The online market business in India is expected to grow by Rs.7 trillion by 2023. This calls for an opportunity for entrepreneurs to scale their businesses online to maximise their profits. However, an idea to scale an online business is not sufficient.
It is essential to draw a proper strategy, and its implementation demands substantial business loan requirements to translate this idea into reality. This article presents the 5 tactics to scale an online business successfully in India in 2021.
What are the 5 tactics to grow an online business in 2021?
- Planning is important
The first step to expanding one’s online business is to set a practical annual or quarterly business goal. Perform competitor analysis to stay ahead in the online business market. Consider the following factors while planning to extend online business:
- Shipping products
- E-commerce platform of an individual’s business
- An evaluation of whether or not an additional workforce is required
- Expansion of offline business
- Obtain the necessary funds
Successful implementation of business strategies requires necessary financing options. Individuals may ask for financial assistance from investors. However, if an individual is not comfortable with investors taking ownership (a specific percentage) of his company, one may look for other alternatives. This may include liquidating one’s existing savings, opting for crowdfunding or raising loans from family members or closed relatives.
However, raising funds from these financial sources may not be sufficient to meet the additional business requirements. In that case, individuals may look for an external financial option such as a business loan.
For business loan requirements, applicants can opt for leading NBFCs like Bajaj Finserv. This NBFC offers a business loan at a nominal interest rate against simple eligibility criteria. The pre-approved offers on this collateral free loan further streamline the application process. Individuals can check their pre-approved offers by submitting their names and contact details.
Individuals can also use a business loan EMI calculator online to evaluate the monthly financial liabilities in advance to effectively manage finances. This also helps to move ahead with business planning without any financial roadblocks.
- Employ resources for the business
Growing a business online requires adequate resources for its successful implementation. Here resources imply both human and technical. For example, recruiting an SEO manager is ideal if individuals seek to boost content marketing to promote products through their website.
Moreover, with its growth, a business’s customer support line receives too many calls to respond. To address this problem, an entrepreneur can implement a chatbot on the official website to resolve customer queries 24×7. All these efforts can provide a significant boost to an online business.
- Invest in marketing
One of the rules for building a successful business is investing in marketing. A proper marketing strategy expands the outreach of a company in a market populated with different brands. Entrepreneurs can run paid ads on social media platforms and websites. Programmatic or automatic ads target a potential buyer and attract demands for a company’s product.
Besides, one can also opt for conventional email and message marketing. Through these marketing methods (especially email marketing), individuals can build a subscribers list. Divide the subscriber based on gender, age, interests etc. Now send customised emails or messages to target each segment of customers and grow the online business within the least possible time.
- Monitor the business analytics
Analysing the performance metrics of an online business is essential to focus on strategies bringing lucrative results and avoid the ones that are not favourable for the company. Business analysis helps one to understand the following factors:
- Sales performance
- Factors contributing to the growth of sales
- The average value of orders placed etc.
Keep these above-mentioned pointers in mind to grow your online business in India 2021. Moreover, for business loan requirements, check with the lender for eligibility, documents required and other parameters for a smooth application process.