Online business is poised to grow big in India. If you are wondering why to start online business in India, here are 6 compelling reasons to join the wagon.
Ease of Doing Business
Until few years ago starting an online business was an uphill task but not now anymore. There are many options for most of your requirements.
Licensing has become fairly easy & you can apply for it online as well.
There are many e-commerce giants operating in India today. You could choose amazon or flipkart or choose to sell on both.
In case you want to have your own online store platform you may go with shopify or many other players in the industry. You may even customize your platform as per your requirement.
Online Business Offers Widespread Market
Traditional stores have a geographical limit as one might not travel far to buy something from a specific store.
Selling online has empowered you to sell to someone who is at the other end of the country. Some e commerce operators even allow you to sell on their international platforms as well.
Offering quality products at a value for money price allows you to capture a major chunk of market.
Increasing Trend Towards Buying Online
With the cheap internet availability in India, ecommerce players are reaching to the nook & corners of the country.
Buyers are also exposed to a wide variety of options to choose from. These new buyers are fuelling the growth of ecommerce industry in India
According to IBEF India is the fastest growing ecommerce market. Revenue from the sector is expected to rise from USD 39 billion in 2017 to USD 120 billion in 2020, growing fastest in the world at an annual growth rate of 51% (Source – https://www.ibef.org/industry/ecommerce.aspx)
Online Business is Open 24/7
Traditional brick and mortar stores are closed for a certain part of the day, usually at night. You have an edge here as your online store is open 24/7.
In today’s busy world buyers might not have the time to go and visit a store or they might be working at the same time as you are. Commute, traffic & parking might be other concerns.
Your advantage as an online seller is that your store is open when the buyers are willing to buy. Your prices are competitive and you are delivering the goods conveniently to the buyers doorstep.
Lowered Fixed Cost
Prime location is the key factor in the success of most traditional stores. Prime location mean steep rental costs.
Online store eliminates the need of prime location and in turn you can significantly save on your fixed costs. You might need a space to store the goods but the rent could be manageable as the godown need not be in a prime location.
You could start online selling from your home so as to share most of the resources like place, electricity, internet, etc
Flexible Work Timings
This is another critical benefit of selling online. Apart from being your own boss, the most important thing is flexibility of working hours.
This allows you to start selling online even while you are working full time. A little help from your family is needed here though.
Hope this inspires you to start your own online business. If in case you are wondering how, please refer to one of our previous blogs – How to Start Online Business in India.
Do let us know your views on this blog. Keep selling!
Until next time.