3 MinsMar 17, 2023
E-commerce has transformed the way people do business. You can sell a wide array of products and services online.
Selling online has unlimited potential as you can sell in your neighbourhood, city-wide, state-wide, or country-wide. You can also sell in retail or bulk volumes. So how can you get started?
Steps to open an online store:
There is more to opening an online store than clicking photos of your products and uploading them online. Here are some initial steps to get you started.
1. Decide what you want to sell: First and foremost, you must determine what you want to sell, who you want to sell it to, and in what quantity.
2. Choose your online platform: Depending on your product or service, you can determine your online platform; whether you want to sell from your website, register with an e-commerce marketplace, social media platform, email,
or through digital ads. You can mix and match digital platforms for better reach.
3. Decide modes of payments to accept: No matter which digital platform you choose, you have to provide Buy Now and Pay Now options. If the store is online, payment should also be online. Consider giving consumers multiple options
to pay using UPI, credit card and net banking, as they are some of the most common modes of payment consumers use to shop.
You could also use the route
of payment aggregators who can help you collect order payments through various online channels for a commission or fee. But you need to set up a bank account where the payment aggregator can transfer these payments.
4. Set up shipping services: Unlike the physical store where consumers come to you, the online store goes to their doorstep. The online platform can get you orders and payments, but ensuring the delivery of the product is
your responsibility. There are several logistics and courier services you can opt for depending on the type of products you are selling.
5. Spend on marketing and advertising: Once your online store is up and running, you must spread the word. You can choose from various advertising packages that social media platforms and websites offer. Your marketing strategy
depends on your target audience.
Studying your competitors' marketing and advertising strategy could be a good starting point. You must determine the right price and marketing budget to increase sales.
[Also Read: Complete guide to opening a Current Account]
Setting up the financial infrastructure for your online business
Setting up an online store can be intimidating, but what business isn’t? Thankfully, India’s banking and digital infrastructure has made setting up an online store easy. The Open Network for Digital Commerce (ONDC) platform allows
you to list your products, get orders, choose low-cost shipping partners, and get payments in one place.
You can create an ONDC account and register it with your Axis Bank account to receive payments for your orders. If you bank with Axis Bank, you can use their Internet Payment Gateway Solutions under the Easypay Platform service that supports all Visa, MasterCard and Maestro card payments on your online website.
Banking needs of an online business
While there are similarities between cash credit and overdraft there are some major factors that distinguish the two. They are as follows:
Cash credit and overdraft have the following distinct features:
As an entrepreneur, you should have a Savings Account and a Current Account to differentiate between personal and business finances.
Axis Bank Savings Account is good for you as it offers a 3%-4% interest on your bank balance, with ease of investing in fixed deposits and
mutual funds. Axis Bank Current Account is good for business finances as it offers unlimited transactions, an overdraft facility, and multiple
cash deposits and withdrawals.
You can avail of business loans and MSME loans through your current account. These loans help you maintain liquidity and working capital requirements.
Summing Up
E-commerce is a disruptive trend. Starting an online store can be daunting, but fruitful eventually. Axis Bank offers several business products to help you set up an online store. So, what are you waiting for? Be an entrepreneur today!
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
