new Delhi. In the midst of increasing competition in the market, it is most important to make online penetration in order to have easy access to the consumers. If you also want to make your existing business online, then we are giving you some business tips. There are 6 key things you have to keep in mind during this transition process to register your presence on e-commerce.
Don’t Spend Too Much in the Beginning
While starting an online business, you should not spend much at the initial stage. You can start with the subscription-based platform, where you will find many options. You should note that these platforms should be capable of solving problems in areas such as creation of stores, customer/in-store orders, smooth payments, delivery and marketing/promotions.
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Choose an automation-based O2O platform
Automation has increased very rapidly in the year 2022. Businesses should opt for such O2O (Offline to Online) platforms that support automation, so that there is less expenditure on staff. These platforms provide great tools and data to analyze the market and make it easier to reach your customers.
Access to various payment options
Merchants must check whether they can initiate the payment through various options like UPI Credit, Debit Card, Net Banking, Buy Now Pay Later etc. It is worth noting that in 2021, there has been an increase of 80 percent in all online transactions in India. In Tier 2 and Tier 3 cities, this growth has been 92 percent.
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data based business decision making
Data based decision making can take business to new heights. You should keep in mind that you do not have to pay attention commission for the data and you have complete control over it. To stay in the market it is important to understand the behavior of the customer, send them discounts/offers during the festive season or even remove the old stock. Customer feedback plays a big role in this, which will be possible only through data collection.
Better use of business tools
Today 49 percent of India’s population is using the Internet. You should also use it to reach customers. This will help in increasing the business by 10 and reducing expenses. Businesses should sell their products and services through social media like Facebook and Instagram.
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Loan should be arranged in advance
Some companies give loans to small businessmen in times of crisis. If the epidemic comes again or in any other emergency, you can take help from these financial companies. You need to have a good credit score to get the loan and this is possible only when you have your own online store.
Tags: business ideas, online business
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