How To Sell Online : A Step-By-Step Guide Of 2023 (Skyrocket Your Sales)
Over the years, the shopping behaviour of the customers has been changed extensively. Buyers now prefer to research more online before making any purchases. Hence, the consumers are now more reliant on online shopping over conventional shopping. The availability of the internet keeps the online shopping experiences of the customers one step ahead of the brick and mortar shopping experience.
The primary reason for choosing the online selling over the traditional selling is, it mitigates the geographical barrier. The sellers can now sell the product to the customers, who are living in other states.
In addition, the sellers do not need to bear the cost of running the business from brick and mortar stores. It increases the overhead costs of the business (such as set up cost and operational costs), which in turn reduces the overall market share and net profitability earning of the business.
Similarly, the buyers also prefer to deliver their demanded products at their doorstep, and can complete the shopping without visiting the store. On the other hand, the online sellers can also courier the products to the international customers (if they get any order). For instance, The online sellers will get 100% FDI in B2B Ecommerce.
As per the global ecommerce sales, the retail growth has been experiencing a growth of 5.2 trillion US Dollars worldwide. By 2026, the forecast report shows that the ecommerce retail sales will be growing by 56% over the next few years, which is a total of approximately 8.1 trillion dollars by 2026.
For instance, the Chinese retail group Alibaba is the largest ecommerce retailer worldwide, which is valued at 700 billion US Dollars in 2023. Nonetheless, as per the forecast, Seattle based e-commerce giant Amazon will surpass the Alibaba sales by 2027, when Amazon will get a turnover of 1.2 trillion US dollars in online sales.
In 2023, the Chinese e-commerce market is considered as the biggest market in the world, with internet sales. It accounted for nearly half of the retail sales of the country. After that the retail market of the United Kingdom is at the second highest position, which draws approximately a sales of 36%, followed by South Korea (which draws 32% sales out of the global ecommerce sales).
Whereas Denmark holds the fourth position with 20% sales in the global ecommerce market. Also the experts identified that India and Philippines are the two fastest growing ecommerce countries as per the online sales. The countries will be experiencing a sharp growth in the ecommerce sales by 25% within the near future.
Key Companies And Market Share Insights
It is known that the global ecommerce market has been leaping over the past few years. Consequently, the number of digital buyers have been climbing every year. Apart from digitization, the use of mobile phones has increased, which is the other identified reason for increasing the market share of the global ecommerce market.
As per the recent study, approximately 70% sales of the ecommerce market has been depending on smartphones. For instance, M-Commerce is widely accepted across Asia with countries like South Korea, India, which have been getting 65% sales via mobile traffic.
Some of the key global e-commerce players names’ are listed in the following section:
- Amazon.com, Inc
- JD.com, Inc.
- Apple Inc
- Alibaba Group Holding Limited
- Flipkart Private Limited
- Walmart Inc
- eBay Inc
- Best Buy
- The Home Depot
Check out the name of the regions, which have a possibility of growing in the global ecommerce market. Some of them are North America, Europe, Asia Pacific, MEA, Latin America. Whereas the most promising countries are US, Canada, UK, Brazil, France, China, India, Japan, Mexico which have been experiencing a steady growth in the global ecommerce market and hence, it can be predicted that the growth rate will be increased mode.
Steps To Sell Products Online
Ecommerce business is nothing but the buying and selling of goods electronically online. Online sellers are seeking multiple benefits from the E-Business such as internet marketing, electronic funds transfer, mobile ecommerce, which can be further categorized into two parts.
- Online retail shopping is proportionately related to the shoppers through mobile apps, websites and voice assistance, chatbots and chats etc.
- Sellers are the part of online marketplace, where the third party sales can be taken place
If the sellers have plans to start selling via online, then the sellers should follow the below-mentioned steps.
1. Choose The Product You Want To Sell
To start a profitable online selling business, the sellers should focus more on the newly trending products with higher sales potential. In order to find a product for online selling.
The sellers should focus on the following attributes.
- Solve a buyer pain point
- Appeal to the enthusiastic trade
- Start by choosing an industry
- Take advice from the professional experts
- Identify the Market trends
- Consider the customer reviews on existing products
- Research the product opportunities on keywords
- Go for Trial and Error method before launching the website
- Browse what is trending on online marketplace
Solve the buyer pain point: It is necessary to solve the customer pain point to develop a product, which is highly demanded by the customers. It will be better to closely check common loopholes with the existing product line.
Appeal to the enthusiastic hobbyists: If you find that the customers are highly passionate about a specific hobby or trade, then they will be inclined to invest in the exact product to get the product. This willingness to pay attribute can be a major qualification for evaluating the potential opportunity of any product or a line of products.
Kindly note: Additional benefits will be added to a higher engagement level and loyalty of the customers towards your brand. Don't forget that the enthusiastic buyers usually prefer to be involved in the industry and get more value out of the products they have bought.
Start by choosing an industry: Start to conduct industry wise research thoroughly before selecting the product for selling online for your business. The profitability margin of the online business is dependent on this fact. The agenda of online selling is to make money over the long run. As per the recent report, phone accessories have been experiencing larger margins than the electronics goods.
Take advice from the professional experts: It will be wise to discuss and take suggestions from the experts, who have been operating business online. Apart from the secondary research, you will be able to get raw data and business experience about the online selling for a particular item.
Identify the Market trends: It is equally important to identify the market trend to successfully run an online business after starting it. For instance, if you aim at selling a less demanded product, then you cannot fetch the attraction of the target customers towards your products, and you can not expect to generate a greater sales. As per the recent report, the consumer electronics is the most demanded online sling product, which is followed by apparels in India.
Go through the following section to get an idea about the most trending item for Indian Ecommerce business.
1. Social listening:
The sellers should proactively look at the trending hashtags on Twitter or topics on Facebook, so that they can identify the trends over time.
2. Google Trends:
Keep an eye on the popularity of topics over time and find out what is most demanded item as per the customers; interest.
3. Trend Hunter:
This is the world’s largest, most popular trend community uses data, artificial intelligence and real humans for identifying the customer insights as well as new opportunities to explore.
The front page of the internet highlights the most trending items under the sun. It will be better if the sellers will visit the page and search for what people are buzzing about.
Customer reviews on the existing items: The sellers will get a better insight if they track the customer reviews on the purchasing of existing items. If you are about to open a new online business, then you can look at the customer reviews for the other brands and products of the similar industry, which you have planned to explore.
Moreover, if you are not at all confirmed about the industry or product category for exploring, then you can focus on the specific demographic and focus on the products and brands for further research.
Research product opportunities on keywords: Target to research on the highly searched keywords on the internet. Based on the research report, try to figure out search queries people are using, total number of searches per week and month, relevant queries related to the keywords and lastly the overall competition for the searches. The keyword research as well as the search engine optimization will give you a better insight about the demand for the particular product.
The online sellers can use the following search terms for finding the keyword search volume of the highly demanding products on the internet:
1. Keywords everywhere
2. Keyword tool
4. Helium 10
7. Alibaba Hot Keywords and Industries Keywords etc.
Go for Trial and Error method before launching the website: Before you invest your money for launching the ecommerce website and start to sell through online; The sellers can go for a trial and error method, so that they can check whether their selling products are readily accepted by the target customers or not.
For that, you should minimize the upfront investment and start to examine the market by building the landing page for promoting your potential product. The sellers can send email to the interested customers and can run a few paid ads for driving traffic to it. Through this test, the sellers can get to know the customers' responses for their products. If the campaign is successful, then you can launch your website with the selected item.
Browse the Trends on Online Marketplaces: Apart from doing research on the Google and social media trends, the sellers can browse popular ecommerce websites and find out the most trending products over there. Your browse list should be like “What's hot”, “Most wished for” etc, and it will show you the current customer demand. Some browse trends are:
- Amazon bestsellers
- Amazon most wished for
- Etsy Best Selling items
- Etsy most wanted
- Trending on eBay
- Etsy most popular item etc
Last but not the least, before taking the final decision and finalizing the product for online selling, the sellers should conduct a deep down research. As per the experts suggestion, the online sellers should choose the products with little overhead, which provide a low risk, since it seeks higher profitability margin compared to the more expensive products. More specifically, the online sellers should work on the cost of goods sold (COGS) and try to sell low cost items for generating high return on investment (ROI).
2. Establish The Target Customers
Creating an online store is not only the ultimate option to increase the profitability margin of your business. Instead, the sellers should work more on getting the attention of the target buyers. The sellers can follow the provided guidance to find out the target audience.
- What is the target audience?
- Importance of target customer in online selling
- Types of target audience
- Steps of determining the target customers
- Easy steps to reach out to your target customer
- Check the competitor's strategy
What is Target Audience?
The target audience is the group of people (known as potential buyers), who can be inclined towards your products and can complete the purchasing. If you are seeking to open an ecommerce business, then it is important to identify the target customers. In addition, it also helps you in finding new customers and as a result, the conversion rate of the business along with the sales will be increased.
Importance of Finding Target Customers
It is essential to find and understand the demand of the target customers to make an online business successful. Finding the target customer is easier to determine what segments of buyers support the business. If they are going to become more than one purchase customer or not.
Types of Target Audience
Once you identify the target customers, you should find out their demographic and based on that you can assume whether they will like your selling products or not. Hence, the online sellers should consider the age, gender, lifestyle, ethnicity, income level, marital status, occupation, of the target customers.
Moreover, location is another important attribute of the demographic types. Hence, the target customers should also be further categorized based on the countries, states, cities. For instance, Sugar is a popular cosmetics brand of India, which targets Indian women. The brand manufactures those items, which last throughout the day in the Indian regional climate, which is hot, humid mostly.
Psychographics is the other category of selecting the target audience. It is related to the attitude, personality and interests of the target consumers. As per the experts, understand the interest of the target customers can help the sellers in the following things:
- Serve more relevant advertisement
- Creating the content buyers care about
- Develop more interesting items
Step of Determining Target Customers
In order to determine the target customers, the online sellers should define the marketing goals. This is nothing but the key performance indicator (KPI). KPI can increase brand awareness, more buyers from a specific demographic and the growth of the email subscription list.
Also, the sellers should conduct an audience research to understand them in a better way. Therefore, the sellers will be able to understand the purchase history of the customers and can figure out, on which the target customers usually like to spend more.
In this regard, the online sellers can take the help of digital analytics and gather as much as possible customer information from several groups. You can include the website, social media (both organic and paid marketing), email subscription list.
Purchase intent is a useful tool to determine the target customers. Through the purchase intent, the sellers can identify those potential buyers, with whom they have interacted. This refers to the target customers who want to purchase the product from your brand, but they might need more information, so that they complete the purchase.
In case of purchase intent, the sellers should focus on numerous factors such as behavioural data, channel usage, demographic of the customers. Here the sellers can check out some of the examples of purchase intent:
- Use the scratch box for looking the products
- Session length on product or category pages
- Watching 75% of a video
To determine the online sellers, the sellers can check out and identify the competitors, who used to sell similar aligned items. Since you will not get the back end data, therefore, you can check out the social media profiles of the customers.
Along with it, you can do secondary research considering the consumer trend and their behaviour. For instance, the sellers can take the help of Nielsen and Pew Research Centre for getting the detailed market research.
Lastly, apart from the secondary research, the online sellers can also conduct a primary research that is consumer surveys. The sellers can make an online questionnaire using SurveyMonkey and send them to the customers.
Easy Steps to Reach Out to Target Buyers
To reach out to the target buyers, the sellers should rely on the following ways. The online sellers can run Facebook ads. Facebook uses advanced ad targeting for finding out the high intent buyers.
To run the Facebook ads, the sellers should only match the products along with the lists of demographics, interests, behaviour, and you can find out the right audience for the advertisements.
To reach out to the target buyers, the online sellers should work with the influencers. This is the other way of promoting the brand, which in turn increases the sales of the online sales. Some of the good channels for influencer marketing includes:
A referral program can be the finest way to reach out to the target customers. The sellers can make the customers happy by providing them gift cards, future discounts, cash back, free products etc. It is necessary to reach the right audience with the right message and targeting is one of the most effective ways to increase the sales of your business.
3. Select The Sales Channels
The sales channels are the important path for online selling, through which the sellers can reach with their brands to a large base of the customers. Some of the popular sales channels include the traditional marketplaces, ecommerce website, wholesale, mobile apps and more.
The top important sales channels are:
4. Create An Online Store
For running an online business, it will be great if the sellers have their own ecommerce website. To get better insights about the customers, including their demographics (such as location, type of preferences) and how they found the website.
Being a seller, you can analyse the behaviour on the website. Having an own business website will be an added advantage to the sellers, so that they can market directly to the website visitors and the buyers.
For instance, through the in-built analytics of the website, the sellers can identify the traffic sources and can put more money into those channels, so that the sellers can increase their sales more and can earn more profit.The online sellers can create their own website for running the business with the help of Fynd platform.
To start to make a website for your business, the sellers should provide a mobile number and email address, so that the sign-up process can be done easily. Next, the sellers should fill in the following business details.
- Your business name, address
- Your GST/ PAN Card details
- Your brand logo (it is not at all mandatory)
Once the sellers will fill the above-mentioned details, you will be able to create your own website for online business.
Add the Product First:
After creating the business website with Fynd, the sellers should add the product first. To add the products, the sellers should follow two ways.
- The sellers can import bulk products either through an Excel or CSV sheet with several attributes and parameters. Fynd platform has real time inventory integration, through which the sellers can easily upload their product.
- Secondly, the sellers can add the products manually along with the uploading of images through an easy to fill form. There are some predefined categories and the candidates should choose from the drop-down menu.
Along with the product images, Fynd platform allows the sellers to add the other specifications, such as adding of description, product category price, shipping fee and delivery date etc.
Kindly go through the following rules for the product listing in Fynd platform.
- Upload high quality resolution images. Blurry images only distract and confuse the consumers
- Maintain the image dimensions. Fynd platform will have a recommended resolution format
- Try to add product views from multiple angles. If you want you can add a 360 degree view of product
Fynd platform allows unlimited products to upload irrespective of the plan the sellers choose. This means that if the sellers will build their own ecommerce website, then they will have the full flexibility to add the product photos and videos as per their choices. No limitation will be there. Along with it, the sellers can alter the website layout and navigation.
Add the Sales Channel:
The sales channel of the sellers is nothing but their window of the official website, through which the sellers can work on catalogue/ inventory/ analytics/ themes/ communication. When the sellers add a sales channel, then the sellers should select a free domain by the Fynd platform or should integrate their own domain name.
The sellers can get the themes and can select the structure of the website. There will be multiple free and paid themes on the Fynd platform, with which the sellers can create their dream website. To add the sales channel after getting live the website, the candidates should follow the below highlighted image.
With the help of this application, the sellers can now proceed with the following attributes.
- Make android and iOS apps
- Use marketing and communication tools
- Configure and apply the favourite themes
- Explore the in-built analytics as much as possible
Add Your Team:
If you have been running the business on your own, and you need a team, then Fynd platform allows the sellers to invite several people for building the team. If you want, you can add people as admin or staff. On the other hand, if you don't want to, then no one will be able to enter the space. Only you can give access to the team members. The sellers can check the steps here to create a business website with the Fynd platform.
Step 1: Start with the new application and fill out the details and choose the brands, whose products you want to display to the application
Step 2: Search a suitable domain for your brand/ online business
Step 3: Once you select the preferable domain from the list of suggested items, then the URL of your website will degenerate.
Step 4: Choose the origin of your inventory. If you want, you can choose more than one company or store, whose inventory you want to display in the application.
In step 4, the sellers should decide the company, from where you want to manage the inventory and then display them to the users. Kindly note, if the sellers enable the “Other selling option”, then you can pick from the Company List drop down menu the product inventory or more than one company. Once the website will be developed, the sellers can use the following tools to get greater success in the business.
Fynd platform helps the sellers in the in-house logistics integration. Once the orders come to the brand, the Fynd team will automatically assign the order to the respective sellers and will also allot the lowest cost delivery partner.
Payment Gateway Integration:
The Fynd platform is associated with the major payment gateways such as JustPay, Stripe, RazorPay. This will help the brands in collecting the payment for their orders via credit card/ debit card/wallets/ pay later and many more.
The brands can make an association with the third party applications like Google Analytics, Facebook Pixel etc for making the informed data driven decisions. The Fynd platform offers the entire suite for taking the business online.
Note: If required, the sellers can ask for a demo to the team of Fynd platform and get the detailed knowledge of creating the online store.
5. Name The Business And Domain
A business and domain name is nothing but the identity of your brand, through which your customers can address you online. It is basically how the sellers express their identity and build a brand.
The sellers can check out the tips here before choosing the best domain name for their online business.
- Try to keep your business domain short, brand-able and memorable.
- Do not put hyphens and numbers in between the domain name.
- You have to add a “.com” in the domain name.
- The sellers can include SEO keywords in the domain name, if it does make a sense.
- Keep your online business domain name under 15 characters.
- Don’t use short form in domain name (for instance, write You instead of “U”).
- Do not add complex spelling and meaning in the business and domain name.
As per the experts, one can add keywords to the domain name in order to make the customers known about the website. Moreover, if the sellers have a good user experience before and quality content, then you can rank higher (with the SEO keyword) in Google search results
If your domain name is not available in the .com extension, then you should try to get a new Top level domain (TLD) instead. In such a case, you can try your domain name in a similar niche by registering with any of the TLDs such as .co, .shop, .biz and many more.
For choosing the business and domain name, the sellers should spend time on research. The sellers should also make sure that no other business name is using the same domain name. To check the domain name, whether it is used by some other business or not, the sellers should follow the below-mentioned ways.
- Run a trademark search: Go to the USPTO.gov and then search the trademark database for checking where there is other registered business or not with the similar name
- Check Social Media: To check the domain name availability, the online sellers should search on Instagram, TikTok, Facebook, YouTube etc.
- Random Google Search: Lastly, the sellers can type your preferable domain for the business in Google and check whether anyone is using the same or not.
Steps to Register Your Business Domain Name
If you are getting an ecommerce business, then you can buy a domain name from Fynd platform rather than face the hassle of searching for a domain name from GoDaddy or Namecheap. If you make your own website with the help of Fynd platform, then get the access of selecting your business domain name. The sellers can follow the below-mentioned process:
Platform panel>> Sales Channel (Choose Application) >> Settings >> Domains
Next the sellers should click on the “Add Domain” option. Once can add their domain in two ways, predefined domain and custom domain.
6. Marketing Strategy For Online Business
To boost up the online business, a strong marketing strategy is working as the backbone of the successful business. Here, the top and popular marketing strategies have been analysed, with which an online seller can improve their performance in the business.
Use Search Engine Marketing and Optimization:
Search Engine marketing and optimization helps the business in increasing the visibility and ranking of the business website. As a result, when the customers will search for a particular keyword, with the help of search engine optimizer or marketer, the page ranking of the online business will be improved. The Search Engine Marketers should work on the content indexing, good link structure and keywords & Keyword targeting for successful marketing.
Tip: The Search Engine optimizer should deploy the keywords and search the term on which your site could be found in your content and headers). This is the fundamental building block of Search Engine Optimization.
Tips to Improve Online Selling For Your Website
Here are some tips provided for improving the online selling for your website in the given section.
- Try to add excellent product description content such as rich flyers, videos, good resolution images etc.
- Build your own sales strategy and customize it as per your requirement. This customization will be dependent on the item you are selling, number of customers you haven't price points etc.
- Always keep contact with the customers. Try to collect buyers feedback, reviews, order information and delivery process. Hence, you will get a fair idea about the sales and how your customers are happy with it.
What Are The Popular Ecommerce Marketplaces In The World?
As per the research, 62.5% of the total online spending of the World was through the international marketplaces like Amazon and eBay. Based on the current trend, it can be assumed that the global ecommerce market will reach $5.5 trillion in 2023 and will grow more in the next few years.
For instance, it is estimated that the global online shopping market could exceed $7 trillion by 2025, and the amount will amount to 23.6% of all consumer spending. Here in the following section, the popular ecommerce marketplaces in India are discussed
1. Amazon Marketplace
Amazon is playing the giant role in the Indian ecommerce market, which attracts the sellers to showcase their products in the marketplace and accelerate the sales. A total of 130 million customers (approx) every month to this platform. Among them, 86% buyers purchase on Amazon (as per the surveying of 200000 consumers annually).
On the other hand, around 55% of the total online shoppers start searching for the product of their choices on Amazon, compared to searching to the other marketplaces. Among them, 50% of mobile buyers try at Amazon first before purchasing a product, compared to the rest of the search engines (approx 34%) and other retailers (approx 16%).
To target the customers, Amazon categorizes its shoppers based on the following attributes:
- Demographics and
Behind the success of Amazon, the strategic operation of the business has been playing a major role in building brand equity. So that the brand can reach a wide base of customers. The Amazon operations are depending on the following attributes.
- Inventory management.
- Ensure the products are always stock in.
- Shipping and fulfil the orders.
- Reduce the returns and chargebacks.
- Maintain the high fast track rate that is prime eligibility (at 85% or above)
Apart from the top-notch business operational strategies, Amazon is popular to the customers for its amazing advertising strategy to reach the consumers. In order to generate paid traffic, Amazon will have several options to rely on:
- Amazon Sponsored Products Ads.
- Sponsored Brands.
- Amazon DSP.
Go through the following section to know about the segments, where Amazon has maintained the leadership by offering several features and services.
- Amazon Prime.
- Amazon Video.
- Amazon Cloud Drive and Cloud Player.
- Amazon Web Services.
- Amazon Fresh and Amazon Prime Pantry.
- Amazon Dash.
- Amazon Kindle.
- Amazon Echo etc.
Apart from that, Amazon has leadership on the following list of subsidiaries:
- Create Space
- Box Office Mojo
- DPReview etc.
How does Amazon deal with its competitors?
If you consider the example of Amazon Prime and its competitor Netflix, then one can see that Amazon tries to offer the customers lesser cost to get the prime membership and also allow the customers to get offline streaming and using no data and also by increasing the ease of use of the facility anywhere. Whereas Netflix does not offer such features to its clients.
Ebay is the second largest US internal marketplace. The strongest demographics of eBay shoppers are from the age group between 35 and 49 years old. One of the major benefits of eBay is, it charges the lowest fees compared to the other international marketplaces. For instance, eBay’s fee structure is 10% to 15% of the total sales value.
Customer Segmentation of eBay:
Ebay has a two-sided marketplace business model, which has two customer segmentations of the platform.
- Sellers: eBay targets those individuals or businesses, who are interested in listing the products up for auction or sale. For instance, eBay has a total of 19 million sellers worldwide and approximately 1 billion active listings posted by individual sellers, who create eBay stores for leveraging the platform to the full potential.
- Buyers: The customers, who are interested in bidding the products up for auction via a fixed price (set by the sellers), are satisfied with the business strategy of eBay. There are a total of 159 million active buyers across the world, who have been associated with eBay.
Value Proposition Offered by eBay
- Large product catalogue
- Quality assured products
- Order tracking system
- Free shipping and fast delivery
- Option to review and give feedback related to the products
- Money-back guarantee
- Global customer base
- Powerful marketing and distribution channel
- Decent customer satisfaction
- Follows the top-rated seller program
Business Model Followed By Ebay
Ebay has evolved into the online ecommerce marketplace platform, which enables C2C and B2C transactions. The platform does not have any inventory, which seems to be the mediator between the buyers and sellers, and it enables people to buy or sell the items.
Go through the quick overview of two key players of eBay-Buyers and Sellers here in the following section.
In addition, eBay allows the shoppers to keep a track of their purchase history and can save the searches as well. Ebay Revenue Model. In order to earn money from the marketplace, eBay follows the below-mentioned revenue model.
Check out the details here:
- Listing Fee Model: eBay allows multiple sellers to list out a minimum of 200 items on its online marketplace platform free of cost. Once the limit is exhausted, eBay charges a listing fee (or insertion fee) of US$0.35 for every listing.
- Commission Based Revenue Model: eBay can earn a commission from every sale they are making through the sellers of this platform. The commission will be earned in the form of Final value fee and it will be estimated as the total amount of sale, along with the $0.30 per order.
- Advertising Based Revenue Model: eBay is not only earning the revenue using the listing fees or commissions through the successful sales. This platform helps the sellers to advertise the products on eBay in trade for money. If the sellers want to advertise their products through eBay, then they need to pay a fixed amount.
Apart from these above-mentioned revenue models, eBay also earns revenue from international trade and through the acquisition of the leading organizations, such as StubHub.
The top categories products, which are sold in eBay are:
- Jewelry and watches
- Sporting goods
- Health and Beauty
- Home and Garden
- Toys and Hobbies
- Clothing, shoes and accessories
To open an account on eBay for selling purpose, the sellers should follow three basic steps, such as:
- Sign up the eBay business selling account
- Set up the account policies, include the shipping, return and policy preferences
- Upload the inventory using the eBay tools or by using the Shopify Integration
After Amazon, the second-best Indian ecommerce marketplace is Walmart. The competitive advantage of Walmart is its cost leadership model. Walmart is operating its services in three major categories, that are Wholesale, Retail and Others. These three categories further include the multiple formats, such as Supermarkets, Super centres, Ecommerce, Hypermarkets and Warehouse clubs.
Walmart allows the third party online sellers to list their products to the website, so that they can reach out to millions of customers. More specifically, Walmart is popular as one of the best ecommerce marketplaces for the given two business keys.
- One-stop shopping
- Every day low cost (EDLC) or Every day low price (EDLP)
Apart from that, Walmart aims at the saving catcher strategy. So that it can target its customers by setting the lower prices of the product compared to the promoted prices of the competitors. The Walmart pick up is the other identified reason to be popular to the customers, with which the customers can expect to get a free delivery of the goods at their doorstep.
There are some flexibilities in the Walmart pick up strategy and hence, the pickup today strategy gets so familiar. As per the concept of pickup today, the customers can pick up their orders directly from the Walmart store within 4 hours of placing the online order.
Here the sellers can find out the business strategy of Walmart.
- Rising focus on the customer services
- Improving groceries
- Flexibility in the shopping experience
Why to Choose Walmart the Online Sellers for Omni Channel Strategy?
The online sellers can get the following benefits if they choose Walmart online marketplace:
1. Bigger Reach:
Since Walmart can grab the attention of immense customers every day, therefore it will be easier for your products to get noticed by the buyers. Moreover, if the listings of the sellers will be published with Walmart SEO guidelines, then the sellers will get added advantage. Hence, the sellers can rank to the top search.
2. Liquidate the Slow Selling Stock:
Walmart helps the online sellers to liquidate the slow selling stock. Consequently, the inventory space will be freeing up and can be replaced with fresh products.
3. Simple to Manage:
Another reason for choosing the Walmart marketplace for selling the items is, it is simple to manage.
4. Easy Competitor Monitoring:
Along with the above-mentioned usefulness, the online sellers can easily monitor the competitor's move (such as price difference, marketing strategies and customer service), if they start to sell via Walmart.
5. No Initial Setup Fee or Monthly Fee:
The sellers only have to pay the referral fees for starting to sell on Walmart. This referral fee will be determined based on the product category. Unlike Amazon, there will be no selling fee which includes the variable closing fee, per item fee.
Marketing Mix Strategy by Walmart
Here the online sellers will get an idea about the Marketing Mix strategy followed by Walmart, so that they feel interested and start to sell with this organization. It depends on four factors, such as Price, Place, Product and Promotion.
1. Pricing Strategy: Walmart follows the “Everyday low price” (EDLP) strategy to draw the attention of the target buyers. This is the reason Walmart is playing the role of cost leadership.
2. Place: Walmart runs its business both in online and offline mode. For instance, High end IT systems allow the sellers to smoothly operate the business in online mode. In addition, Walmart has enormous delivery trucks for completing door to door delivery efficiently.
3. Product: The sales staff of Walmart are trained to assist the buyers in searching the products they are looking for. Here, the customers will get varieties of goods such as furniture, appliances, hardware, health goods, wellness, sports to entertainment, beauty products etc. To deliver the good quality products, Walmart maintains a healthy bond with the suppliers. This in turn helps the buyers to purchase the items in bulk quantities.
4. Promotion: The promotional strategy of Walmart is composed of advertisements, sales promotions, public relations and personal selling. Some of the popular slogans of Walmart are, “the lowest price store”, “save money”, “live better”, “everyday low price” etc.
The online sellers can get here the Walmart selling strategies for powering up the sales of their businesses.
1. Win the Walmart Buy Box:
If the third party sellers can generate the higher sales or conversion, then they can win the Walmart Buy Box.
2. Good Customer Reviews:
Walmart gives higher value to the customer reviews and this will add a good weightage to the sell or services offered by the sellers.
3. Best Customer Service:
If the sellers want to start selling through Walmart, then they can assure their customers to provide the best and premium services. Approximately 99% of the time, Walmart is able to deliver the products to the customers within the mentioned time. The product shipping rate within the time is 99.5%. Also, the product cancel rate to Walmart is less than 1.5%.
Etsy offers the seller aligned business model, through which it can make money. Consequently, the sellers get the opportunity to earn higher money. As of the statistical report by Etsy 2020, there are a total of 4.4 million sellers from 234 countries are associated with the firm.
The sellers can check Etsy's business model to get an idea about its success.
1. Best in the class search and discovery, so that the customers can easily find out the right item
2. Optimize the post purchasing experiences for increasing the transparency and trust with the sellers
Salient Business Strategy of Etsy
Etsy's ecommerce website targets to sell the goods and earn the revenues from the commission. Here some key features of Etsy have been discussed.
- Etsy only sells the listed unique products in arts and crafts and vintage category to attract its customers
- The ecommerce website only lists the vintage products, which are only 20 years old
- Etsy offers global shipping, hence the sellers can deliver the products to anybody and anywhere
- Etsy's sellers have feedback, with which the buyers can decide to purchase the products
- Etsy is usually popular among the women, approximately 67% registered members are women
Business Model Canvas of Etsy
Etsy’s business model canvas is depending on nine segments, such as key partners, key activities, value proposition, Customer Relationship, Channels, Customer Segments, Cost Structure and Revenue Stream.
Etsy’s Value Propositions
The sellers can showcase their items through Etsy in front of the world. Once they open the store, they can select the store name. The sellers can also select the selling price for their items and add as many items as their wish to the online store. Etsy's sellers also get the flexibility in adding the relevant tags to the items, so that the customers can easily find them when they start to search for the same.
The key partners of Etsy are:
- Local organizations
- Small Businesses
- Online marketing
- User management
- Managing payments
- Customer support
- Etsy platform
- Buyers are more inclined in purchasing of unique products
- Artist community
- Social media
- Customer support
- Review, rating and feedback system
- Local events
- Android App
- iOS App
- Website maintenance
- Marketing and customer acquisition
- Local events for sellers
- Listing fee of $0.20 for 4 months
- Listing renewal fee of $0.20 after 4 months
- Commission 3.5% of the sale revenue
- Advertisement revenue from the featured shops
Why to Choose Etsy for Online Selling?
Here the sellers will get plenty of reasons to choose online selling with Etsy.
- The online sellers can easily set up their brand and start selling. In this regard, the sellers will get expert guidance from the Etsy marketplace
- Etsy makes a commitment to the small businesses to get success. Etsy will offer the seller protection policy
- Etsy offers its sellers effective marketing strategy, so that they can reach to a wide group of customers with their products
What Are The Popular Ecommerce Platform?
The Ecommerce platforms help the sellers to set up online stores as per their needs. These platforms are also useful for listing the products apart from selling it. The Ecommerce platform also looks after and manages the inventory and deals with the delivery of the goods to the customers. Here in the given section, the business strategy of some of the popular ecommerce platforms have been discussed.
Fynd platform is the online ecommerce platform of India, which provides world-class technology and cloud infrastructure. Typically, an entrepreneur has to pay Rs 25000 to Rs 200000 (excluding the overhead cost) to create an ecommerce website, whereas Fynd charges only Rs 599 per month.
Moreover, one can easily create his website with the help of Fynd platform within 30 minutes. It also offers the sellers to experience the demo service of the website, before launching the website.
Salient Features of Fynd Platform
Before starting to build a website for online business, the sellers should have a detailed knowledge about the salient features of Fynd platform.
1. Create brand websites or mobile applications within less than 10 minutes. Apart from creating the featured website with the custom pages, Fynd assures its sellers to create Android App and iOS App along with it
2. For catering the diverse audience, Fynd platform provides the multiple language support on the website
3. For getting quick help, the support team of Fynd platform is always there, so that the sellers can get redirected to get guidance
4. If you are a new seller, then Fynd platform will offer you to get onboarded in no time and get the inventory up online in no time
5. To create the website and for further customization, the sellers can use the development kits of Fynd platform
6. The support team of Fynd platform has been working so efficiently that it can easily deal with the tracking and google analytics of the online selling business. There are multiple applications are being used like Firebase, MO Engage, Segment and GTM
7. The order management system of Fynd platform can track the order lifecycle once the order will be placed by the buyers. It also manages the delivery and refund
8. For further improvement in the online business, Fynd platform uses feedback capture mechanism. And this service includes the following marketing tools.
9. SMS Marketing
10. Coupon Marketing
11. Email Marketing
12. Custom Audience Targeting
13. Rating and Reviews
15. Influencer Marketing
16. Linking Facebook and Instagram Stores
17. Short Link Generation
18. Being a new seller, Fynd platform allows him to run the online business across several marketplaces by uploading the catalogs on Amazon, Flipkart, Ajio, Facebook, Myntra etc.
19. Communication is a vital aspect of successfully running an online business. Fynd platform has predefined SMS and Email template for creating raw HTML or custom emails to reach out to the customers
Why Choose Fynd Platform?
Here are some probable reasons why the online sellers want to choose Fynd for online selling purpose, over the other ecommerce platforms.
1. The online store is the extension of the offline store or social media pages. You can reach only a limited number of customers through the social media pages, whereas having an online website with Fynd platform can help the sellers to gain an unlimited number of potential shoppers. Hence, it helps in increasing the reach of the sellers to a wide group of customers
2. Fynd platform understand the requirement of the customers and provides them 24/7 support
3. Moreover, Fynd platform offers one month free trial to the sellers, so that they will get accustomed to the platform. You will need to enter the credit/ debit card details on the last day of the expiry of validity. Free trial is also valid for running the promotional events as well
4. The sellers can add unlimited items whether they choose standard plan or ultra premium plan for their website, so that they get maximum output from the online ecommerce website/ app of Fynd platform
5. There will be no hidden charges in the cost structure of Fynd. The commission structure includes the payment gateway integration as well
There are some online brands, which have been successfully running their businesses with the Fynd online platform.
Apart from the above-mentioned websites, there are some instances of success stories. For Instance, the sales of Superdry Amritsar has increased from 13% to 19% with the Fynd store. Similarly, Red Chief has also increased its sales volume from 15% to 21% with this online platform.
Steve Madden stores rose its sales volume by 5% in 2023 and reached 15%. Approximately 600 brands and 10000 stores are associated with the Fynd online platform. The platform offers the online sellers to grow and manage several sales channels.
Shopify is another popular ecommerce platform, with which the sellers can easily launch their online website. Hence, Shopify has approximately 2 million active users worldwide.
Check the reasons why Shopify is rated as the best ecommerce platform.
- Shopify is one of the user-friendly platforms across the market. Without knowing a single line of coding, one can easily build the website and start selling with the help of Shopify support team.
- Shopify is scalable and no matter what kind of business or what is the size, the sellers can customize the items for the customers.
- Before starting to sell online, the sellers can attend the free learning resources, so that they can get to know every step of the business journey.
- Customer review has a strong impact on online selling. Shopify has a total of thousands 5-star reviews.
Before opening the online website with Shopify, the sellers should check the key features of this ecommerce platform.
- Shopify offers a fully hosted solution, which refers that the sellers will get the fast, secured hosting without paying extra money.
- For running online business, the sellers do not need to be worried about the setting up or the maintenance of the website.
- The builder will get the chance to decor the website with some beautiful theme.
- Shopify's market gives the flexibility to the online sellers to sell the items to the international marketplace.
- The online sellers will get some in built SEO features, Built in Blog CMS, built in POS system and automated marketing tools, if they open their business website with Shopify.
- The quick and secured Shopify payments allows the sellers to get the access to over 100+ external payment gateways
Shopify Pricing Strategy
Check the Shopify pricing strategy here in the given section.
- Basic Shopify: $29/ month
- Shopify: $79/ month
- Advanced Shopify: $299/ month
Shopify Success Story
Quadlock opened in 2012, which is a popular ecommerce brand in selling mounts, so that the customers can securely and conveniently attach the smartphone with their bike, car and arm. Quadlock opened its online store using Shopify.
Apart from Quadlock, some other successful online ecommerce brands are such as Leesa, Best self Co., Premier Estates Wine, TomboyX, Barbell Apparel, Brilliant Business Moms etc, which have opened their online store using Shopify and after that have been operating their online business successfully.
BigCommerce assures its sellers to take their online businesses to the next level in the ecommerce platform. BigCommerce empowers approximately 148582 websites, among them 53646 websites are live currently. BigCommerce has managed to lead the top names in the ecommerce business such as Hush Puppies, Toyota, Cetaphil, Kohler, Fujitsu among others.
The sellers associated with BigCommerce can experience multichannel selling, the power of headless commerce and much more. BigCommerce is the synonym of SaaS Ecommerce. If you plan to start selling with BigCommerce, then you should have a knowledge of Software as a Service.
BigCommerce offers the software licensing model, where the software is licensed through the subscription basis and also hosted from the central level. As per the strategy, BogCommerce provides the Headless Commerce to its online sellers.
Reasons behind the Success Story of BigCommerce:
- BigCommerce offers built in SEO to the online sellers
- High on the uptime that is 99.99%
- Convenient POS Solutions
- User-friendly, intuitive and easy dashboard
- Host of marketing and conversion tools
- Customize the pre-built site templates
- SaaS Ecommerce platform helps the sellers to reach out to the new buyers
- Assures better management of suppliers and customers
- Offers better data analytics, so that the consumers can get premium customer management
- BigCommerce offers to build easy navigable websites, so that one can easily convert more sellers from offline to online
- With the help of BigCommerce google analytics tracking, the sellers can go onto the mapping to their customers more in a better way
- Helps the sellers in supporting as per their need, so that they can grow their online business successfully
Role of Technical Account Management Behind the Successful Business:
Apart from the above-mentioned reasons, the Technical Account Management of BigCommerce can save the delivery time and can deal with the tech issues. Hence, the online sellers hardly face difficulties or technological glitches in case of delivering the orders to the target customers.
The Technical Account Management of BigCommerce also works on the escalation management. Hence, the Technical team always looks after the fixing of bugs and takes care of the featured request and work on the new functionality.
Search Engine Optimization
BigCommerce provides the seller's in-depth SEO audit for producing the overall store health report. Also conduct the report analysis for identifying the actionable steps for improving the SEO, so that the brands can be ranked high while the customers will search for a particular keyword.
In a nutshell, the BigCommerce Search Engineering Optimization helps in improving the brand visibility. In this regard, the concerned team of BigCommerce is working on the keyword strategy, generating backlink portfolios, anchor text and more.
Why to Use SaaS Platform for Business to Business in BigCommerce?
Get the reasons for using the SaaS platform for Business to Business in BigCommerce here.
- Using the SaaS platform, the sellers can assure their buyers to deliver the strategic benefit. In turn, it leads to generate more revenues in the business and ultimately the online business can give the better performance.
- SaaS platform allows the sellers to complete the product delivery with the latest updates, which helps the sellers to maintain the upscale business.
- SaaS platform offers the top niche business integration, especially in the product management systems. So that the sales of the business can be increased, and the processes can be synced.
- With the SaaS platform, the BigCommerce offers higher application programming interface in the business.
- SaaS platforms also ensure better maintenance and security. Your providers will deliver the upgrades and updates and also deal with the capacity issues. Hence, the sellers connected with the BigCommerce get the high-end online security along with the PCI compliance. On the other hand, the B2B consumers also experience easy purchasing, tracking updates and real time information.
Which Types Of Products Are Profitable To Sell Online?
If you are going to open an online store, then before starting it you should study thoroughly about the best and profitable products for selling online. For conducting an in-depth research, the sellers should work on the following attributes, such as:
- Have a high demand in the market
- The target audience is clear
- Meaningful to sell online
- Are not saturated by the other retailers
The Global retail ecommerce sales across the world has increased sharply. Here the sellers will get the idea of top-selling products online.
- Consumer electronics and accessories
- Baby and child care
- Pet and animal care
- Travel accessories
- Jewellery and Fashion accessories
- Health and beauty products
- Smartphone Accessories
- Workout and exercise
While you choose any product/ item for your online selling, then the sellers should consider the following business models.
- Private label products
- Print on demand etc
Kindly note, the sellers should compare the business ideas with your market research. So that, you will get a scope of increasing the sales as well as the net profitability earning.
Best Online Marketplaces By The Region
Check out the area wise best online marketplace here in the following section:
Reasons Of Increasing Online Selling In India
As per the above discussion, it can be stated that the market size of online selling has been accelerating to a rocket speed. Based on the current data, it can be predicted that the Indian ecommerce sector will add approximately US$350 billion by 2030.
Considering the high growth rate of the Indian ecommerce market, the investment in online selling has also increased. Apart from that, there are some certain advantages of online selling. The sellers are now more preferring to start their business in an online medium, over the opening of a traditional store for their start-up business.
Here in the following section, the reasons for increasing the online selling in India have been listed down. Go through it:
What are the advantages of Online selling?
Some of the major advantages of the online selling are:
1. Fastest buying process compared to the traditional selling process
2. Store and product listing creation
3. Cost reduction
4. Advertising and marketing cost is affordable
5. Flexibility for the consumers
6. Product and price comparison
7. No limitations of reach and no geographical barrier
8. Faster response to the buyers and market demands
What are the benefits of direct selling business?
Direct selling allows the online sellers to avoid the expensive overhead cost, reduce the advertising costs and run the business flexibility. Check out the other benefits of direct selling:
1. Help you to build relationships with the new consumers
2. Provide the consumers with compelling content, so that they can share with the potential consumers
What is an online selling business?
Online selling business is nothing but electronic commerce, this refers to the buying and selling of goods using the internet and the transfer of money and data for executing the transactions.
How can I start a business with no money?
To start an online business with no money, the sellers can follow the below-mentioned steps:
1. Get a free business idea
2. Write a business plan
3. Select a business name
4. Launch a website
5. Validate the business ideas with pre-orders
6. Source of funding to grow
What is the best online selling platform?
The best online selling platforms are:
7. Facebook Marketplace
What is required for an online selling business?
To create a business account to any ecommerce marketplace or platform, the sellers should verify the business documents, bank account in the same name of the business and also the tax documents. Once you complete the registration, you can start listing the products and set prices and start selling.