cut down on costs and increase your profits even more.
When you introduce new products to a physical store, you often have to spend extra on storage, displays, logistics, and other parts of the process. However, selling them online instead can instantly save you money in all of these areas.
4. Allows you to stay ahead of your competition
Taking your business online can also help you stand out ahead of your competition. Any retailer that doesn’t allow customers to buy from them online will be seen as outdated.
Simply having a fast and easy-to-use online store will instantly make people more likely to buy from you instead of your competitors. All in all, every business needs to sell online to get ahead of their competition quickly.
Related read: What To Sell Online in India – Trending Lists 2021
5. Selling online is easier than ever
Generally, It would take a year or more to get a website up and running properly. But now, with easy-to-setup eCommerce platforms, you can have your site running in just a few minutes with little or no cost.
In our store, you can sell your products and services and market to your customers easily. They are also optimized for SEO, allowing you to attract more customers daily.
Because of all these reasons, most retailers these days are either setting up their website or making their products available on eCommerce websites.
Marketplace vs own eCommerce website – key differences to consider
The options for selling online are several. To know which one is better for you, here is a side-by-side comparison to help you decide where you should start selling online.
|SET UP||Quick to set up. In most cases, you can do so in a day or less.||You set up the entire site yourself; it can be time-consuming.|
|MARKETING||They regularly run marketing campaigns and promos for their sites.||You may need to hire an external person to do marketing for your site.|
|FLEXIBILITY||There is no flexibility in the way you would want to showcase your products.||Full flexibility and no limitation on the number of products you want to upload on your site.|
|REACH||You have a larger target audience and reach for your product.||The market reach will be lesser and you may need to hire someone to manage the site.|
|COST||Charges commissions are usually between 5-15%; some charge for membership.||No commission; but have to pay for hosting/maintaining the site online.|
PRO TIP: If you’re a small business owner with limited resources and don’t want to worry too much about website maintenance, then I recommend starting on a marketplace and then transitioning to your own website as soon as you can.
If you are an established business or a brand and prefer a customized approach to brand, marketing, and selling, having your own website is the way to go!
Want to start an online business but don’t know where or how to start? This video will give you a step-by-step approach on how to set up an online business – right from idea generation to setting up an online business store.