If you are reading this article, there is a chance that you would be dreaming of starting your own online business and earn millions. Marketplaces like Amazon, Flipkart and Snapdeal has created big opportunity in India today to scale up from being a small shop owner to reaching out to millions through online business. Now, the next question is how should we go about this whole thing.
Here are the top 10 principles for successful business online.
Sell something unique
Let say you are selling a bag or a T-shirt, now you will notice that there are already thousands of bag listed on the marketplace. So, there might be two ways to go about this, by either creating some better and unique design that stands out from the rest of the crowd, or find a product category that is untapped, and make sure that the product is unique compared to other sellers product.
This can be anything from selling umbrella online, to identifying something around you that would be more valuable than other sellers reselling it. The uniqueness lies in good and quality design. Something, which is practical, meaningful and captivating.
Long tail keywords
Don’t underestimate the power of search. Consumers search for the product they want and they are given long list of options by stores like Amazon and Flipkart. Search is an important code for your products to be visible upfront than the long list of sellers. Think what your customers want, use long list of keywords related to your product.
Lets take for example that we are searching for umbrella, this can range from long umbrella, short umbrella, big umbrella, light umbrella and so on.
Think a step ahead of competition
Think what your competitors might be thinking, and think one step ahead of them. There might be many of the competitors who might not be thinking of the design, so think beyond what they might be thinking. They might be relying on the more traditional approach of marketing and design. Make sure that you use the digital knowledge you have to your advantage and stay ahead.
Say in touch with employees of marketplace
Try to get in touch with your marketplace product managers and show them that you are really enthusiastic about their products. Use LinkedIn, Facebook and Twitter to your advantage. Their support will be crucial towards promoting your product.
Positive attitude towards failures
Keep a positive attitude towards failures, not all of your deals will have a happy outcome. There might be demanding buyers, where meeting the expectations would be too difficult. Don’t bother, move on. Focus your attention on selling your stock through some other channel instead.
Media, your best friend
You don’t have to pay money to bloggers, to feature your product to the audience. Rather aim towards them making recommendations. Great story always sells, and might be a win-win situations for you and the blogger. Rather than selling your product to them, sell your story.
Don’t underestimate cost of returns
Keep a track of everything, even the smallest of things. Its very important to keep track of the payments. Even if your sale is good, if you don’t keep track of the payment then you will lose money.
The more setbacks you face, the lesser your competition
Face the problems instead of giving up. We live in a lazy world. We live in a world where everyone wants instantaneous success, name, fame and money. If it was easy, everyone would do it. Competition is killed by sweating yourself on the field, working hard and staying strong where others would have given up. Entrepreneurship makes you tired. But there’s a lot of good waiting on the other side. Get yourself tired. That’s where you’ll meet yourself.
Marketing on Marketplaces
Majority of startups that set up shop online expect the listing process would be immediately followed by hundreds of orders. But, there is no magic to make that happen. You have to make it happen. You have to stand apart and be discovered in a heavily crowded virtual mall. It’s very difficult to market your product on marketplaces as you actually don’t interact with your customer. You have to think smart and focus on making your products visible. Do this by taking utmost care and listing every minute detail about the product while filling excel sheets at the time of listing. Go through seller help guides on each marketplace.
“Fortune is like a flirt – she will run away from you when you want her badly,but if you are not interested in her, she will come chasing you.” – Swami Vivekananda
Success comes to you slowly. Don’t get paranoid if you don’t get sales within a month.Treat money as a by product. While it is important to see that you’re not losing any, it’s more important to create a value proposition when you start. Don’t worry thinking about why you haven’t got x number of orders in a particular day. Invest the same time in marketing and in differentiating your product. You don’t have any control over the outcome but you do have control over your actions. Do your actions, let the outcome take care of itself. Don’t chase fortune. Let fortune chase you.