How to Start a Successful eCommerce Reselling Business in India 2021
B2B eCommerce in India is an attractive space today. The sector is one of the fastest-growing in the world as more and more people are taking to online shopping. While the customers are busy browsing websites to shop, resellers are also exploring online marketplaces to establish their businesses.
With quick and easy access to customers with significant disposable income and an inclination to spend, resellers are growing like never before. Needless to say, it is the best time to get into this sector and explore this lucrative career option.
What are the benefits of an online reselling business?
The current pandemic of COVID-19 has increased the demand for online selling. As the fear of contracting the virus continues, people are becoming more comfortable with the idea of shopping from the comfort of their homes.
Online shopping brings several benefits to the table that make it easier for entrepreneurs to start and sustain.
Anyone can do itAlmost anyone can start an online reselling business. You don't need to have the skills or the means to produce goods. All you need is an eye to identify your customer base, their needs and the will to network with them.
It is simple to establishOnce you have your website or the social media page ready, you can get going. If you want to test the waters, you can start with any social media platform of your choice. You can invest in a website and a blog post once you see enough traction through social media.
You can start with low investmentWhen you are in the reselling business, you don't have to spend on inventory management like warehousing and bulk buying. Moreover, you don't need to break the bank for opening a brick and mortar store.
Work from home? Yes, pleaseFor a flourishing online reselling business, you don't need a dedicated office space. All you need is a dependable internet connection and a few hours every day to get your venture up and running.
How to build a successful reselling business?
Although anyone can get into this business, you will still need to know a few things to make your venture successful. Planning will give you more clarity about what you want to do and the customers you want to work with.
Decide your product lineReselling can be a vast area, and you can sell almost anything. However, it is recommended to decide your industry beforehand. For instance, you can either start with apparel, lifestyle or home decor products. Although the temptation to mix these can be strong, it is not advisable to do this.
When you choose one line of work, attracting customers will become easier. As you will present your new line of products, they will remain interested.
However, if you still want to dabble in multiple product lines, separate them on the platforms. For instance, have two websites or social media accounts for them.
Stay in touch with the marketSince reselling has become lucrative in today's time, several people are taking the plunge. To stay ahead of your competition, always keep an eye on what they are doing. You can beat them through unique product offerings and reasonable pricing.
Studying your competitors will also help in setting the tone of your branding strategies. Look at the digital marketing of your competitors to decide the path you would want to take.
Source your productsWhen you start a reselling business, this will be the most crucial step that will decide your success. It is advisable to tie up with reliable manufacturers or wholesalers before you start your venture. After all, being consistent with the stock supply and new product offerings is what your customers will want.
Developing strong partnerships will take time. When you are starting your business, try to find references from your circle of family and friends. There are several scammers and pretend suppliers who are ready to take advantage of newbies. Working with known partners will keep you and your money safe.
Another option is to work with reputable companies that have a dedicated office set-up and a reliable website.
Social MediaOnce you have taken all the crucial decisions listed above, the next step is to market your goods to the customers. In this age of social media, these platforms are the best options to reach your audience.
You can make business accounts on Facebook, Instagram or Watsapp to connect with the consumers and display your products. It will also allow your customers to order easily through DMs.
Marekting your productsFinally, marketing is what will grow your business and engage your customers. With an effective marketing strategy, you can educate your customers not just about your product line, but also about the price advantage, discounts, and offers.
Shipping and PaymentYou can either offer free shipping or ask your customers to pay for shipping. In the former case, you will have to include the shipping expenses in your final product price.
Finally, processing payments is the last crucial step that will have to consider for your reselling business. You can choose a simple or a comprehensive payment method depending upon the scale of your business. With a consolidated payment setup, you can deliver a seamless shopping experience to your customers.