The business world has seen many new ideas and implementations that have become so popular in the current decade. The business that has majorly capsized the other businesses and made people move away from traditional practices is the eCommerce Business.
This business is making major contributions to the global economy with a huge profit of 26.7 billion USD as of 2021 and is expected to grow to a towering profit of 61,215 billion USD in the year 2027.
This particular business has made people change from the traditional buying behaviors like going to stores and comparing options to make a purchase. This behavior was slowly changed to online methods to make purchases.
Some businesses made themselves an icon in this particular business like Flipkart and many people loved that idea and started their business and joined this giant to run a successful business.
But, people majorly fail because of rushing into the business without a proper plan and strategy. So let's discuss how to run a successful eCommerce business like Flipkart.
Before we jump into that, let's get to know about Flipkart a little more.
Flipkart is an eCommerce business started in the year 2007 by Sachin Bansal and Binny Bansal for selling books online.
Later, Flipkart became a well-established eCommerce business that made a mark on the planet and took investors on a global scale to become a part of them.
They have a very well-established logistics system that has made them one of the most used eCommerce platforms. And they are currently generating a profit of 5.7 billion USD.
They could generate huge profits by providing some exclusive products that are only available on their platform. This particular strategy made them boost their revenue along with so many attractive offers and deals to buy from.
Once a small eCommerce startup by implementing unique and exclusive strategies became a global competitor and is currently contributing to the global economy.
This attracted Walmart, a global conglomerate that eyed this company and acquired 77% of controlling stakes for 16 billion USD to expand their business.
Most of all they have a very complex business structure with a collection of 9 firms. One registered in a country and the other eight in another country. This made them take the eCommerce and wholesale business to a whole other level.
So, how did they become so successful and how can you run a successful business like Flipkart. You can clear your doubts about Flipkart Clone if you are looking forward to starting an eCommerce business.
Why do sellers like Flipkart?
There are 4 reasons why people are so attracted to doing business with Flipkart.
Affordable to run a business.
This is how they mainly attract sellers to join and do business with them by making it affordable for the sellers with a minimum cost.
It is said that Flipkart has the cheapest schemes for any seller, manufacturer, or retailer to join the eCommerce platform to take their business to the next level with minimum investment.
Easy of use
They have made this possible with an easy and simple platform. This makes the interaction as easy for any seller to access.
They have made it very easy for sellers and vendors to join that it only takes 15 minutes to set up your business and add your catalog and start selling.
Highest Growth Rate
Flipkart has made a unique move by educating its sellers and vendors with strategies and recent trends to keep them ahead of the game.
They also conduct campaigns to make their products and pages look more pleasing and attractive to customers. One of the famous techniques they used was the Big billion-day sale that made many sellers millionaires in a single day.
Highly responsive service
They have a very responsive service system that is said to be the most approachable system in the whole eCommerce world.
Any issues or doubts or problems will be solved as quickly as possible to retain the seller's trust in their business. They also provide photoshoots for your products, cataloging,
These are the reasons why people like to sell with Flipkart; they value their sellers as their first priority.
Benefits sellers get from Flipkart:
Flipkart Fulfillment seals the deal on both ends with assurance and trust in their service.
Faster Logistics to deliver products as promised by Flipkart Fulfillment.
Quick Payments within 7 to 14 business days from the day of sale.
Double Quality Check of products to ensure customers get quality products.
Faster Growth Rate in this particular business sector on a continuous scale.
Training sellers to keep them updated on the trends and the important focus to make a sale.
Pricing schemes for sellers:
They majorly focus on the following prices to maintain the best relationship with their vendors;
Shipping Fee (L*B*H / 5000) in cm.
Commission Fee based on the product
Fixed Fee based on the category
Collection Fee charges for every sale
This is how they maintain a proper understanding and settlements based on the product range of the sellers.
So how can you start a business like Flipkart?
Follow these steps to start your business:
Create your business plan that is uniquely based on your niche and the target audience.
Decide the features for your business plan that would help your target audience.
Get your site hosted because it is the primary initiation you have to do.
Create attractive templates for your products so that it attracts users for you.
Focus on niche features that will help you penetrate your niche even more.
Create a unique experience for your users and sellers so that they gain trust in your business.
Provide quality products and services to maintain a good relationship with users and vendors.
Do the required marketing to promote your business and increase your brand identity.
These are the steps you have to do to start your eCommerce business but you can also use scripts to start your business easily as you wish.
What should you incorporate from Flipkart for your business?
Flipkart has so many ways to ensure a quality and safe experience with their business for both the sellers and vendors. So, here are some features that you should incorporate into your eCommerce business to run a successful business like Flipkart.
Faster payments for sellers so that they can gain trust in your business and want to sell more products and categories.
Ensured quality of the products that are added to your catalog and delivered to your customers.
On-time delivery is assured on your product page while the sale happens, have a robust delivery system and maintain a good relationship with them.
Flexible pricing based on the trends so that new users can be attracted.
Variety of deals at the right time and important days to promote more sales easily.
Reminders on products and new offers so that users can get knowledge of them and make a purchase.
Train your vendors about the latest trends and the ways they can improve the chances of making a sale.
And last but not least have a very responsive service system so that you can tend to the customer's and vendors' issues immediately.
To conclude this blog, the above mentioned are the important things you can adopt from Flipkart to run a successful eCommerce business like them. This is a simple drop-in a big ocean. Let's taste the drop here.