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  • Storytelling in Sales – How to Market Your Product the Right Way (Detailed Guide)

    Remember the tale of the tortoise and the hare; the lion and the mouse and the fox and the grapes?

    Now think of how many times you have been told about any of these stories in your childhood or your whole life. Now think of the table of thirteen. 13×7=?

    You probably remember and know about any one of these stories, even though you never tried to learn them by heart. However, you did try to learn the table of thirteen, and still might have some problem giving a direct answer to the question above. Anyway, the point here is that stories are more memorable as compared to the stats/ data that you tell a person.

    Jerome Seymour Bruner, an American psychologist, in his book titled ‘Actual Minds, Possible Worlds’ estimated that facts are approximately 22 times more likely to be remembered if they are part of a story. Likewise, Researchers at The London School of Business found that people retain only 5% to 10% of information if it consists of statistics alone. But, when they hear a story, they remember 65% to 70%.

    Imagine an inanimate object talking to you, convincing you to get or buy something from them. It is as bizarre as it sounds, but how often do we notice this? So if you are a business dealing with people or working with other businesses, make a mental note of this. Do not make the same mistake committed by many other companies. When thinking of an organization, no person likes to picture a pillar of a building or any other inanimate object persuading them.

    Now, imagine a person telling you their story and why you should buy the item they are selling. What’s in it for you? Leaving you feeling inspired, happy or motivated towards what you just heard. The value it will deliver to you and how it can make your day-to-day tasks easier and better.

    What scenario serves you better?

    Of course the second one. It is imperative to communicate, to convey our messages. But the art of storytelling is not understood by everyone. People are more likely to be responsive when they see a face, feel connected, and know you better.

    The Power of Storytelling
    Why do Brands use Mascots?
    Advantages of Storytelling in Sales
    Elements of a Story
    Communicating Strategically
    Tips to Guide you into the Process of Writing Storytelling in Sales
    Types of Storytelling in Sales
    Tips for Better Storytelling in Sales

    The Power of Storytelling

    How stories work 

    Did you know?

    There are two types of thinking: left-brain thinking and right-brain thinking. Each side controls the corresponding side of your body. One leans towards analytical thinking and the other works with emotions.

    Fun fact: Researchers have revealed that when taking a decision the response is more likely to be made based on emotional appeal.

    Choices are based predominantly on the emotional side of the brain. And what brings out emotions like a well-written story?

    Why do Brands use Mascots?

    Amul Girl- famously known for humour
    Amul Girl- famously known for humour

    To add a human touch. E.g., take the Amul girl; you immediately link her to humour because of the stories told to you through her illustrations.

    Amul Mascot - Kamala Harris
    Amul Mascot – Kamala Harris

    Throughout history, stories have been told in different ways on this planet. We as humans have been telling stories through visuals (in caves), with words (verbally), along the course until people came up with the idea of language giving birth to text. The shifting culture to print and the most recent addition to those in PowerPoint.

    Advantages of Storytelling in Sales

    1. It is a powerful tool that can help you connect adding an authentic touch to your brand.
    2. Your brand stands out more effectively and differentiated.
    3. Establishes your point of difference as a brand.
    4. Gets the job of delivering your brand’s message.
    5. Connects you with your customers.
    6. The audience can recall your brand better and recognize it.
    7. Stories motivate your audience to act.
    8. They facilitate word-of-mouth advertising.

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    Elements of a Story

    Before diving into storytelling in sales, you must know the basic elements of a story itself.

    Five Elements of a Story
    Five Elements of a Story

    Exposition

    This begins your story. Create a setting, a world, where your characters live, be it space, a jungle, or the contemporary world. Who are your characters? Who is the main character? What is the background of your characters that the audience would know about? What is the problem that the main character is facing? The conflict.

    Rising action

    Rising action drives the story forward. If there is a problem then it needs to be addressed; if nothing is done about it, your story can’t move forward. This is the part where the main character makes their move or performs any sort of action that will help solve the problem. This leads us to the next part, i.e. the climax.

    Climax/The turning point

    This is the turning point, during the climax; the emotions are on high alert. So you can take the lead of the story and decide what sort of choices your character makes that makes the audience on the edge of their seats. The challenges are thrown at the protagonists.

    Falling action

    As the climax, the action here is not as enthralling. Remember, you need to give your audience a break. You know, the story is close to its conclusion when the action falls. In either case, the falling action will have a part where the problem is solved or a completely new problem emerges for your protagonist.

    The Resolution

    Here comes the part of your story where it ends, and it all makes sense, all the questions are answered and the journey of character development is complete. There are two possible endings: a happy ending, or continuation, which would mean another part, but it’s entirely up to you. You control the narrative and you are the captain of the ship.

    Communicating Strategically

    Communication, if not done strategically, is a waste of effort.

    Have a Goal

    Talking without purpose or having a predetermined aim will get you nowhere. Know what you want to talk about, what is it that you want your audience to know? Do you want to inform them about something? Or make a connection? Identify the purpose of your story, be it in any form. It will help you get where you want to go.

    Know your Audience

    Maybe this does not sound as significant to you right now. But would you not agree if I told you that there is a difference between the way you speak to your kid vs the way you speak to your boss? The tone for the first example will be empathetic or strict, and you definitely would not use the word “AIDA” (Attention – Interest – Desire – Action) around your child, throwing jargon from the advertising world. Simply because they would not know the meaning of it in the first place.

    On the other hand, while you are talking to your boss, your tone would sound more professional and you might use business-related terms like “creative brief” or “advertorial” if you work in an advertising agency.

    Now you see how knowing your audience helps and the importance it holds when communicating with others. Teenagers will understand the slang while senior citizens won’t. Know your audience before you tell your story. Your message will be clear and delivered so that your audience perceives it exactly as you intend.

    Answer the question “What’s in it for me?”

    The purpose is what drives people to act. What is the importance of what you sell in their lives? The spark that differentiates you. Show them how you stand out. What is the unique value that your company is offering that no one else is? This also helps to establish common ground.

    Give a Reason: why?

    People don’t like to be told to do something unless you give them a reason. Why should they need what you are offering? Why should they buy it? So if they decide to purchase your products, what do they get? Why should they buy it? If you do not communicate the need, the communication barriers will remain unaddressed and your audience will get by using your product or service.

    If you are creative enough, you can also create a need or a want for your product in your audience’s mind. Communicate.


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    Tips to Guide you into the Process of Writing Storytelling in Sales

    Clip from The Art of Business Storytelling by Ameen Haque
    1. Use the correct medium: know what medium you are writing for the tone, and the length of the copy will depend on this.
    2. Set a background theme and choose your characters.
    3. Have a clear beginning, middle, and end.
    4. Find common ground: make the situations and characters in your story relatable.
    5. Use cliffhangers to create suspense or catch their attention.
    6. Human touch is significant because it makes your advertisement feel more human.
    7. Make sure you arouse these three hormones:
    • Dopamine: It is responsible for evoking feelings of elation and excitement. Make your audience more focused, attentive and creative as well.
    • Oxytocin: This induces feelings of lowering stress, making them more relaxed, and creating warm and fuzzy feelings. Which could result in making your audience trust you, more, bond with you and allow them to be more sharing with you.
    • Endorphins: Endorphins create feelings of well-being and euphoria.

    Types of Storytelling in Sales

    Agitate – problem – solve

    Most businesses use these types of storytelling in Sales. Describe the problem and resolve it. Agitate- problem- solve. In this type of story, the organization begins by showing the problem that the consumer faces. And it is made known to the consumer that their pain is heard and seen. Invoking the emotion of empathy towards the customer. And finally, the problem is solved by showing how your product solves the customers’ issue.

    Use Analogies, Similes and Metaphors

    Using these poetic devices makes the stories creative in a good way. Use an analogy to explain your point. Explain the idea or the concept when comparing two things which are alike.

    Metaphors are used more poetically, directly comparing two things. Whereas simile will use words like as and like to make comparisons. These help you cut through the noise and simply deliver your complex message.

    E.g. “As well as normalize conversations about periods to the extent that it’s as normal as discussing last night’s dinner.”

    One of the lines said by Anjali Suaran on the Main Hoon Yuvaa podcast makes us realize how much periods as a topic is still a taboo topic to talk about.

    Consumers testimonials

    Where do you turn if you need advice? To someone who has had experience in an area and has expertise. That is why we have experts, mentors and guides that we know will have the answers to our questions. People that you can trust. Building trust is not an easy job.

    Customers hesitate before they try out your product or the service that your company is offering. This is where consumer testimonials come to your rescue and make a good fit for the storytelling tool.

    By having customers who have already used your product and had their needs met, you will have added credibility and trust in your company. Sharing the story of your customers to resonate better and memorials

    You as an organization

    Building a personal connection, communicating your mission and vision, the achievements that you have accomplished so far, how are you playing your part in making this world a better place? What is your backstory? What are the obstacles that you might have overcome in the past while solving problems? Answer any other questions that your consumer might have about you as a brand creatively.

    Be Repetitive and Eventually get back to the Ultimate point

    Facts, a quote from someone who is looked up to, a phrase, or an idiom that is already accepted universally, can sometimes simply do the trick. If people already agree with what you are saying, they are more likely to listen to what you are going to say next.

    Unfold the story with consistency. One cannot have a thrilling opening, a dull middle, and simply just the ending. It is important to balance all the elements of the story, starting with the exposition and ending with the climax. And eventually getting to the ultimate point of making the story come to a full circle.

    Tell your Success story

    A journey matters. Take them from point A to point B, from where you started and where you are right now. Success stories do not have to be limited to your organization; you can also get your employees to share their personal stories. Why they love working with your brand. Why do they do what they do? This will create a positive brand image in your audience’s mind, getting to know you, your people and the success stories.

    Tips for Better Storytelling in Sales

    The Do’s

    • Making consumers’ lives better.
    • Have a clear goal before speaking.
    • Keep it relevant to be impactful.
    • Keep it brief and short.
    • Sell more than just a product or a service.
    • Make them emotionally invested.
    • Remember that you are working with visuals so the show doesn’t tell.
    • Create an ending that makes them act.
    • Show how to solve the problem.

    The Don’ts:

    • Do not tell your audience a long story, They will eventually lose interest in your story.
    • Do not speak without a goal or a purpose.
    • Do not spend too much time explaining the details unless it is really important.
    • Do not focus on you as an organization. Focus on the audience.
    • Do not offend your audience.
    • Do not give false information; it will negatively impact your image.

    FAQ

    How to use storytelling in marketing?

    Tell the story of how you started your business, Share your customers’ stories, Share customer experiences on social media, and share stories of your employees or your company culture.

    What is the 4P of storytelling?

    The 4P of storytelling are People, Place, Plot, and Purpose.

    How is storytelling used in sales?

    Storytelling makes your prospects more meaningful stories humanize your selling.

  • Swetha Sistla: The Tech Visionary Turning Compliance into Competitive Advantage

    Where regulatory demands often clash with the drive for innovation, a new narrative is emerging, one that views compliance not as a hurdle but as a strategic enabler. This visionary approach is transforming how organizations navigate complex regulations, utilising them to build trust, streamline operations, and gain a competitive edge. By integrating cutting-edge technologies with forward-thinking strategies, compliance is no longer just about adherence, it’s a catalyst for growth and innovation in an increasingly regulated world.

    In the dynamic world of FinTech, where innovation meets stringent regulations, few individuals have managed to bridge the gap as effectively as Swetha Sistla. With her vast experience at the intersection of technology, compliance, and strategy, Sistla has redefined regulatory alignment as a strategic asset that drives growth and fosters trust. Her pioneering work challenges the traditional notion of compliance as a burden, transforming it into a competitive advantage for organizations.

    Sistla’s career is a testament to her ability to navigate complex regulatory landscapes while fostering innovation. Her leadership in adapting fee-based financial programs to meet evolving standards exemplifies her strategic acumen, creating systems that ensure compliance and enhance efficiency. Her expertise in tokenization and data protection has been instrumental in mitigating risks such as data leaks and HTML injection vulnerabilities, laying a foundation of trust with clients and regulators alike.

    A technologist at heart, Sistla has utilized advanced tools and architectures to streamline compliance processes. From implementing event-driven systems using Kafka and Redis to embedding secure development practices through tools like Black Duck and Checkmarx, she has demonstrated how technology can seamlessly integrate regulatory requirements into business operations.

    Beyond her technical achievements, Sistla has cultivated a culture of compliance within her teams, mentoring globally distributed groups and fostering collaboration across departments. Her proactive leadership style, which includes detailed root-cause analysis and forward-looking regulatory strategies, ensures that her teams are agile and well-prepared for future challenges.

    Moreover, Sistla’s thought leadership extends to the ethical governance of emerging technologies. Her insights into AI governance and data sovereignty offer a blueprint for navigating the complexities of modern compliance. By advocating for transparency and bias mitigation in AI, she positions organizations as trusted innovators in an increasingly regulated digital economy.

    The ability to transform challenges into opportunities is evident in her successful migration of legacy systems to cloud-based architectures and her implementation of real-time data processing frameworks. “These initiatives not only met stringent compliance standards but also enhanced system performance and scalability, ensuring business resilience in an ever-changing landscape” she mentioned.

    Looking ahead, Sistla envisions a future where AI-driven compliance monitoring and data privacy technologies take center stage. She emphasizes the importance of organizations investing in encryption, tokenization, and secure access management to remain competitive. Her foresight into these trends positions her as a key thought leader in the evolution of FinTech compliance.

    Swetha Sistla’s career exemplifies how compliance, when approached strategically, can become a catalyst for innovation and growth. Her contributions serve as a powerful reminder that regulatory alignment is not just about adhering to rules but about building trust, enhancing efficiency, and driving long-term success. As the FinTech landscape continues to evolve, Sistla’s work offers a roadmap for organizations aiming to thrive in an increasingly complex regulatory environment.

  • A Complete Guide on How to Start an eCommerce business in India

    If you are looking to start your own e-commerce business in India like Amazon or Flipkart, then this is the way to go. To start with, eCommerce is an online process of buying or selling goods and services. There is no paperwork involved in making any transaction here.

    One of the best things that most of us like about an e-commerce startup is that we can update and modify it the way we want and make it attractive and appealing to the eyes of the audience. Your customer will have access to your services 24×7 and you don’t need to come out of your door for marketing and other stuff if you are doing it at a small level.

    According to a report, in 2019, eCommerce sales accounted for 14.1% of all retail sales worldwide. However, there are some things that you need to care about in your eCommerce business plan.

    How to Start an eCommerce Business in India? (A 10-Step Business Plan)

    Starting an eCommerce website might sound challenging, but with this easy 10-step business plan, it would hardly be tough. So, let’s dive into the steps:

    Step 1: Define your business name

    Business names are always important as they give you an identity after identifying what you want to sell. A business name will be the legal identity of your business. This opens a room for marketing your product with ease. The name that you choose should be simple and unique. It is always better to research extensively before you decide upon a particular name for your business. This will let you be safe and secure, and thus, is really important for everyone who would be starting an eCommerce website.

    Step 2: Set a domain name

    Ideally, there is always diversity in business. The business name acts as the domain name. A domain name system (DNS) stipulates the website address that your business wants to keep.

    One of the important factors for an eCommerce business plan is a website. A website can be useful in developing different marketing strategies. It acts as a point of contact between you and your customers.

    A website is accessible to many people at any given time and creates a climate of trust (credibility). Churning out a website is really convenient as it tells the customers that you exist. Furthermore, the website and the domain name are some of the core steps to proceed with before one can go about launching an eCommerce business.

    Step 3: Identify the type of business and register

    People engage with businesses as sole proprietorships, partnerships, or cooperation. Each of these has an advantage and disadvantage attached to it. For example, operating as a sole proprietor always subjects you to numerous risks.

    You need to weigh before deciding upon a particular type of business that suits you. The income removal system (IRS) allows you to file the structure of your business on your own or get a different filing company to help you.

    Step 4: Employer Identification Number (EIN)

    You can not operate an e-commerce business without a bank account. To get a bank account you need for your business you need EIN. This number you are given acts as identification. You use it to file taxes for the business. It is always a requirement whether you will operate alone or employ people.

    Every country has its own policies and procedures that every citizen must adhere to. This is also one of the things you must keep as a priority while creating an eCommerce business plan. If you fail to do that, the government has the mandate to declare your business illegal, after which numerous penalties might be imposed.

    Licenses for the business and work permit should be obtained. Confirm with your state what type of taxes you are required to pay in order to operate. Also, you need to Apply for Goods and Service Tax (GST) certification and a Shops and Establishment Licence.

    Step 6: Source for vendors

    It is not possible to operate without vendors. Everyone needs to identify and keep in contact with different vendors. This way you can derive the best quality and prices for the materials you need to make your products. Conduct a thorough and serious search of the vendors to help you identify who you want to work with.

    Step 7: Early marketing

    Media platforms are paramount in e-commerce. However, it is also necessary that you have an eCommerce business plan prior to that. Alert customers that there is something good coming up so they can create interest to know. You can even decide to introduce blogging as a tool.

    Step 8: Get effective software

    E-commerce cannot work without making use of technology. Put every system in place before launching the product. Effective software is what you simply cannot compromise when it comes to building e-commerce websites in India.

    Step 9: Keep a smart inventory

    Inventory will help you track the information that you need. Ensure the warehouse (store) has enough products so that the customers don’t miss out on what they want. You may not be in a position to tell what will be needed and when but is always safe to keep a decent stock. This will help keep track of the orders you make in the future.

    Step 10: Be compliant

    Always be smart with deadlines in terms of taxes, licenses and permits needed. Always ensure you abide by the law of the land. Staying compliant is the key to starting an eCommerce store or an online business and making it successful.

    WIDGET: leadform | CAMPAIGN: undefined

    How to Build an eCommerce Startup?

    The Ecommerce industry is on the boom for the past few years, and why not? It is ultimately a sector with big opportunities and low barriers to entry. The total valuation of the e-commerce industry in India was last recorded at $46.2 million and is expected to rise to $188 billion by 2025. Such a sector that is ever so growing, certainly consists of a lot of opportunities.

    Currently, there are hundreds of e-commerce sites selling products and services and thousands are on the way. Probably you also want to have one. Well, the e-commerce industry is so dynamic now, that you need to be agile and alert. So, keep monitoring the activities, events, discussions, and changes going on in your niche.

    Now e-commerce is not about selling a product but a solution. Your potential customer must see the clear benefit of buying from you. Here are some tips to follow if you are starting up or already have an existing startup in the e-commerce domain.

    Find a niche

    If you get an idea for e-commerce, there is a fair chance that many startups are operating in that niche and many are coming up. That is why it is important to break the initial idea, segment them a little further or get a niche that is not explored yet and work on that with full focus.

    If you think you can compete against Flipkart or Snapdeal that’s not going to happen if you plan to start with the same business model.

    Take sandal. When the company launched, it was an online portal for deals and coupons. This was a very focused play. They didn’t immediately start selling physical goods. Make your unique selling proposition, find your target “janta” or customers, and sell your product to them.

    Experiment

    As you have started out, the world seems very new to you. Nobody except you can tell what works best for you. So, experiment with different Pitches, Distribution channels, and more. Do this until you find out a solid sales strategy.

    Listen to your customer

    As it is always said worship customers like gods. Always remember that if there is any service you want to provide, then that should always be a customer satisfaction service. Your behaviour towards the customer after the sale would make all the difference.

    This will help you in customer retention and thus make more sales. Once a sale is made. Talk to them, get feedback and see what changes they want. Even if it doesn’t comply with want you want just change it.

    Learn from the mistakes of competitors

    Do you have lots of competitors? Having too many competitors is not so good news for businesses but every bad thing has got something good in it. So, if you have quite some competitors already in the same space where you would be starting your own eCommerce business, you can try to analyze their website design, pricing, and marketing strategies on a regular basis to get useful insights for future action. Go through their social media profile to see what activities have helped them gain traction a lot and what has failed for them. In this way, pick up all that they have done good, and try to avoid all the mistakes that they have done.

    Use digital marketing

    74% of adults who are online, use social networking sites, and among them, it has been found that 71% of online adults use Facebook. Being a startup you don’t have much marketing budget. Here, starting with social media platforms for marketing purposes will indeed be of great help. Optimising the content and regularly sharing them on social platforms certainly is rewarding for brands and businesses. This will not only let you reach to large audience economically but also help you to get analytics to learn about the users. It is also a great way to listen to what customers are saying about your brand.

    Number of social network users in India from 2015 to 2020
    Number of social network users in India from 2015 to 2020

    Operation

    Make sure you always have enough inventory of the highest-selling product. Make sure that you keep a track of all the products that belong to the highest-selling and lowest-selling categories. Figure out what is making the highest product sell the highest and what makes the others the lowest-selling products. This will help you a great deal!


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    Consumer support

    Hire trained customer care executives to resolve customer queries over calls and emails. A toll-free number and support email is crucial too. Solve the problems that the customer is facing, to ensure the efficiency of the website.

    Content marketing

    The content is important for an e-commerce website and is good for marketing the brand. Putting up a blog or posts will surely bring up more traffic than ever. Content marketing will stand as one of the primary requisites as soon as you start an eCommerce store or an eCommerce website in India.

    Social Media Marketing

    Social media is the key to climbing the ladder and getting the exposure one wants in the public eye, so creating social media accounts is the key to helping the brand reach the eyes of the world. Keep the followers updated with new products and give ways to get more followers. Meme marketing is also a great way to engage your customers (Millennials).

    Influencer’s utilization  

    The influencers are the best people in the game especially, in terms of product branding and making the future of a product. Hence, hire some influencers who are the best in the marketing game, which your brand focuses on, and pay them to put the ad on their social media. This will help increase your brand reach, thereby helping it to reach thousands and millions, who would then be able to see what your brand and its products are all about and people will pop up on the website for sure, giving you more website traffic and multiplying your revenues for sure.

    How to Compete in the eCommerce Market?

    Every day is new and brings changes in people’s needs and desires. Luckily, this is where small and upcoming startups can still win in the midst of other eCommerce giants. Here, is how to compete in the E-commerce market.

    We are aware of how Amazon and eBay have driven many small and medium companies to extinction. But the other side of the reality is also that new interventions are always abundant and there’s always a new idea, product concept, or methodology that can topple the market leaders as we know them, or at least create a comfortably sweet spot in the market for themselves-which is just where your startup needs to reach.

    If your startup is introducing a new product or service altogether, there is a very different approach you might need to take as compared to a start-up that is re-offering the existing product or service to bridge the demand-supply gap.

    Be very clear as to who you are, what your offer is, and what your target is. Make sure that your core team and your entire organization have this understanding to ensure that the combined effort of the entire workforce maximizes the results.

    It is a hopeful time to be as Amazon and the likes do cater everything to everyone. But the digital age has made it possible for everyone to co-exist as people’s tastes are ever-evolving and start-ups targeting the niche will be able to carve out their own space.

    Read on for sage advice on how you can stand out in a crowded marketplace and reap the maximum benefit of being a newcomer to the industry.

    Create Your Own Service

    Your chance to be victorious in the game is to be an innovator and make your own market rather than depending on the existing marketplace. It is a harder approach to what you are already doing but will take you miles ahead of others.

    See a Need, Fill a Need

    We have seen time and again that certain brands launch big after years of testing and planning, however, once the brand is not received well they start to fizzle out. The ones who make it successfully are often seen using the feedback from the customers and dedicating some resources to perfecting common complaints and difficulties consumers are experiencing. They don’t quit, rather, they use real-time data as the major source of what the next step is inspired.

    In fact, building on what the customer conveyed as your shortcoming can also forge a trustworthy and loyal bond with them, which is a great way to market yourself. Instead of resisting the feedback, be open to them and make your way to their hearts by listening and acting on it. Create your own trend rather than following the norm.

    Champion the Mobile App

    Make sure that your customer is having a seamless mobile experience on your app and is likely to check out under 60 seconds after preparing the cart or choosing the service without any in-built interruptions. Fast times require faster solutions! In addition, make sure your startup belongs on platforms like Snapchat and Instagram that have made the visual world fun and directly accessible.


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    User-Centric Approach

    Design Thinking promotes that design is an elementary part of any system. Design your product, service, or systems within the organization always prioritizing the user needs and user practices.

    Get inside not just the mind of the end-user, but also their daily lifestyle, their influences, their dreams and aspirations, their environment, and their culture, depending on the nature of your services.

    Customer is more likely to trust your brand if they think you thought of them specifically while making the product or service. This gives them confidence that you will understand them and will stand as a good choice for them.

    Better Incentive Programs

    Your incentives can come in the form of discounts, rebates, points earned toward a discount, points earned toward prizes, or any of many other plans. The worst-designed incentive plans have ambiguity in the stated rules.

    An incentive is likely to shape your customer’s behaviour and drive them to your desired action. These incentives are thus, really valuable for an eCommerce company, especially if you are wanting to start an online store in India. If they are rewarded for their purchase, they feel like they ‘earned’ it. Keep a close eye on what other e-commerce companies in India are offering and if you are to compete with them, you must outdo their offer every time.

    Better Customer Service

    A common Amazon trait that has made it wildly popular in the e-commerce service is how they value each customer. Similarly, if you also want to start an eCommerce business, then you must first start to value each and every customer the same. While you can’t crush e-commerce giants given that they have bigger marketing budgets and bigger control of their product lines, operations and sales, it is certainly a trait you can imbibe in your company. Each satisfied customer means five people who will hear about you from him, which is great marketing for you at no actual cost.

    Customer Data Is The Key to Ultimate Business Growth

    A former Amazon company worker stated that Amazon has the ability to track both what people are buying as well as what they search for and can’t find.

    This is a part of their success story. Companies that use customer data to better their practices are more likely to increase their sales and their gross margins than those who ignore the data.

    Even if you don’t have big budgets to acquire data like e-com giants, do make absolute use of the behavioural data you already have in their database to improve customer satisfaction and customer retention.

    How do eCommerce Sites Make Money?

    Everyone wants an extra income to meet their needs and upkeep their standard of living. Furthermore, buying and selling goods and services via the Internet is the new trend to earn money, and the websites that make them possible are none other than Ecommerce websites. The Ecommerce websites are offering a free platform for the sellers and the buyers to get in touch with each other.

    One can easily list their products on e-commerce websites and potential buyers can buy the products hassle-free sitting in any part of the world. The whole online buying and selling chain appears to be a very easy and economical process.

    Although, you must have wondered as they offer free services to sellers and buyers then how these e-commerce websites like OLX, Quikr, Craigslist, and Gumtree make money online.

    E-commerce websites, such as OLX, Quikr, and other leading sites provide an online portal to advertise your product or service offerings and find the buyer for them.

    Almost all emerging e-commerce websites offer free services to users. However, they still make high-tech TV commercials and disburse lucrative salaries to their employees. How? So, let’s get the answer by analyzing the revenue-generating strategies of a few leading e-commerce websites and comparing their revenue plan with others.

    Olx

    OLX is one of the most popular and well-structured e-commerce websites. It offers a variety of features to its users, such as sellers can directly chat with a buyer, can easily bargain, etc. eBay is one of its competitors of OLX. OLX opts for the following methods to earn money:

    Google AdSense Banner Ads

    Google offers to all bloggers and website owners a very easy platform to get advertisements on their sites. Google AdSense is a platform where you can register your website and after verification, Google will show related advertisements. Hence, OLX  effectively runs Google ads to reach its target audience. The earnings through ads depend, upon the number of clicks they get which is called CPC (cost per click model).

    OLX offers a featured listing option to the sellers. Featured links are those links that you see on the top, whereas, in a normal listing Ads are placed in OLX depending on how recently the Ad has been placed.

    Featured Ads will always appear on top of the list irrespective of any factors. Ideally all such should be mentioned as featured/sponsored/ads so that users don’t get an illusion. In a featured listing, your ad will show up at the top of the search list and your ad will be shown first to the buyers whenever they search for anything on OLX. The sponsored links appear depending on the keywords targeted by the advertisers. Being at the top of the list gives advertisers a way to get more leads.

    Quikr

    Quikr is yet another e-commerce, which is very popular in India and somehow looks and works similarly to OLX. While the featured listing is one way to make money Quikr also follows a different route here.

    They also generate revenue by generating leads for businesses. It makes a gainful amount of money for Quikr. Recently Quikr has acquired a few startups to diversify in different fields like Jobs, spas, and salons where they provide leads to these service providers.

    Craigslist

    Craigslist is also a popular rental listing website. It is mainly popular in the USA. But the company doesn’t earn as much revenue when compared to other websites. The company only makes revenue equal to its operation charges.

    It charges $10 for a rental listing in New York and $25 for a job listing to occur in any of the major U.S. cities. If in the San Francisco area, you need to pay a $75 fee for a job to be listed.

    The company is trying to consider Google AdSense and paid advertisements to generate more revenue, but it is still worried about the quality and clutter on the website due to ads, which is the main priority of the company.


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    Other eCommerce Websites

    There are other similar eCommerce websites present, like Gumtree and BookSellBuy. They also earn through a basic business model, that is, by providing premium membership Ads wherein the features depend on their own model, by featured ads and paid listings. So, almost every website uses paid ads to generate money.

    Conclusion

    Now, building an eCommerce website is the trend. It definitely takes a lot of effort and hard work, but once created and branded properly, it will surely open a whole lot of doors for growth. It is not an easy task to run an e-commerce business in India in the current age of competition. Starting an eCommerce company or an eCommerce business in India is certainly achievable if one has the focus and grit to understand the customer and the people who are in the organization.

    Use your data efficiently and always make the customers happy at the end of each transaction. Comment on your favourite e-commerce site or your story of launching your own e-commerce site in the comment down below.

    FAQs

    What are the 3 types of e-commerce?

    The three types of Ecommerce are Business-to-Business (B2B), Business-to-Consumer (B2C), and Mobile Commerce (M-Commerce).

    What is the future of e-commerce?

    The eCommerce industry was last valued at $46.2 bn in 2020 and is expected to rise to $188 billion by 2025, and would soar to become $350 billion by 2030.

    Which is the largest e-commerce company in the world?

    Amazon is the largest e-commerce company in the world.

    How much does it cost to start an e-commerce business in India?

    To start an e-commerce business in India you need approximately at least 5 – 10 lacs of investment.

    How to start an eCommerce website, store, or eCommerce business?

    Whether you want to start an eCommerce store/site or an eCommerce business, it is evident that you first need to research the industry and the market potential before starting up. Starting an eCommerce company in India would need you to:

    • Build a fast, comprehensive, and informative website
    • Create a viable business and revenue model
    • Decide a relevant domain name
    • Host the website properly
    • Market your website, its products, and services
    • Monitor the performance

    What are some of the eCommerce business ideas?

    Some of the best ideas if you want to create an eCommerce website or an eCommerce business in India would include grocery delivery, cosmetic and beauty products eCommerce business, refurbished or second-hand products business, fashion, jewellery, food tech and more.

    What are some things that you should never forget while trying to set up an eCommerce business in India?

    Setting up an eCommerce business in India is the dream of many, but only some eCommerce businesses in India actually see the light of day. Here are some of the easiest steps that you need to remember while setting up an eCommerce company in India:

    • Chalking out a workable business and revenue model
    • Branding your brand well
    • Registering the business
    • Opening a bank account and linking the business to the same
    • Creating and launching a simple but secure eCommerce website
    • Installing payment gateways
    • Monitoring and improving the logistics
  • How to do Market Research for Your Startup?

    In 2021, the global revenue of the market research industry exceeded $76.4 billion, a growth of more than twofold since 2008. The annual growth of global market research revenue is 0.3%. It is great to have an idea that expects to capture the hearts and minds of consumers everywhere. Perhaps stumbling upon a service not offered by anyone else, hopefully, a service or product that is desperately needed might be the opportunity to start a successful business.

    However, before venturing into something, determine whether there is a need in the market for the product or service. Ascertain the needs and demands of the consumer by conducting market research and finding out if your business would be successful.

    Spending on Market Research Services Worldwide as of 2020
    Spending on Market Research Services Worldwide as of 2020

    Market research, a crucial step, is neglected by many business owners in product development. The sole reason to do so is to avoid any negative feedback regarding their business idea. Other entrepreneurs skip this process because they foresee it to be too expensive and time-consuming. However, you shouldn’t skip market research as it is an integral part of starting a business. To make it easier for all the entrepreneurs out there, here is a list of processes for doing market research.

    Market Research Methods
    Secondary Research
    4 Questions to Ask For
    How to Compare Data Collected?
    How to Spend Your Money on Market Research?

    Market Research Methods

    In Primary research, we gather information directly from the source i.e. the potential customers. Secondary research is the gathering of statistics regarding things related to the business or reports, studies and other data from organizations such as government agencies, trade associations and the local chamber of commerce.

    Secondary Research

    The vast majority of research that is conducted is secondary research and the best way to look for that would be the following.

    • A local library or the Internet
    • Reference libraries at public disposal or university libraries
    • Industry trade Associations
    • New magazines and newsletters
    • Government Guidance
    • Maps
    • Community Organizations

    Apart from this, an in-depth understanding is required of what’s essential to any business plan along with appropriate points for the venture to ensure the success of the startup.

    Market research aims to understand the reasons how and why consumers will buy a given product. It studies such things as consumer behaviour and consumer’s decision-making process, including how cultural, societal and personal factors influence that behaviour while buying a product.

    4 Questions to Ask For

    Questions to Ask For While Conducting Market Research
    Questions to Ask For While Conducting Market Research

    The basic questions we would try to answer while conducting market research are:

    1. Who are the customers of the business?
    2. What do they generally prefer?
    3. Why do they prefer a certain product instead of the new product or services being offered?
    4. What will make them consider the product being offered?

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    How to Compare Data Collected?

    Try to search for the closest match to the business for comparative analysis and consider these points:

    1. Companies of relative size and budget
    2. Companies serving the same geographic area as the proposed startup, which could be global if it’s a web-based business
    3. Compare with the companies with a similar ownership structure. If your business has two partners, look for businesses run and managed by a couple of partners rather than an advisory board.
    4. Companies which are relatively new and have started functioning recently because long-standing businesses are successful because of their 25-year business history and reputation.

    How to Spend Your Money on Market Research?

    Follow these steps to know how to spend your money on market research wisely:

    1. Determine what is required in the target market before starting up. The more focused the research, the more valuable it will be for the business.
    2. Prioritize the results carefully and closely for accurate data. It is obvious, you can’t research everything, so concentrate on the information that will give the best or quickest outcome for the business or startup.
    3. Review less-expensive research alternatives to save money. Small Business Development Centers and the Small Business Administration can help develop customer surveys in a better way. The trade association will have good secondary research and try to be creative as well as innovative.
    4. Estimate the cost of performing the research yourself to ensure accuracy and prevent overspending. Keep in mind that, while using the internet, spending a lot of money would not be necessary. Don’t pay for what you don’t need at all in the business.

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    Conclusion

    You need to consider your target audience and figure out your marketing platforms. Also, you should be aware of the latest trends and updates in your industry. Keeping these points in mind will ensure thorough market research for starting a successful business. Share this post with your friends and drop comments.

    FAQs

    How to Do Market Research for a Startup?

    1. Look at the Entire Industry and Potential Market.
    2. Analyze the Market Audience.
    3. Gain Insight into Top Companies’ Product and Digital Marketing Strategies and Tactics.

    What are the market research tools for startups?

    Tools of market research:

    • Semrush
    • ContentMine
    • KNIME Analytics Platform
    • Pickfu
    • Survata
    • Facebook Audience Insights

    What are the steps to do market research?

    The 5-Step Marketing Research Process:

    1. Define the Problem or Opportunity
    2. Develop Your Marketing Research Plan
    3. Collect Relevant Data and Information
    4. Analyze Data and Report Findings
    5. Put Your Research into Action
  • Top 20 Best Free Reseller Apps in India To Choose For Selling Or Shopping

    ‌‌Back then when people had not that great access to the internet, these reseller apps were not that productive at all. People had no idea about these apps and nothing productive was happening with them. But with the revolution of social media and the internet, reseller apps have come a long way beyond imagination. In today’s time, reseller apps are too popular and proven to be very successful, which is why they don’t seem to be fading away sooner.

    ‌‌In these reseller apps, people have the access to both buy and sell goods without any extra cost. The best thing that stands out with these apps is, that here you don’t need to find any proper marketplace to buy or sell your product. Hence, this trend is excelling hugely. However, depending on how many reseller apps may be available in the market, it is essential to choose a beneficiary one. So, here’s the list of the best reselling apps in India:

    Who is a Reseller?

    What are Reseller Apps?

    Top 20 Best Reseller Apps in India

    1. Meesho
    2. GlowRoad
    3. Shop 101
    4. eBay
    5. Mercari
    6. Cartlay
    7. ZyMi
    8. OfferUp
    9. 5miles
    10. HiBoss
    11. Shopmatic
    12. Shopee
    13. ResellMe
    14. OLX India
    15. Quikr
    16. Amazon Seller MarketPlace
    17. Carousell
    18. Poshmark
    19. Decluttr
    20. Elanic

    Who is a Reseller?

    A reseller is an individual or a company that sells goods or services to earn profit. A reseller makes a massive profit by buying and selling a large number of goods. The value addition in the resale chain will occur from the manufacturer to the trader and finally to the consumer, with each link in the chain benefiting from the resale of goods. Selling clothes, electronics, books, automobile and others directly to the customer are few examples of reselling.

    What are Reseller Apps?

    A reseller apps is an online marketplaces where users can sell their goods at a economic price. It also give buyers a chance to negotiate that prices so that both the buyers and sellers can agree on an acceptable price in which both are in a win-win situation.

    On the Reseller Apps, the seller does not require to reveal any personal information as these apps are secure portals. Meesho, Amazon Seller MarketPlace, OLX, Quikr, GlowRoad are some examples of Reseller apps.

    Top 20 Best Reseller Apps in India

    There are many Reseller Apps in market but the best reseller app in india which will surely give you profit in both selling and buying are dicuseed below. Reseller apps could a good souce of profit as it doesnot involves the middle man and it directly sell goods to the customer.

    1. Meesho

    Rating 4.4/5
    Category Apparel, shoes, jewellery, bags

    Meesho App
    Meesho App

    Counted among one of the best reselling apps in India, Meesho was established by two IIT Delhi graduates in the year 2015. Meesho was founded by Vidit Aatrey and Sanjeev Barnwal.

    Features of Meesho App:

    • Here one can become a reseller without much difficulty.
    • One can choose a product from the collection and can suggest it to his group of people and if they like and buy it, he/she would get a commission for that.
    • It is not limited only to this, but there are also a lot of money-making formulas present in this app.

    2. GlowRoad

    Rating 4.5/5
    Category Apparel

    GlowRoad App
    GlowRoad App

    GlowRoad is a free online reselling app in India similar to Meesho consisting of almost 1 lakh high-quality products and over 100 categories for the wholesale market. It comprises sellers like boutique owners, college students, beauticians, etc.

    Features of GlowRoad App:

    • Here one can get everything from home décor items to beauty products to utensils and furniture and much more.
    • The app has more than 10 million downloads.

    3. Shop 101

    Rating 4.4/5
    Category Handicrafts, women accessories, home decor, books

    Shop 101 App
    Shop 101 App

    Shop 101 is India’s first original reselling site. They also provide home-based services and it all can be afforded within minutes of it.

    Features of Shop 101 App:

    • The uniqueness of the app is that it gives a special feature of multilingual options.
    • They also facilitate a lot of interesting cashback offers.
    • One can get almost every product from here like clothing, electronics, personal care, etc.

    4. eBay

    Rating 4.1/5
    Category Electronics, Apparel, shoes, jewelry, bags

    eBay App
    eBay App

    eBay is a multinational company founded in 1995. It was founded by Pierre Omidyar. He launched the company on September 3, 1995. The headquarters of eBay is located in San Jones.

    Features of eBay App:

    • They have more than 10 million downloads and have a great rating of 4.6 stars.
    • It is one of the oldest reselling websites in the world.
    • One can buy and sell electronics, apparel, cars, and whatnot on this site.

    5. Mercari

    Rating 4.7/5
    Category Electronics, Apparel, shoes, jewellery, bags

    Mercari App
    Mercari App

    Mercari was first launched in Japan in the year 2014. One can sell both new and used items on this site. It is a market app where you can sell both used and new stuff

    Features of Mercari App:

    • It specializes in fast buying and selling.
    • It provides free shipping.
    • The service is straightforward and flexible.

    6. Cartlay

    Rating 4.1/5
    Category Apparel, shoes, watches, bags

    Cartlay App
    Cartlay App

    Cartlay was founded on April 14, 2014, and was a massive success. It notifies every important and new collection once you install this app on your phone.

    Features of Cartlay App:

    • One can easily sell products through Instagram, Facebook, etc.
    • The quick shipping facility allows getting your product within 2 days.
    • One can easily share the personal collection with his or her family and friends.

    7. ZyMi

    Rating 4.4/5
    Category Apparel, Watches, Makeup, Jewellery

    Zymi App
    Zymi App

    Provided with the facility of creating your online store easily, Zymi is one of the most famous online reselling apps and is similar to Meesho. It is authentic and user-friendly.

    Features of Zymi App:

    • One can find thousands of amazing clothes and can easily sell them.
    • You can get the latest and trending fashion products.
    • When someone buys clothes from the collection, you will get a commission from them.

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    8. OfferUp

    Rating 4.3/5.0
    Category Clothing, gardening equipment, furniture, home appliances

    Offerup App
    OfferUp App

    With more than 1 crore downloads and some great reviews, OfferUp is a famous reselling app and also a reliable one. One can also link one’s social media account with the OfferUp application and can enjoy shopping.

    Features of OfferUp App:

    • Here, one can easily get an option for the counteroffer.
    • You can make a filtered wishlist of all your favourites.

    9. 5miles

    Rating 4.3/5
    Category Cars, auto parts, electronics, furniture

    5miles App
    5miles App

    The most convenient and straightforward app for reselling is 5miles. It facilitates reselling of old products, mostly for urban people. But the app does not work great in rural areas.

    Features of 5miles App:

    • Customer support is available for everyone at any time.
    • The users are not fake as they have to verify their identity.

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    10. HiBoss

    Rating 3.8/5
    Category Shoes, watches, apparel

    HiBoss App
    HiBoss App

    In terms of reliability and authenticity, HiBoss gives the best experience for the users. It sells products at factory prices and provides free shipping.

    Features of HiBoss App:

    • Cash on delivery is easily available at any address.
    • It sells items without any fuss and just can be sold by scanning and getting listed.

    11. Shopmatic

    Rating 4/5
    Category Apparel, jewellery, pet food and products, bags, cosmetics

    Shopmatic App
    Shopmatic App

    With Shopmatic reselling app, One can create a friendly eCommerce website within a couple of minutes, without any cost. You can also get a facility of getting 3% of the exchange esteem after completing a year in this app.

    Features of Shopmatic App:

    12. Shopee

    Rating 3.5/5
    Category Apparel, accessories, books, footwear, home applainces

    Shopee App
    Shopee App

    Dedicated to women, Shopee is one of the best reseller apps for women’s products. It contains products like Kurtis, jewellery, home décor, and whatnot.

    Features of the Shopee App:

    • The products are available at an affordable rate and have a simple return policy.
    • It contains an easy formality to start the business for newcomers.

    13. ResellMe

    Rating 4.2/5
    Category Apparel, furniture, home decor, electronics

    ResellMe App
    ResellMe App

    With more than 100 registered brands, ResellMe is believed to be one of the best reselling apps for clothes. It provides quite good quality products and provides good service too.

    Features of the ResellMe App:

    • The interface of this application is very user-friendly and easily accessible.
    • The login process for this app is easy.

    14. OLX India

    Rating 4.4/5
    Category New and used automobiles, furniture, electronics, footwear

    OLX App
    OLX App

    OLX was founded in 2006. It is headquartered in the Netherlands. It is one of the best reseller apps all around the globe. OLX has gained a lot of popularity over the years.

    Features of OLX App:

    • The app facilitates an in-app chat feature, which is very rare.
    • One can get the product from any part of India.

    15. Quikr

    Rating 4.1/5.0
    Category Mobile phones, furniture, home decor, home appliances, toys

    Quikr App
    Quikr App

    Quikr was founded in 2008 and has been successful since then. The company’s headquarters is situated in Bangalore and has spread over 1000 cities.

    Features of Quikr App:

    • Not only buying and selling but one can also find part-time or full-time jobs here.
    • One can get second-hand products at a very reasonable rate.

    16. Amazon Seller MarketPlace

    Rating 4.3/5
    Category Apparel, electronics, home appliances, video games, books

    Amazon Seller App
    Amazon Seller App

    One of the most popular reselling websites in India is the Amazon marketplace founded by Jeff Bezos. It has great customer support all over the world. The app has a 4.3-star rating and has more than 50 million downloads.

    Features of Amazon marketplace:

    • Free delivery is available on specific products.
    • One can purchase anything from any location and can also go for cash on delivery.

    17. Carousell

    Rating 3.8/5
    Category Electronics, fashion, used car, services, furniture

    Carousell App
    Carousell App

    Carousell was first initiated in Singapore city and then it travelled to the United States. This website emerged globally and enables people to buy and sell any product.

    Features of Carousell App:

    • One can use their social media account to create a profile here.
    • The customer support is good and available anytime.

    18. Poshmark

    Rating 4.7/5
    Category Fashion, home decor, beauty

    Poshmark App
    Poshmark App

    Poshmark reselling app is too specific and famous for selling clothing items. One can get a free pre-paid shipping label, once you finalize the sale. You can also upload pictures that you want to sell.

    Features of Poshmark App:

    • You can get quick delivery.
    • It contains more than 5000 brands of different sizes.

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    19. Decluttr

    Rating 3.9/5
    Category Electronics, books, video games

    Decluttr App
    Decluttr App

    Decluttr is an application that specializes in allowing to sell of those products only which are in good condition. The buyer can easily contact the seller and they can decide the pricing for the product.

    Features of Decluttr App:

    • Here you can scan barcodes to sell and buy.
    • One can view and manage items for which you would have placed an order.

    20. Elanic

    Rating 3.4/5
    Category New and used apparel

    Elanic is one of the best reseller apps in India, where one can sell used and unused items without any difficulty. This app is reviewed as a very user-friendly one and with a few clicks, one can easily buy or sell commodities without any trouble.

    Features of Elanic App:

    • One can sell without revealing his or her identity or number.
    • It provides a high range of product listings.

    Conclusion

    This is the list of top online reselling apps in India. One can easily have a look and get a perfect knowledge of the apps and can decide where to rely upon them. All these apps are extremely helpful for those looking forward to starting a small business.

    ‌‌These reselling apps are even available to the common man. Anyone can start their online business on these platforms. Such apps must be encouraged by people and more should be done for their development.

    FAQs

    Which app is best for resellers?

    The best reseller apps in India are:

    • Meesho
    • GlowRoad
    • Shop 101
    • eBay
    • Mercari
    • Cartlay
    • ZyMi
    • OfferUp
    • 5miles
    • Hi boss
    • Shopmatic
    • Shopee
    • ResellMe
    • OLX India
    • Quikr
    • Amazon Seller MarketPlace
    • Carousell
    • Poshmark
    • Decluttr
    • Elanic

    Which app is similar to Meesho?

    GlowRoad, Shop101, Shopee, and Carousell are some of the similar apps to Meesho.

    What is reselling app?

    A reselling app is an app where you can sell your products and earn profit with zero investment required.

    Which is the No 1 reseller app in India?

    Meesho is the most popular reseller App in India.

  • How is AI Transforming HR for Companies?

    Human resources are no less than a building block for organizations. A robust HR team can take companies and organizations to the next level; at the same time, a weak one can spoil established companies. It is vital to nurture and improve the human resources department. After all, this service line recruits the workforce. Stats show the AI market is expanding at a CAGR of 38.1% between 2022 to 2030. AI is claimed to be a top priority in their business plans by 83% of companies.

    Artificial intelligence is transforming HR by making it more efficient and unbiased. Contrary to what many people assume, AI has the power to enhance the concept of human contact in HR.

    Human resources deal with people and their attitudes. From planning to implementation, several processes come under the HR department. Making new policies, ensuring onboarding standards meet the standards, and whatnot— the HR service line also looks into labour relations, performance management, and job design. The HR team assists in achieving the mission and vision of an organization. The use of AI in HR will not only increase the efficiency of the company but also give employees more alignment with its objectives.

    Impacts on Jobs Due to AI in 2022 Worldwide
    Impacts on Jobs Due to AI in 2022 Worldwide

    As of 2022, the global AI market is valued at over $136 billion. Over the next 8 years, it is expected to increase by over 13 times. AI has and will have a heavy impact on job opportunities. It is estimated 2.3 million jobs will be created, while 1.8 million jobs will be eliminated by AI worldwide in 2022.

    What is Artificial Intelligence?
    How is AI Influencing Human Resources?
    Companies using AI for HR Management

    What is Artificial Intelligence?

    AI refers to Artificial Intelligence, a tech which enables computers to think and acts like a human. Organizations are using AI to improve productivity. AI takes decisions based on the input provided. It uses a certain kind of algorithm. With work-from-home culture now mainstream and organizations becoming people-sensitive, the need for AI is escalating.

    Most of the activities executed by HR are now being managed by AI. It empowers human resources to enhance contacts. According to a survey, 60% of organizations are using AI for talent management.

    Key Benefits of Artificial Intelligence
    Key Benefits of Artificial Intelligence

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    How is AI Influencing Human Resources?

    Uses of AI to Assist Workers in Their Organization as of 2020
    Uses of AI to Assist Workers in Their Organization as of 2020

    Artificial Intelligence in Daily Tasks

    AI can take over several tasks that the human resources department deals with on a day-to-day basis. It can give responses to prospective and current employees. It can also help with questions related to policies and procedures. And this is just the tip of the iceberg when it comes to AI’s capabilities. It can also free up time for HR professionals to focus on other work.

    Handling forms of different kinds, simplifying training sessions, and AI systems can execute various other tasks.

    For organisations, choosing the right talent is a crucial task since employees are the cornerstone to success. When it comes to skills, companies generally have some set of standards. AI can help the HR department to filter resumes as per the desired skill set. AI systems can screen resumes according to the data they are trained on. The department will then have to spend lesser time on the selection process.

    Providing Training

    AI can help new employees by providing efficient training. A conversational chatbot can be used for this purpose. Employees facing any difficulty can send messages to the chatbot. The latter will reply based on the way it’s programmed. Moreover, the chatbot shall give employees the flexibility to complete external and internal training according to their convenience. At times, employees don’t know whom to contact for queries. An AI-powered helpdesk can facilitate the situation.

    AI in decision Making

    Artificial Intelligence can help employees to understand their moods better. Due to workload, employees aren’t able to give their best at times. AI can be trained to provide personality and behaviour insights. Individuals can then use this system to facilitate decision-making.

    Employee Retention

    AI can help the HR team to analyze the reasons behind layoffs and retain more employees. Believe it or not, AI-based systems can help manage the workforce, and that too a satisfied one.

    AI can detect and analyze employees who are disengaged or unproductive. It can provide insights as to where the company is lacking, or why its people are discontent.


    Transforming the AI employment landscape – AlmaBetter Data Science LER Program
    India has always been home to innovation and creativity, fostering humandevelopment over many centuries. Sadly these virtues have not fully manifestedthemselves in shaping the current higher education system despite having worldclass institutions such as IITs, IIMs, etc. Students normally gradua…


    Appraisals

    Appraisals keep the workforce motivated. And the process should not be partial or biased. AI has a role to play here as well. It can ensure employees get the results in tandem with their performance. Giving appraisals or bonuses to the suitable candidate can boost productivity immensely. Moreover, appraisals require neutral thinking, something which AI is capable of.

    Companies using AI for HR Management

    Companies such as Google, Amazon, IBM, Unilever, L’Oréal, IKEA, Adecco, Hays, Deloitte, Vodafone, PwC, Oracle, TCS, Accenture, and Tech Mahindra have adopted AI for HR Management.

    Some AI platforms/tools for HR selection and recruiting are HireVue, Mya Systems, HiredScore, Wade & Wendy, AllyO, Textio, Turing, Toptal, Manatal, Skillate, TurboHire, Talenture, Fetcher, SeekOut, Zoho Recruit, Paradox, Humanly, Findem, hireEZ, AmazingHiring, Loxo, Eightfold.ai , Textio, myInterview, and Arya, Pymetrics.

    AI cuts time spent on CV verification, and other recruitment processes. The best eligible candidates are filtered out. Unilever, L’Oréal, and IKEA are the B2C using AI to transform their Candidate Sourcing Strategies.

    Company Name AI Hiring Assistant/solution Purpose
    IKEA Robot Vera Conduct interviews and send out
    customized follow-emails
    Unilever HireVue Assessments Hire the best and most diverse graduates
    among potential candidates
    L’Oréal Mya Filter out the best candidates among the
    received job applications

    AI adoption in HR is increasing. Here is a list of a few companies revolutionizing recruiting process using AI.

    AI platform/solution used Companies using the platform
    HireVue 700+ companies, including Unilever, Vodafone, PwC, and Oracle
    Mya Systems L’Oréal, Adecco, Hays, Deloitte, and more
    HiredScore Trusted by 40% of the Fortune 100: Intel, Dell, Domino,
    Johnson & Johnson, and more
    Wade & Wendy E-Trade, Randstad, Comcast, and more
    hireEZ Deloitte, VISA, Amtec, Wayfair, CommonSpirit, and more
    AllyO Walmart, Hilton, AT&T, FedEx, Arbys, and more


    Artificial Intelligence Technology in Demand Planning and Forecasting
    Artificial intelligence has been drawing a lot of attention as companies andtech-savvy vendors continuously seek how machine learning could improve demandplans and supply chain operations. In particular demand forecasting, the processof planning forecasts that will drive operational supply chain …


    Conclusion

    The impact of AI on HR Management is now extending to use cases and problems hitherto unexplored. It is providing helping hands to people in their work. Health, finance, banking, computing, marketing, and management. Artificial Intelligence is penetrating every imaginable industry. With unbiased results and the ability to be improved further, AI is here to stay.

    FAQs

    How will artificial intelligence affect human resources?

    AI provides HR departments with an opportunity to improve the candidate and employee experience by automating repetitive, low-value tasks and freeing up time to focus on the more strategic, creative work that HR teams need and want to get done.

    What is artificial intelligence in human resources?

    At a high level, AI is a technology that allows computers to learn from and make or recommend actions based on previously collected data. In terms of human resources management, artificial intelligence can be applied in many different ways to streamline processes and improve efficiency.

    What is human resource transformation?

    Human resource transformation is the process of fundamentally rethinking and rechartering the HR function/department in the organization. If HR professionals do that, they become the “go-to” people to help operating managers address “people problems” they face in getting the organization’s work done.

    Can technology replace human resources?

    No, technology is not stealing human resources jobs; instead, it’s helping small businesses work more efficiently. Although apps and software eliminate some tasks, they typically aren’t enough to replace a person in the workplace.

    What are some benefits of AI?

    • 24×7 Availability
    • Saves time
    • Saves money
    • Reduces Human Errors
    • Removes human bias
    • Daily Applications
  • Evolution of Indian Banking System: A Comprehensive Study

    Archaeological evidence from the era of 2000 BCE shows the beginning of the banking system with the first prototype that engaged in giving grain loans to farmers and traders. It also proves that money-lending was also an activity carried out in India and China as well. The historical roots of modern banking can be traced to medieval and renaissance Italy.

    Function of Banks
    A Short History
    The Impact of Nationalization
    Liberalization – 1991 Till Date
    Evolution of the Banking Model – A comparison
    The Risks Attached
    What Does The Future Hold

    Function of Banks

    “Banking is defined as the business activity of accepting and safeguarding money owned by other individuals and entities, and then lending out this money in order to conduct economic activities such as making a profit or simply covering operating expenses.”

    The primary role of a bank is to take in money, called deposits, pool them, and lend them to those who need funds. In essence, banks are intermediaries between depositors and borrowers.

    A Short History

    At the time, India won independence, and the major banks of the country were privately run. This created a potential problem as people from rural areas were dependent on money lenders for financial assistance.

    With an aim to resolve this issue, the government decided to nationalize these banks. Between 1969 and 1991, twenty banks, whose national deposits were more than Rs. 50 crores, were nationalized. The banks that were nationalized include the Bank of Baroda, Bank of India, Central Bank of India, Punjab National Bank, Oriental Bank of Commerce, UCO Bank, Union Bank of India, and many others. Also, the State Bank of India was formed in 1955.

    The Impact of Nationalization

    There were many other reasons and considerations behind the government’s decision to nationalize banks.

    • It led to an increase in funds and helped raise the economy of the country.
    • It increased the efficiency of the banks.
    • It helped boost the rural and agricultural sectors of the country.
    • It helped boost employment.
    • The profit of the banks was used by the government for the betterment of the citizens.
    • Competition decreased leading to increased efficiency.

    Liberalization – 1991 Till Date

    This was one of the biggest developments in the Banking sector. RBI gave licenses to 10 private sector banks to establish themselves in the country. These include ICICI Bank, HDFC Bank, Axis Bank, and IDBI Bank.

    This introduced a new era of the Banking model. As technology advanced so did the banking model evolve.

    Evolution of the Banking Model – A comparison

    Indian Banking Growth

    Until the 1990s, the banking sector in India had adopted the traditional means of banking and maintaining records manually. However, with the financial reforms since 1993, the Indian banking sector had to accept computerization in order to cope with the increasing overload and incompatibility of the manual system to sustain further growth.

    In 1993, the employees’ association of the Indian banks (IBA) contracted an agreement with the bank manager about the introduction of computerized applications in banks. This agreement was the major breakthrough in the introduction of computerized applications and the development of communication networks in banks.

    Once the technology was introduced into the banking sector, it saw unprecedented growth and advancement. Traditional means of banking were rapidly replaced by e-banking options –

    ATMs (Automated Teller Machines)

    Automated Teller Machines (ATMs) or 24-hour Tellers are electronic terminals that allow banking activities almost anytime. To withdraw cash, make deposits, or transfer funds between accounts, an ATM card / Debit card is utilized. It offers a host of functions –

    • Cash Withdrawals
    • Balance inquiry
    • Mini Statements for accounts
    • Cheque or Cash Deposit facility
    • Funds Transfer
    • Payments

    Telephone Banking

    Telephone banking is a service provided by a bank or a financial institution, enabling customers to perform various financial transactions without the need to visit a bank branch or ATM. These transactions do not involve cash or financial instruments such as cheques. Banks have upgraded their phone banking services enabling customers to avail of a whole host of services with the help of a Voice Response System (VRS)

    • Check account balance and statement information.
    • Transfer funds between accounts.
    • Payment of bills like utility, credit cards, mobile, etc.
    • Request cheque book or account statements.
    • Demand Draft request.

    Mobile Banking

    Mobile Banking refers to the provision and availability of banking and financial services with the help of mobile telecommunication devices. Mobile banking facility is offered by most major banks in India. This has made banking transactions easy and hassle-free. Customers can use mobile banking to view their account balance, make instant fund transfers and pay bills, etc. There are various types of mobile banking services i.e., SMS, USSD, and mobile apps. Some of the banks have incorporated services like loan approval and linking of insurance policy in their mobile banking apps.

    • Access to Account Information.
    • e-statement of account.
    • Loan statements.
    • Card statements.
    • Third-Party Money Transfers.
    • Payments via NEFT/IMPS/RETG/UPI/MMID.
    • Investments in various financial tools.
    • Opening fixed deposit/recurring deposits.
    • Portfolio management services.

    Online Banking

    Also known as Internet banking or web banking allows a user to conduct financial transactions via the Internet. It offers customers almost every service traditionally available through a local branch including deposits, transfers, and online bill payments. The most prominent advantages of online banking are:

    • 24/7 access and account service.
    • Speed and efficiency.
    • Online bill payments.
    • Cost-effective for banks.

    Other services

    The nature of banking services has evolved in the last 5 decades. Banks have also expanded their services to include various other peripheral services apart from traditional banking services.

    – Investment Options:

    Banks offer their own investment plans with a SIP option or one-time investment options which are, typically, stock market-related options.

    – Insurance Options:

    Banks have added a whole host of insurance options that they offer. Some options they offer are car insurance, house insurance, travel insurance, unit-linked life insurance policies, etc.

    The Risks Attached

    With advancements also come risks. The digitization of banks carries the same risks associated with the online internet world. There are security threats, privacy invasions, virus attacks, phishing scams, technological issues, money laundering risks, and many others.

    Of course, there are actions that can be taken by both the customer and the bank itself to minimize the threats but they can never be completely eliminated. Banks, in particular, must adopt a robust security plan and keep it upgraded at all times to protect the confidentiality of data.

    What Does The Future Hold

    The mobile and the wireless market has been one of the fastest-growing markets in the world.  The arrival of technology and the escalating use of mobile and smartphone devices have given the banking industry a new platform.  Connecting a customer anytime and anywhere to their money and needs is a must-have service that has become an unstoppable necessity. This worldwide communication is leading a new generation of solid banking relationships.

    At the pace at which technology is evolving, there is no way to know how the banking system will further evolve. The only certainty is that it will become more accessible and friendlier. It will grow to encompass other options and services for the benefit of its customers.

    FAQs

    What are the recent changes in the banking system?

    A recent change in the banking sector is the emergence of e-banking, which is crucial in offering better services to clients.

    What is the difference between traditional and modern banking?

    Traditional banking requires you to go to a physical bank branch in order to access your account. However modern banking, allows you to conduct transactions from anywhere with an internet connection.

    What was the aim behind the nationalization of banks?

    The aim was to encourage businesses in order to serve better the needs of the country’s economy.

    Which was the first nationalized bank?

    The first bank in India to be nationalized was the Reserve Bank of India.

  • Coca-Cola Vs. Pepsi: The Amazing Story of Brand Wars And Marketing Strategies

    A relationship and a rivalry ingrained in the culture that predates the 20th century. Two companies that have played a pivotal role in shaping the contours of modern advertising.

    J. C. Louis and Harvey Yazijian’s 1980 book titled ‘The Cola Wars’, perhaps, best describes it. “As two of the prime consumer products in modern civilization, Coke and Pepsi have come to epitomize perhaps the central feature of all advertising, which is to provide the forum for placing social values and attitudes on a plane with material ones — be they goods, services, or money”

    Between the two historical giants exists legendary marketing tactics to outdo each other. One of the most famous ones was the 1975 Pepsi Challenge.

    What was the Challenge
    The History of the two Titans
    Marketing Strategies Comparison
    Who is Better

    What was the Challenge

    The Cola War: Cola Cola Vs Pepsi

    The Year 1975

    Coca-Cola had been holding the number one position in the market for decades. Their superior distribution system, effective marketing, and incredible brand loyalty created a legion of happy customers.

    Pepsi was relatively new and looking to capture a sizeable market portion. They were driven, hungry, and willing to go that extra mile. A business savvy executive at the company designed a bold and revolutionary strategy and called it ‘The Pepsi Challenge’.

    They walked inside the malls around the country and invited people for a blind taste test. One can contain Pepsi and the other Coca-Cola. The blind taste test resulted in the favor of Pepsi. They were jubilant about the win and conducted television campaigns showing people choosing Pepsi over Coca-Cola.

    Pepsi had won the battle but the war was yet on. Coca-Cola had yet to respond.

    After a few initial blunders like issuing press releases and questioning the results of the Pepsi campaign, Coca-Cola came up with a devious plan. Enacting the adage ‘If you can’t beat them, join ‘em’, they came up with New Coke that was similar in taste to Pepsi.

    The plan worked like a charm. The ‘New Coke’ spurred debates as people wrote to the company to change it back to the classic Coca-Cola taste. Now people were again talking about Coca-Cola – New Coke vs. Coke Classic. And Pepsi was forgotten.

    The Year 2003

    This iconic battle was so baffling that a neuroscientist named Read Montague decided to resolve it through his own study.

    He recreated the blind taste test with a few test subjects and monitored their brain activity. His research was in line with the original campaign – Pepsi was preferred. His finding was that the subjects responded strongly to Pepsi in the reward center of the brain.

    Next, he tweaked the test the told his subjects exactly what drink they were consuming. This time the test results were in favor of Coca-Cola. He observed that brain activity changed. Memories and perceptions had taken over and sheer brand power overrode every other consideration. Coca-Cola has won again !!

    The History of the two Titans

    Both drinks were created in a pharmacy. Coca-Cola was the first to be created by Dr. John S. Pemberton in the early 1800s. A little over a decade later, Caleb Davis Bradham created the drink that would later be known as Pepsi-Cola. For more than a century and traveling different paths, both these companies have created a niche for themselves. Their marketing techniques have made it to the Advertisement Hall of Fame and the brands are identifiable by their logos worldwide.

    Marketing Strategies Comparison

    Coca-Cola was the first company to expand internationally in 1915 by opening a plant in the Philippines. By the 1920s Coca-Cola was establishing a presence in Europe and within a decade expanded its presence to Australia and South Africa.

    Meanwhile, Pepsi had expanded its footprint in the country to 24 franchises by 1910. World War I and the resultant sugar crises almost forced Pepsi to go bankrupt in 1923. The company was sold about 5 years later and relocated to Virginia. In the early 1930s the company again faced bankruptcy but recovered and since then has been successfully growing.

    Both companies have developed logos after a deep market study using colors that most resonated with consumers. Their advertisement campaigns have been on an equal footing, be it creating catchy jingles to audience-engaging television promotions. By the 1960s, both companies had a presence in more than 100 countries when Pepsi decided to tap the youth market by dubbing the brand as ‘those who think young’. Its youth-focused advertisements continue into the 21st century.

    Both companies expanded their product range in the 1960s. Coca-Cola purchased the Minute Maid Corporation and launched its most successful product Sprite. Pepsi, at the same time, gave its health-conscious customers a sugar-free option called Diet Pepsi. They also acquired the distribution rights of 7-up, Sprite’s main competitor, in the 1980s. As time went on, both companies expanded their product ranges and are on an equal footing.

    With time and technological advances, this clash of the titans has also evolved. Both companies used celebrities for endorsements which lasted for about 2 decades. When social media marketing evolved, both companies became active online continuing their war.

    Over the years both companies have sponsored a slew of major sporting events. Coca-Cola has been associated with the Olympics since 1928 while Pepsi has a long-term deal with NFL.

    Who is Better

    Every year, with all the highs and lows, they win some and lose some. However, there is no clear demarcation about who is better. Both conglomerates are head-to-head. However, for both brands, the future is more about hand-in-hand as the market and consumers evolve.

    FAQs

    What marketing strategy does Pepsi use?

    Pepsi’s marketing strategy utilizes celebrity endorsements and company sponsorships to promote its product.

    What marketing strategies did Coca-Cola use?

    Coca Cola actively uses social media and online communication channels for business promotion.

    What makes Coca-Cola more successful than Pepsi?

    Coca-Cola has a much stronger position in the industry than Pepsi because of its diversified product line and portfolio, which gives it the upper hand when it comes to competition.

    Why did the Cola Wars happen?

    The great Cola Wars of the 1980s were a battle between Coca-Cola and Pepsi for dominance.

  • Ecommerce- Business Models, Delivery Frameworks and Websites

    The e-commerce market in India is expected to reach $350 billion by 2030.

    On the other hand, mobile e-commerce sales are projected to exceed $710 billion in 2025.

    Due to the pandemic, a lot more people have started buying products online.

    All these stats show us that if you want your product to reach more hands you need to build your own online store.

    Nowadays, it’s very easy to create your website using tools like Shopify, Wix, or WooCommerce.

    Although to have a successful business you need to select the correct business model and delivery framework.

    You also need to select the right website that matches your business requirements.

    All these things can seem quite confusing.

    Don’t worry!

    In this article, I will explain to you all the popular and most used business models, delivery frameworks, and e-commerce websites with their pros and cons.

    I will also give examples so you can understand each concept easily.

    Without further ado, let’s get started.

    What Is an Ecommerce Business Model?
    Business to Consumer (B2C)
    Business to Business (B2B)
    Consumer to Business (C2B)
    Consumer to Consumer (C2C)
    Business to Government (B2G)
    Business to Business to Consumer (B2B2C)
    How to Choose Your Business Model?
    Delivery Frameworks for Your E-commerce Business
    Types of E-commerce Websites
    How to Choose the Best E-commerce Website?

    What Is an Ecommerce Business Model?

    Types of Ecommerce Business Model
    Types of Ecommerce Business Model

    An e-commerce business model refers to a company’s core strategy on how it will sell its products and services to the customers.

    The business model explains these 5 things:

    • What kind of products and services will you sell?
    • Who is your target audience?
    • How will you position your product and your business in the market?
    • What will be the anticipated expenses?
    • How will the business make a profit?

    Majorly, there are 6 types of business models.

    Each of these business models has its own benefits and challenges.

    Now, it is not necessary to operate on only one business model.

    You can simultaneously integrate several of them into your business.

    Business to Consumer (B2C)

    Walmart- An Example of a B2C Ecommerce Business
    Walmart- An Example of a B2C Ecommerce Business

    There are high chances that your product idea falls into this business model.

    This is the most used and successful business model.

    Business to Consumer is a process where you sell your products and services directly to your customers, with no middle person involved in it.

    Since you are directly dealing with your customers the decision-making process is much shorter compared to other business models.

    Buying products from an online store, eating in a restaurant, and getting a haircut are all common examples of B2C.

    In this model, you own an online store where customers can browse and order products from your website or mobile app.

    Once customers make the payment online you send them the products to their provided address.

    Now, it’s not necessary that you only have to operate online.

    You can use a hybrid approach where you sell the products both through an online and offline store.

    To provide a better buying experience to your customers you can even use the omnichannel e-commerce strategy here.

    For example, you can allow your customers to order products online and pick them up in an offline store.

    Customers can also return or exchange products they bought online at your offline stores.

    To increase your customer reach and sales you use online advertising, social media marketing, and email marketing.

    Business to Business (B2B)

    Mallory- An Example of a B2B Ecommerce Business Model
    Mallory- An Example of a B2B Ecommerce Business Model

    In the B2B model businesses focus on selling products to other companies.

    Most B2B transactions happen in the supply chain where one company may need raw materials from another company in order to manufacture finished goods.

    A transaction between a wholesaler and a retailer can be termed a B2B transaction.

    Manufacturing car parts and semiconductors are also some popular examples of B2B.

    Even though consumers are not the key people who participate in these transactions they are a critical component of why the B2B companies work.

    Some companies use both the B2C and B2B business model. They may have two different products for consumers and businesses.

    The whole B2B model revolves around networking and retaining existing customers.

    You need to contact the employees or founders of other companies and convince them to use your product.

    Finding businesses that need your help is a very big challenge here.

    Usually, the order sizes are very big and repeat orders are very common.

    For the B2B model to work, you need to have a strong internet presence like having a powerful and intuitive website.

    Consumer to Business (C2B)

    Shutterstock- An Example of a C2B Ecommerce Business Model
    Shutterstock- An Example of a C2B Ecommerce Business Model

    In the C2B business model, consumers sell products or services directly to the companies.

    Freelancers and affiliate marketers operate on the C2B business model.

    Freelancers can list their skills on a website like Upwork and mention what tasks they can accomplish, how much time they will take to do a task and what price they will charge.

    Businesses can look for skilled service providers for their tasks on Upwork. They can pay these freelancers for a specific task and get their work done within a few days.

    This is how the C2B business model works!

    Another example of C2B can be a gamer who shares an affiliate link to a gaming console on his  YouTube channel.

    Consumers get the freedom to set their own prices and businesses get the opportunity to work with people with different backgrounds and expertise.

    Consumer to Consumer (C2C)

    Etsy- An Example of C2C Business Model
    Etsy- An Example of C2C Business Model

    The rise of the internet and e-commerce gave birth to the C2C business model.

    In this model, consumers sell products directly to other consumers using third-party websites like eBay, Etsy, Alibaba, and many more.

    These websites make money by charging transaction or listing fees.

    The e-commerce marketplaces like the ones mentioned above allow small-scale business owners to sell their products without the hefty upfront cost of setting up an online store.

    If you decide to make a website that uses the C2C model you need to take care of quality control, payment handling, delivery, and resolve all the issues between the two parties.

    You also need to make sure that both the buyer and seller don’t get cheated and get a good product and a fair price.

    You also require advanced technology.

    Many other companies have tried to use this business model but failed terribly due to an unstable business strategy.

    We are not saying that you shouldn’t use this model.

    But, if you want to operate on a C2C model you need to have a smart business strategy that satisfies your customers and generates profit for you.

    Business to Government (B2G)

    Senseware- An Example of a B2G Ecommerce Business Model
    Senseware- An Example of a B2G Ecommerce Business Model

    In the B2G model businesses sell their products or services to federal, state, or local government agencies.

    An ammunition manufacturer building guns and missiles for the government is an example of a B2B model.

    Let’s understand how this model works.

    First, the government will submit a proposal (RFP) according to its project requirements and timeline

    As an e-commerce business, you need to bid on these projects.

    Since you are working with the government you need to deal with bureaucracies and the pace of the project is usually slow.

    As you might have guessed, government agencies don’t use e-commerce sites to place orders.

    Although a local government agency can go to an e-commerce site to place an order for a part required to complete a particular project.


    How to Apply Government Loan for your Startups
    You can secure a start-up business loan from any bank or financial institution. The interest rate paid to the bank depends on the amount of the loan


    Business to Business to Consumer (B2B2C)

    Instacart- An Example of B2B2C Ecommerce Business Model
    Instacart- An Example of B2B2C Ecommerce Business Model

    When one company sells its products and services to the end users in partnership with another company it is known as the B2B2C business model.

    It is a combination of B2C and B2B.

    In this model, three parties are involved: the primary brand (who is making the products), the middleman, and the customer.

    The customers are aware that they are buying products from the primary brand.

    For example, a financing company may partner with an electronics store where they will allow customers to buy products in EMIs.

    Here, the customers know that they are getting money from another company.

    This business model is mainly used to acquire new customers.

    How to Choose Your Business Model?

    Things to Keep in Mind While Choosing a Business Model
    Things to Keep in Mind While Choosing a Business Model

    Consider the following factors while selecting a business model.

    Understand Your Customer Needs and Buying Patterns

    When you are selecting the business model for your company you need to prioritize your customer’s needs over anything else.

    Instead of choosing a business model which makes selling products easier, use a model that makes sense for the customers buying your products.

    Find answers to these questions:

    • What kind of problem your product is trying to solve?
    • Are your customers willing to spend money to solve the problem?
    • What return on investment do your customers get by using your product?
    • What are the demographics of your customers? Divide them on the basis of age, gender, religion,  interests, and income.
    • How often do your customers purchase products?
    • How much average money do your customers spend?
    • Do your customers make high-end purchases or buy the same product again and again?
    • Are they making payments using EMI or paying the full amount using a debit/credit card?

    You should also focus on customer relationships. Find the answer to this question as well:

    • How can you acquire or retain customers?

    If you find answers to all these questions you would be able to make a customer avatar for your product.

    Analyze The Market

    Understand how many competitors are there in your niche and how much profit they are generating.

    Analyze their pricing strategies. You don’t want to charge too high or low.

    Find out how many potential customers are there in the market.

    Find the USP of all your competitors.

    Figure out what kind of business model they are using and if their customers are happy buying the product from them.

    Find your competitor’s strengths and weaknesses.

    Conduct a survey and understand what the customers like and don’t like about your competitors.

    To incentivize people to fill out the survey you can give them free vouchers for popular e-commerce sites like Flipkart or Amazon.

    You can even read product reviews of your competitors and find out what is lacking in their products and business model.

    Consider Your Value Proposition

    What is the one thing that makes you stand out in the market?

    What is the one thing that makes your product special?

    If your product doesn’t have a USP your business would be crushed by your competitors.

    Answer this question and you will find your USP: How will your product solve the customer’s problem?

    Find out your value proposition and build a business model around it.

    Calculate the Operating Cost

    Let’s say your operating cost is very high and you cannot charge a high price to your customers because you know that they won’t pay a premium price.

    In this scenario, you can immediately change your business model or find out cost-effective ways to manufacture products.

    Finding out your costs and profit margin early on will help you save money in the future.

    Consider the Scalability

    In the future, if your business model cannot help you to increase your sales and revenue then you shouldn’t use such a business model.

    If you don’t consider the scalability factor your business would stop growing after a certain point in time.

    You Can Play With Your Business Model

    This is bold advice and this may not apply to every business.

    I am not saying you should constantly change your business model.

    Instead, if you feel that you may want to test out two different business models or integrate them together you can definitely do that.

    You can try two different business models on a small set of audiences or on two different locations and analyze which one is working the best.

    Give attention to your first few customers. Ask them for reviews and then decide which business model to use.


    How to do Competitor Analysis for Website? | Analyze Competitor Website
    Competitor analysis refers to identifying competitors and evaluating their strengths & weaknesses. Different competitor analysis tools can be used to analyze competitors like ispionage, adwords, etc.


    Delivery Frameworks for Your E-commerce Business

    After selecting your business model you need to determine which delivery model you would use.

    The following are the top 5 delivery frameworks that you can integrate into your business.

    Dropshipping

    Dropshipping Model
    Dropshipping Model

    There are high chances that you might have heard about drop shipping in some ad or YouTube video.

    This is because dropshipping has become the favorite delivery model for a lot of entrepreneurs.

    In dropshipping you directly buy products from the suppliers and manufacturers who then ship the products directly to your customers.

    Let’s say you decide to sell men’s wallets.

    You find a supplier who sells you quality wallets for Rs 500 including the shipping costs.

    You list all those wallets on your online store for Rs 900 with free shipping.

    When someone places an order in your store you then place the order with the supplier at their wholesale price.

    The supplier ships the product directly to your customers.

    Here, you make a profit of Rs 400.

    You are not dealing with the warehousing of the products nor do you have to focus on packaging and shipping and tracking the inventory.

    You are only focusing on marketing and positioning the products.

    Now, you may ask why don’t the customers directly buy from the supplier.

    Good question!

    Manufacturers and suppliers typically sell in bulk and they will mostly sell to businesses and not give wholesale prices to regular customers.

    Another reason is that people buy products because of marketing, brand value, and customer service.

    Since manufacturers don’t focus on the above things people would prefer buying from a drop shipper.

    Pros of Dropshipping

    • Since you are not focusing on warehousing, packaging, and shipping there is a very low capital required.
    • You can sell and test a wide range of products.
    • You can set up your business anywhere with an internet connection.

    Cons of Dropshipping

    • Since you are not paying for warehousing and inventory the profit margins are very less.
    • You have zero control over the supply chain.
    • If the customers receive damaged or lower quality products your business reputation will get damaged.
    • Since a very low capital is required there is fierce competition.
    • You will not build a brand because you are selling products of other companies. In the end, the product that they will purchase will have the logo of the other company.
    • There is very limited customization.

    Subscription Service

    In the subscription-based model, you regularly deliver products to your customers and get timely payments from them.

    It was traditionally used to deliver newspapers and magazines.

    But, now it is used in every other industry.

    Instead of using it as a standalone delivery model, I will recommend you to integrate it with other delivery models.

    There are 3 most common types of subscription services:

    Replenishment subscription service

    Here, you are selling essential consumable products like shaving cream and body moisturizer.

    Curation subscription service

    In this model, you are selling a collection of products based on individual customer needs and wants.

    Examples of this can be sending beauty products or dresses based on your customer preferences.

    Access subscription service

    Customers buy memberships in this model.

    Generally, businesses give hefty discounts on their memberships to get more people on board.

    Selling organic healthy snacks is an example of this model.

    Pros of Subscription Service

    • Customers repeatedly buy products that generate consistent income for you.
    • You can easily forecast how many sales and revenue you will generate.
    • Planning the inventory becomes easy.
    • You can build strong relationships with your customers.

    Cons of Subscription Service

    • For many people signing up for a subscription is a huge commitment and that is why selling subscriptions is sometimes very hard.
    • You need to constantly innovate and provide quality products to your customers regularly. Even a small mistake can lead to the cancellation of the contract.

    Wholesaling

    In wholesaling, you sell products in bulk to other businesses or retailers at discounted prices.

    It is mostly used in the B2B space but it can also be integrated with the B2C model.

    Pros of Wholesaling

    • You don’t have to spend your time and money on marketing and advertising your products.
    • You get a fixed profit margin.

    Cons of Wholesaling

    • You need a lot of capital.
    • You are responsible for warehousing, managing inventory and products, shipping, and tracking customer orders.

    Private Labeling

    In private labeling, you hire a third-party manufacturer to create your products.

    The product idea is yours but, the making is done by someone else.

    Once the products are made you can either tell the manufacturer to ship the products directly to the customer’s house or get the products in your warehouse and manage the supply chain yourself.

    Selling cosmetics or personal care products like shampoo is a good example of private labeling.

    Pros of Private Labeling

    • You can create your brand without having to invest in factories and inventory.
    • You don’t have to spend a lot of time and time on product development and can focus on marketing, branding, and customer service.
    • It is a great way to test your products in the market.

    Cons of Private Labeling

    • You are entirely dependent on the manufacturer. So, if there is any kind of delay or if the third party creates a low-quality product you have to carry the losses.
    • Most of the privately labeled manufacturers have the minimum order requirement. This means that you need to purchase more than you need.

    White Labeling

    In white labeling, you are buying products from a third-party manufacturer and selling them under your own brand name and logo.

    So, when customers buy the products they think that it has been manufactured by you.

    Pros of White Labeling

    • Since you are not developing the product from scratch the initial investment cost is low.
    • White labeling allows you to jump on an ongoing trend.

    Cons of White Labeling

    • Most of the white-labeled products are generic and there is a high chance that other businesses are also selling them. This means there is huge competition.
    • Since you are not manufacturing the product yourself you have zero control over the quality of the products.

    Types of E-commerce Websites

    To have a successful e-commerce business you need to select the right website that suits your requirements.

    After all, people would be buying products directly from your website and that’s why it is crucial to select the right one.

    Here, are the top 3 e-commerce websites that you can use.

    Single Brand Websites

    An example of a single brand website. The website innocentdrinks.at sells the health and beverage products of the one brand only named innocent.
    An example of a single brand website. The website innocentdrinks.at sells the health and beverage products of the one brand only named innocent.

    If only one seller or business is selling their branded products on an online store it is known as a vendor-specific or a single-brand website.

    Creating an online store using Shopify or WooCommerce is an example of such a website.

    When you create a single-brand website you have complete control over the pricing of the products.

    Marketplaces

    Amazon.com- an Example of the Marketplace Website Type.

    Marketplaces can be divided into 2 categories: One marketplace operates on the B2C model while the second one uses the C2C model.

    The marketplace that operates on a B2C model has numerous sellers selling different types of products on a single website.

    The owner of the website is a completely different person.

    Hosting, maintenance, and backend development of the website are handled completely by the owner.

    Whenever a seller sells a product via the website the site owner gets a small percentage of the revenue.

    Flipkart and Amazon are great examples of retail websites.

    In contrast to the single brand website, you have little control over the website and have to strictly follow the rules and regulations of the website.

    If you break any of the policies you wouldn’t be allowed to sell on the site.

    Since you are competing with dozens of sellers it would be difficult to rank for a particular product keyword.

    If you are new to the e-commerce business you can start with the retail website since you don’t have to build the store from scratch.

    You can also use it to test the demand for the product or operate both on a single-brand website and a retail website to get a wider reach.

    The marketplace that operates on the C2C model allows consumers to sell their products to other users.

    An example of this can be OLX or eBay.

    Here, everyone can instantly make an account and start selling their products immediately.

    How to Choose the Best E-commerce Website?

    A single-brand website gives you more control over how your website feels and how your products are displayed in the store.

    It is a great way to start your business since you can experiment a lot and build a brand.

    Shopify and WooCommerce have made making an e-commerce store very easy. Choose a theme, add your products and you are good to go.

    Marketplaces give you a wider reach and you don’t need to worry about hosting and maintenance of the site.

    Even if you start your journey with a marketplace your aim should be to transfer your business to the single brand website.

    I would highly recommend you use both the single brand website and marketplaces to grow your business.

    The above graph shows the most popular eCommerce platforms used for eCommerce websites in percentages from source fisrtsiteguide.com
    The above graph shows the most popular eCommerce platforms used for eCommerce websites in percentages from source fisrtsiteguide.com

    Conclusion

    When you are choosing your business model, delivery framework, and website it is very important to think from the point of view of your customers.

    In the end, they are the ones who will buy your products.

    Look at your competitors and understand what is working and not working for them.

    At the same time don’t forget to experiment.

    Whichever business model you will choose you will face difficulties at the start.

    So, don’t lose hope and keep working hard.

    FAQs

    How many types of e-commerce business models are there?

    There are 6 types of e-commerce business models:

    • Business to Business (B2B)
    • Business to Consumer (B2C)
    • Consumer to Business (C2B)
    • Consumer to Consumer (C2C)
    • Business to Business to Consumer (B2B2C )
    • Business to Government (B2G)

    What are e-commerce frameworks?

    E-commerce framework refers to the type of software or application used to build the e-commerce store.

    How many layers are there in the e-commerce framework?

    The eCommerce framework has a three-tier framework. Their structure consists of a client-side system, a service system, and a backend system.

    What is the 5 C model of E-commerce?

    The 5 C’s of the eCommerce model are “company”, “Collaborator”, “customers”, “competitors” and “context”.

  • A Complete Guide on How to Use the Social Media Platforms for Affiliate Marketing?

    Affiliate marketing has always been an excellent way to monetize online traffic and earn a decent commission. Only the way people conduct affiliate marketing kept changing. If you have searched for ways to make passive income online, you must have come across affiliate marketing as a common suggestion.

    It is a performance-based marketing tactic wherein affiliate marketers are given a commission(s) for every successful sale they make. The sale can be conducted through any medium, i.e., email marketing, ads, blogging, social media, etc.

    Of all the mediums, social media opened massive avenues for affiliate marketing enthusiasts to begin their journey. Since social media platforms are free to join and easy to use, more people can try their hands at affiliate marketing. But is selling through social media channels this easy? Well, not really. You cannot expect to publish an affiliate link and expect people to buy from it.

    You will have to create a social media plan, get the necessary tools, and be consistent with your effort to see any results. If you’re starting, you can follow some tried-and-tested methods discussed in this article. When executed correctly and consistently, the results can be impressive.

    What Is Affiliate Marketing & Who Is It For?
    7 Ways to Use Social Media to Generate Affiliate Sales
    Social Media Has Opened Floodgates of Opportunities for Affiliate Marketers

    What Is Affiliate Marketing & Who Is It For?

    Affiliate marketing can be best defined as a Cost-Per-Action (CPA) affiliate model wherein affiliates (content creators) are given a commission for every successful sale by brands. Whether you’re an online content creator or a brand offering products/services, affiliate marketing creates a win-win situation for both.

    As per the data shared by similarweb.com, affiliate marketing generates approximately 5% to 25% of the total online sales for some of the world’s biggest brands, so you know how powerful it is. You can earn a hefty commission(s) as a creator by successfully selling a brand’s products to your dedicated audience. On the other hand, brands can generate more sales by simply paying a percentage of sales to the approved affiliates.

    So whether you’re looking forward to earning some extra passive income as a creator or want someone skilled to sell your products as a brand, affiliate marketing is the way in the future.

    7 Ways to Use Social Media to Generate Affiliate Sales

    The best part about affiliate marketing is that it can be done via any medium. Earlier, affiliates relied heavily on blogs and email marketing to promote affiliate products. But the advent of social media offered a newer and better avenue to attract and build a target audience.

    As per Similarweb.com, 67% of affiliate marketers use social media as a tool to connect with their customers
    As per Similarweb.com, 67% of affiliate marketers use social media as a tool to connect with their customers

    If you combine the total number of social media users on platforms like Facebook, Twitter, Instagram, etc., the figure surpasses an astounding 4.5 billion mark as per the data shared by wearesocial.com. With so many people online, you cannot risk not leveraging social media platforms to your advantage. If you’re an affiliate marketer trying to get sales from social media platforms, the following tried-and-tested methods can help you get visible results.

    Leverage Niche-Specific Groups

    An Example- Yoga specific Facebook Group
    An Example- Yoga specific Facebook Group

    Social media platforms like Facebook have countless groups created around particular interests. So if you’re promoting affiliate products in the yoga niche, look for groups built around yoga, health, wellness, and similar topics.

    Joining such groups will give you instant access to people who would be interested in buying the products you’re promoting. If you’re in for a long-term game, ensure you don’t spam niche-specific groups.

    It will only increase your likelihood of getting banned from the group. Instead, focus on delivering value to the people inside the group, and making sales will become much easier. You can check the next point to learn how to sell in social media groups without spamming and getting banned.

    Emerge as the Community’s Influencer

    An Example- Leah is a digital content creator as well as an affiliate marketer of beauty and health products
    An Example- Leah is a digital content creator as well as an affiliate marketer of beauty and health products

    When it comes to online communities, you can either create one from scratch or join an existing community. The former option would easily require a lot of time, so you might consider joining an already well-established online community. Once you get approved in such communities, your focus should be on providing value around the topics related to your affiliate products.

    Direct publishing of affiliate links will mostly lead you to a permanent ban from the group, so you should focus on establishing yourself as a trusted influencer. You can achieve this feat by consistently sharing helpful posts, assisting people through comments, etc.

    Once people know you, start incorporating affiliate products in your posts and describe how they helped you. The more problems you solve for your target audience, the more sales you’ll make.

    Be Consistent with the Delivery of Attention-Grabbing Content

    It can be an extension of the previous point as both will touch lines with sharing highly relevant and helpful content. Whether you’ve decided to join niche-specific communities on Facebook or have planned to build an audience on your personal Twitter or Instagram profile, one thing will remain unchanged, i.e., the need to share helpful and attention-grabbing content.

    A golden rule of affiliate marketing is one should never try to force sales. The affiliate should focus on solving the problems using an affiliate product, and sales will follow. You can do this by being consistent and creating niche-relevant content that is engaging, crisp, and attention-grabbing.

    You can get better results if you can incorporate storytelling in your content pieces. Those starting can follow established affiliate marketers and replicate their content format. It can be altered as you advance.

    Make Your Content More Visual & Engaging

    An Example- The website bestrookbox.com is an amazon affiliate site with many engaging visuals
    An Example- The website bestrookbox.com is an amazon affiliate site with many engaging visuals

    Good-quality images always catch people’s attention. Affiliate marketers who incorporate high-definition images in their content always receive better conversions.

    You can include pictures of the product you’re promoting or add any other image related to the topic you’re talking about. Relevant images paired with attention-grabbing content always give the best results, so try it out.

    If you’re a beginner and don’t know how to integrate images with ad copies or other text content, follow some Amazon or eBay affiliate marketers to study and understand how they do it. You can begin by replicating their process, but it should be customized as you advance.

    Create Short URLs for Affiliate Products

    Affiliate marketers should always use link-shortening services to make their work easier. Original links to affiliate offers are long and may look like spam to most. Always post shortened URLs online if you don’t want the URL structure and length to hinder your affiliate sales.

    Whether you use Facebook, LinkedIn, Instagram, Twitter, or any other social platform, attach links with your content that look short, neat, and professional. Bitly, Rebrandly, TinyURL, and Shor.io are some link-shortening services you can consider.

    Promote Quality Offers

    If you’re serious about earning from affiliate marketing, you should focus on finding and promoting offers or products that are highly relevant to your target audience. Selling junk products can get you sales in the short run, but it won’t be sustainable.

    To become a good affiliate marketer, you should always search for quality affiliate offers that can sell like hotcakes on social media. You should never accept any random affiliate offer coming your way as a beginner, as it can affect your long-term goals.

    Use Social Media Tools

    Affiliate marketing can be arduous if you don’t have the right tools for the trade. For example, you may fail to come up with interesting content ideas for your social media profiles if you don’t have access to tools like Buzzsumo.

    BuzzSumo Website
    BuzzSumo Website

    Capturing emails of people interested in your promoted offers can be challenging if you don’t have a good email capturer like OptinMonster. The market offers different tools to solve your affiliate market problems. This method can help you improve affiliate sales indirectly.

    You just need to identify what you need and invest in those tools. For starters, you may consider getting click funnels or Unbounce landing page builders to hosting your offers. A chatbot like Mobilemonkey to actively engage with the audience and generate leads, bitly to shorten affiliate links, and email marketing software like convertkit to build your email list and promote your offers.

    Social media provides ample opportunities for affiliate marketers to build a loyal audience and earn from it. But only a few manage to leverage it correctly. Whether you’ve just started your affiliate journey or are finding it challenging to make affiliate sales, following the methods discussed above will bring noticeable results.

    Social Media Has Opened Floodgates of Opportunities for Affiliate Marketers

    Promoting and selling products to a target audience online is not as simple as it seems. You will have to put in consistent efforts, give time, and invest in the right resources to start making serious income from affiliate marketing.

    However, if you have little investment but can dedicate time to shaping your career as an affiliate marketer, social media platforms can help you greatly. These social media platforms have billions of people, so finding the right audience for your affiliate programs is no longer a challenge.

    The above graph shows the daily active user count of multiple social media platforms as per the data showed by Google
    The above graph shows the daily active user count of multiple social media platforms as per the data showed by Google

    But how you will attract your target audience, initiate a conversation, and make sales is what matters the most. There can be endless ways to use social media to your advantage, but you will have to start with a few proven methods.

    To help make your journey easier, we’ve covered some practical and timeless ways to help you get started. Follow all the techniques for at least a few months to know what works best for you. With time, you will gain clarity, and you can also start experimenting with newer ways to close sales on social media.


    24 Best Tips for Social Media Marketing
    Social Media Platforms has now become top platform for marketing. These Tips for Social Media Marketing will help you ace social media marketing.


    Conclusion

    Social media is not restricted to one use, instead, it has many potential ways to help in different tasks like lead generation, affiliate marketing, etc. Use social media for affiliate marketing, there are multiple ways one can prefer to take help form.

    A complete guide on how to use social media platforms for affiliate marketing is given above with the addition of tool names where required. The guide also contains few examples of the methods and some basic tips over them.

    FAQs

    Which social media platform is best for affiliate marketing?

    The universal social media platform that is almost used by everyone is Facebook. Hence, Facebook is considered the best option to choose for affiliate marketing.

    Does Instagram allow affiliate marketing?

    Yes, Instagram does allow affiliate marketing for the users with the only condition of being compatible with their terms and conditions.

    What should a beginner do in affiliate marketing?

    Being a beginner in the field of affiliate marketing one needs to start by considering the platform for the affiliate marketing followed by selecting a particular niche you might be interested in. The next step involves searching for better affiliate marketing options in your niche that you can, later on, add with quality content on your selected platforms.

    One can promote their affiliate link on social media platforms in multiple ways. Some of them are selecting the most popular social media platform in order to join the niche-related community, taking help from social media influencers or becoming one by self, keeping up with the available resources and quality-based offers, etc.