Can You Make Money Selling on Ecommerce in 2018? | Strategy to Make Money Easily on Ecommerce
As you must be knowing, most of the ecommerce sites today such as flipkart, amazon, ebay are already quite saturated in terms of sellers. Whether it be Electronics or Books, the top few big players have more than 75% market share.
Some of these include :-
- Cloudtail, XL Retail on Amazon India
- WS Retail, DigiFlip on Flipkart
One might think that a new comer in ecommerce can’t make money selling online in India now in 2018. However this is totally not true. Competition exists in all businesses but you have to be creative and smart enough to make your own niche in the market.
So below I am going to share a strategy which will help you make seasonal side income by selling on Ecommerce marketplaces.
The key is to avoid competition by selling generic but good quality products online.
Surely, you might have thought about it, but I am going to give you a very practical approach today to earn a handsome side income with smart work instead of hard work.
Remember the Fidget Spinner wave in 2017? Or lets go back even more to the time of BeyBlades and YoYos in the last decade.
Many such opportunities arrive every year. And if you are aware and up to date with the social trends, you can easily make Rs. 40,000 – Rs. 1 lakh in just a month with no prior experience in online selling.
I am giving you the practical steps with an insight into the market. For technical queries such as “how to open a seller account on flipkart“, or “how to generate invoice for ecommerce” just go to the respective website or simply google about it.
Step No. 1
Set up your seller account on Flipkart, Amazon, Snapdeal
This is the first step of the in your undertaking. You will be asked for details such as Name, Contact Number, Email, etc.
Get the GST Registration done from any Chartered Accountant or an agent for as low as Rs. 5,000
In the address field, you can put your home address if you want to keep low inventory. This is where your stocked products will ship from. You can also rent a small storage location near your house and ship from there.
2. Explore and Research other generic products listed on the Ecommerce Websites
Observe what is being sold unbranded.
Evergreen Products such as-
- Full Car Covers
- Mobile Covers
- Printed Funky T-shirts
- Stylish Key Rings
Hot selling items of the year :-
- Vapes and E-cigarettes (2016-till date)
- Fidget Spinner (2017)
- Selfie Stick (2016)
- Mosquito Racket
Then there are Seasonal Products such as :-
- Sky Lanterns or Hot Air Balloons (mostly demanded near 15th August & Diwali)
- Water Balloons (Holi)
- Customised Gift Boxes (All Festivals)
- Rakhis on Raksha Bandhan
The list is endless as there are so many opportunities for every occasion.
Try to make an exclusive deal to your buyers so that they choose you over a local nearby store. You have to be innovative in making the product combinations so that it looks worth of money.
You now get the idea of what kind of products you want to look for.
3. Tie up With Suppliers
Visit the wholesalers and distributors near you (for example- Sadar Bazaar in Delhi) and buy the least quantity of goods they are willing to sell in a lot. The idea is to stock minimum inventory to avoid costs and minimise risk.
If a visit is not possible then call them or order on B2B marketplace such as IndiaMart incase your supplier is in other state.
Tell them about your newly launched business and they will be happy to make further arrangements on credit basis, as they might already be having such tie ups with other sellers.
4. Packaging and Shipping for Selling Online in India
The packaging cost would be very low considering the type of products we are dealing with. Also, amazon and flipkart also provide their own packaging material these days so that is a big plus.
Shipping is provided by the ecommerce websites by charging a fixed fee. In case you also want to take orders via Facebook or Instgram, then visit your local courier service center to get an estimate of the shipping costs.
5. Start your marketing campaign on Social Media
Facebook and Instagram will be the best methods to gain your customer base and outsmart the competition. Launch a Facebook page with a catchy name. Try to write engaging content related to the product you are selling and paste your product URL in between the posts.
You should create something unique in your product offering such as this :-
Remember, Innovation is the key here.
5. Fix the Price and Start Selling Online
Once you have everything in place now its time to list your product online.
Make an estimate of your costs and choose a price point wisely. Such products prodivde a profit margin ranging from 30% to 60% depending on your reach and the speciality of your offerings.
Profit Margin = Selling Price – (Purchase Cost + Inventory Costs + Packaging & Shipping Cost + Amazon’s Commission)
You can easily make Rs. 30,000 – Rs. 80,000 in a short span of time selling online.
Read my latest post on Dropshipping to make money on ecommerce without any investment at all.