Are you a small-scale business owner who wishes to expand the customer base of your products? Feel threatened with the impact of the Corona outbreak on your business? Do you want to explore online business opportunities? If answers to the above questions is yes, then we welcome you to the world of ‘online reselling’. This is a selling technique where products are digitally displayed to customers to enable them to place an order, without any physical interaction with them!
Why is an Online Reselling Business the need of the hour?
As mentioned above, online reselling is typically an e-commerce mode of conducting business. This is when retailers or business-owners sell their products to customers on various online platforms using the internet. These online platforms include website of the retailers, social media platforms such as Facebook and Instagram, as also e-commerce websites. Online selling is a boon to budding small-scale business owners, who have insufficient economic resources to set-up a retail store. Lower operational or running costs, are the benefits that make online reselling a lucrative method of doing business. The removal of geographical restrictions will allow you to earn money from home by accessing the internet on your phone.
In fact, since all of us have been home, we have no option but to shop online. There has been a rise in the number of people opting for online payment as opposed to cash on delivery like before. This has given hope to many small businesses and entrepreneurs to setup their base online to continue to initiate an online reselling business. So, if you’re among these budding businessmen and you’d like to run an online reselling business, here are 10 steps for you:
10 steps to launch your online reselling business
The first thing you need to consider in order to run a business online is how you plan to introduce it to the market. Here are 10 brilliant ways you can execute for this launch:
Depending on the kind of product you’re looking to launch, you need to research the market and the competitors. Get a general sense of how others are doing things in the market. Understand what the consumers prefer, what the demand is for and then pick the product based on the popularity. Make sure to highlight the USPs of the product so that you give customers enough reasons to want that product.
This is definitely a mandatory process in order to get the ball rolling. Lay down the foundation of how you’d like your online reselling business model to work. It is important to have clarity on the business model so that one doesn’t goof up in the later stages.
Like any other business, an online reselling one will also require some amount of management when it comes to the costs involved. Since you save on other expenditures like physical outlet, maintenance, staff and so on you will need to look at income from a different angle. This includes calculating your profits, looking into the reviews of the product, working on the features extensively and more. This analysis will need to be taken into consideration when you’re launching a product.
Research a little about the best online reselling platforms out there. While most of them are apps, they also provide you with an option to create a website with them. Some of the platforms out there are Shop101, Meesho, HiBoss etc. Based on what best suits your product and business model, register with them to create an online store. Some of these sites also have the feature where you can create your own brand logo and name. So ensure that you research about the features of the app first and then sign up to run your online reselling business.
If the app that you signed up doesn’t have the feature where it allows you to create a website, don’t worry! You can always create a website even otherwise. To create a website for your online store it must include the following:
- Secure server
- Product catalog
- Shopping cart
- Payment options/processor
- Shipping details
It should be user-friendly and shouldn’t have bugs. Images of your products can be heavy so make sure that your website is able to load everything with ease to give customers a good experience. Furthermore, share and publicise the website link (like www.abcsellers.com) on various social media platforms to attract more and more customers.
Product display and listing
Always click good pictures of the product you want to display. You should be able to click your product from different angles so that customers get a proper idea of how it looks. Although the camera doesn’t capture the actual colours of the product, you can mention it as a side note just so as to give your customers the real picture. It helps to be transparent about whatever information you put out there.
When you provide a description here are the things you should include:
- Name of the product
- Category tag
- Features and use
- Specific code if any
- Discounts or offers
Terms of Sale
- Define and divulge complete details about the terms and conditions of the online sale on your website. Focus specifically on below areas:
- Shipping options and policy
- Estimated delivery time
- Payment terms
- Return and exchange policies
Get a hang of all the marketing tools out there to promote your products to the right audience on the right channels. You can even start promotions with your social circle and ask them to review your product, before it goes out there. Try social media platforms like Facebook marketplace, Instagram, WhatsApp and use tools like bulk email and sms to get the word out there. It is better to send out messages once in a while than spamming customers often.
Start a Blog
Blogging can also be another mode of income for you along with promoting your current brand. Firstly, start a blog that complements your product and give out information that is engaging, helpful and will get others to subscribe. It is a great source to put your brand out there and spread the word more. You can also earn from your blog if you create a Google Adsense account that allows them to post ads on your blog. The more subscribers you have, the more likely you are to get clicks. Each click converts to credits/money into your Adsense account.
Right strategies at the right time and in the right direction are the stepping stones to a successful online product launch. Online reselling sites are platforms for small business owners to sell their products online. Register your business on leading online reselling sites such as Shop101 to successfully launch your products in the online market and enhance the digital presence of your products. Hence, initiate the required baby steps and get the balls rolling!
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