The eCommerce industry has conveniently found its way into the daily lives of people. It is ushering the next wave of change in some of the biggest economies. If you’ve been thinking of venturing a food into its world, then the clock is ticking. This is the best time to start your own business in India.
“If your business is not on the internet, then your business will be out of business.”Bill Gates
eCommerce giants like Amazon, Flipkart, and Snapdeal have already led the way and defined a structured path that one needs to follow. Once you’re aware of the steps that need to be taken, half your work is already completed. Given below is a simple step to step guide on how to start your own eCommerce business in India.
Step 1: Business Plan and Model
The very first thing that you have to do is narrow down the perfect eCommerce plan and model. You’ve got two options- a single vendor or a multi-vendor eCommerce store. With a single vendor selling to multiple customers, it is easier to track transactions between vendors. The multi-vendor model calls for hosting multiple vendors required to register with you.
Step 2: Branding
Name, logo, are the important elements of any eCommerce company. While thinking of a name, go for something short, unique, and easy to remember. Your logo should be a direct reflection and impression of what your brand stands for.
Step 3: Register your eCommerce Business
Apply for Director’s Identification Number (DIN) online or offline, using the DIN application from the official website of the Ministry of Corporate affairs. Make sure to have your PAN card and digital signature. You will receive a confirmation on the name, after which you can incorporate the proposed company within six months. Apply for the Goods and Service Tax certification, necessary for payment integration gateway.
Step 4: Open a Bank Account
Once your company is officially registered under the Act, you will need to create a bank account. This account can be opened in any bank but has to be opened in the official name of the company.
Step 5: Build your eCommerce Website
While setting up your website, you can opt for either a pre-built platform or make it from scratch. Both of these options have their advantages, however, building a website from scratch is a more favored option. Other than these, you need to consider self-hosting it or hire a professional to oversee and run it on a daily basis.
Step 6: Payment Gateways
For your business to become profitable, you need to set up payment gateways it, as it will allow the processing of credit cards, debit cards, net banking, and cash card through transactions. The following documents will be required for-
- Bank account in the name of the business
- PAN card of the business
- Certificate of Incorporation
- Memorandum of Association
- Articles of Association
- Identity proof
- Address proof
Step 7: Logistics
This step is essential for any successful eCommerce business in India. Logistics refers to the order fulfillment procedure of the company. Most owners of eCommerce businesses outsource their logistics to a 3PL company.
Ultimately, the last step is to drive customers to your business. Working on your website, hosting ads, SEO targeting, word of mouth marketing, etc. can help you reach out to your audience. To sum up, now is the best time to start an eCommerce company in India.
Furthermore, with time not in your favor, you may find it challenging to follow all the 7 steps. Well! With the question, “how to start an eCommerce Business”? Dash101 has the answer. You can create your very own eCommerce website in just 4 simple steps and within less than a minute. Additionally, with COD, online payment integrations, top-notch marketing, and promotion tools, Dash101 has got you covered.
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