So you have a company concept scribbled out on paper in front of you. You know you want to invest in and grow your own ecommerce business in Nepal. You recognize that having an e-commerce platform for your present business expands your customer base and revenue many times over. However, like with any other creative project, you will encounter the question, “How and Where Do I Start?” If that’s the case, this post is written particularly for you.
The contemporary era is one of interconnectedness. Because of the internet’s fast penetration of the commercial industry, e-commerce is a profitable market. It’s no surprise that the founders of Amazon and Alibaba are among the world’s wealthiest people. After all, isn’t business all about making it easy for people to contact you and purchase your products?
The mathematics is simple: the more clients your firm can reach, the more income it will produce. And what better approach to reaching more consumers than to give them the freedom to peruse your product catalog from the comfort of their own couches? E-commerce enterprises excel at this, which explains why they are rapidly gaining popularity in Nepal.
This article is a step-by-step guide to everything you need to know about e-commerce firms, including how to establish online shopping in Nepal and how to sustain your e-commerce business over time to obtain a competitive advantage in the market. Although the concepts in this post are primarily aimed at building an e-commerce business in Nepal, it is reasonable to assume that this article will assist you in turning your ideas into your own business, no matter where or who you are.
Brainstorming Business Ideas
The first step in starting your own ecommerce business in Nepal is to explore ideas for it. This is sometimes the most difficult phase because there are no boundaries to company concepts. The aim is to generate as many ideas as possible before narrowing them down to a certain number of concepts through analysis and comparison until you arrive at one. The process may appear overwhelming at first because it is difficult to choose between two equally appealing concepts. Stick to the notion that is most important to you, one that is consistent with your personal and professional aspirations.
Here’s a short guideline to follow to help you tackle this step:
- Ask yourself questions that will help you narrow your options. Responses to questions such as “What’s in demand in the market right now?” and “Does this idea help me grow professionally?” or “Is this business idea sustainable in the long run?” are extremely useful in coming up with and assessing ideas.
- Understand the market. Spend some time investigating market demand and planning your concept around those findings.
- Brainstorming is a creative activity. Set aside some time each day to exclusively explore ideas for your e-commerce business.
- Look out for what’s trendy online and build your company strategy around those things to increase your chances of a quick start.
- Allow some time to perfect your company’s many concepts. Consider potential challenges that may arise if you keep to your company strategy.
The goal of brainstorming is to generate as many ideas as possible. Keep your inner critic at bay and let the thoughts settle on the list. After you’ve accumulated a sufficient number of ideas, work on removing those that appear redundant to you. You might conduct market research to determine which items are in great demand, and then make your decision on the best concept from the list.
Validating Your Idea and Researching
Now that you’ve got a concept, the next stage is to assess and validate it through significant market research. Your initial e-commerce company strategy may appear flawless to you, but it will be rendered worthless if there is little to no demand for your items.
Before you begin, you should learn about e-commerce business models and select one that best matches your business concept. Business models are frameworks for your company, which means they describe how your company functions—is your company focused on delivering a service to customers? or is it aimed more at selling goods in bulk?
Listed below are some of the well-known e-commerce business models:
- Dropshipping is when your company acts as a middleman between a retailer and a client. This is a great business concept if you don’t want to create and store the things yourself.
- Wholesaling is exactly what it sounds like you keep vast quantities of products (warehousing) and sell them in bulk to merchants. If you want to spend upfront, this is a good option.
- Whitelabelling is the process of creating your own brand and manufacturing your own items. Perfect for growing your business on a huge scale while remaining competitive.
- A subscription is a business strategy in which you provide services or products to your clients on a recurring basis. Netflix’s subscription business is the most known example.
Types of Business Model
Business models are further classified into three sorts based on who your company interacts with.
- Business-to-business (B2B) is when your firm operates as a supplier of items to another company. In other words, the B2B model involves one firm interacting with another.
- Business-to-consumer (B2C) is a popular business strategy in which your company does interacts with customers directly.
- Consumer-to-consumer (C2C) transactions are those in which your company functions as a platform for consumer-to-consumer transactions and earns money through advertising commissions or both. HamroBazaar and eBay are two popular examples.
Determine which business model category your concept belongs to. Each company model has its own set of limitations. Some demand significant upfront expenditure, while others necessitate substantial marketing from the outset. Understand each business model’s limits and utilize them to validate your company’s idea.
However, the investigation does not end there. The next step is to determine whether your items are in demand in the market and to research current firms that are selling such things, if any exist. This is referred to as Competitive Market Analysis.
- Concentrate your efforts on your target market. It is less probable that your market will be successful and “trendy” if it is not competitive.
- Find out who your competition is. Do they provide the same items as you, or is there an alternative for yours?
- Compare your competitors’ services and costs. To boost traffic, set your rates lower than your competitors.
- Examine how your competitors advertise. Understand their marketing tactics and strive to implement an enhanced version of them.
- Examine their social media presence and determine what makes them successful or unsuccessful.
With proper research, you should be able to determine your target market and understand how your rivals operate in the market. This information is critical to the long-term viability of any e-commerce venture.
Drafting a Business Plan
Okay, you’ve got a company concept. You understand the business model that will encase your company, and you have proven your notion via significant market research. What comes next? It’s time to put together a good business strategy.
Write down everything you’ve learned so far: your concept, the business model, the structure of your firm, your target audience, your market rivals and how they operate your projected investment and other financial information.
“Can I operate without infrastructure for storage?” “How many employees will I need?” “What marketing strategies will help me reach my expected audience?” Is it through social media or newspaper advertisements?”, “Why should people buy my products over competitors’?” “Is it a realistic alternative to join with another investor?” and so on. These questions will help you consolidate your e-commerce company idea and provide you with a clear vision for moving forward.
Before developing a business plan, it is critical to undertake adequate market research. It is also critical to explore company exit plans. You should be prepared for the worst, and if you notice your firm on the edge of failing, exit options will help to significantly reduce the damage.
So far, market research and analysis have helped you transform a raw company idea into a well-thought-out and proven business plan. You now have a written business strategy with you, rather than a scribble of many ideas. Until now, your concept has only existed on paper. The following four phases are all about bringing your e-commerce company idea to reality.
Creating a Professional Website
Your e-commerce firm cannot function without a decent website. It’s the equivalent of running a wholesale business without a storage facility or warehouse.
The first step in making your e-commerce business concept a reality is to develop a website for your company. E-commerce websites must be safe, strong, and attractive all at the same time. Choosing a competent web development service to build your website will save you a significant amount of time, trouble, and money in the long run.
You must be aware of the features you want for your website since this will affect your budget. Check out our advice on selecting a website development and design plan in Nepal.
Building a website is a three-step process that includes the following:
- Register a domain for your website. Prices vary according to the registration firm. If you’re seeking a low-cost domain registration provider, we’re the right choice.
- Web hosting requires a server to host your website’s files and databases. Delta Creation provides dependable web hosting services in Nepal if you want them.
- Design and Development: This includes graphical design as well as the loading of features and functionalities required for a successful e-commerce website.
The software firm has been providing inexpensive web development services in Nepal for over 14 years. Contact us if you need an economical yet competent web development agency in Nepal.
Solidifying Your Brand
Your brand is the one thing that distinguishes your company from others in the same industry. Your brand represents your company’s value, reputation, vision, and goodwill. It is what distinguishes your company from the vast array of firms in the marketplace.
So, “How do I solidify my company’s brand?” you might wonder. Well, there is no final solution to that. Your brand’s reputation and goodwill grow as your company’s market performance improves.
With that stated, it is incredibly important to give a desirable initial impression of your organization to your clients, which can be accomplished by having a set of components correctly organized and thought about:
- Name: You have an incredible amount of freedom in choosing a name for your firm; after all, it is your own. Minimalist and memorable names make a lasting impact on your consumers.
- A professional logo is required to establish your presence in the e-commerce industry. Your brand’s logo should be professional and minimally elegant, yet still convey your company’s message. Please contact us if you are looking for a professional logo design firm in Nepal.
- E-Mail Marketing: After establishing an online e-commerce website, email marketing is critical for boosting conversions. Create discounts, thank-you emails, and upsells. This helps your visitors become prospective clients.
- Social Media Presence: Establishing your presence on social media platforms beforehand allows for increased outreach to your target audience. Social media advertising and marketing are critical components of your business’s success.
Setting Up For Launch
Now that you’ve completed your website and branding, it’s time to launch your firm and go on the entrepreneurial path.
First and foremost, register your e-commerce firm officially. Every country has its own set of registration requirements. To register an e-commerce firm in Nepal, follow these steps:
- Reserve your company’s name with the Office of Company Registrar (OCR). If the name of your e-commerce firm is already used, you may need to come up with a new one.
- Submit the relevant official documents to OCR. For further information on the needed documents, see this page.
- Before establishing your firm, obtain a VAT or PAN Registration Certificate from the Inland Revenue Department.
After OCR examines and approves your papers, you will receive a certification indicating that your firm was successfully registered. The entire procedure might take 7 to 10 days.
The next step of Ecommerce
Most e-commerce businesses need to deliver things. If that’s the case, the next step is developing a shipping and fulfillment strategy.
- Set up your delivery costs and methods. Determine whether it is a practical alternative to provide free shipping or delivery services to your clients. Specify if you want your purchases delivered abroad or locally.
- Calculate the cost of shipping. Most e-commerce enterprises want to weigh their items and charge them accordingly. However, if your delivery plan requires a different charge method, identifying it is critical.
- Mention your packing methods and price according to the type of packaging.
This page covers all you need to know about shipping and fulfillment fees.
Launching a marketing campaign for your business is a terrific way to get your e-commerce firm started. Here’s a simple checklist to guide you through the process:
- Define your advertising goals. Is your advertising objective to reach a broad audience? Or is it to promote a product that is exclusive to your e-commerce store? or does it refer to a particular service offered by your e-commerce website? Or is it about the discount you’re offering to your first 100 customers?
- Be precise in your target audience. Creating buyer personas allows you to narrow down your target demographic and promote to them more effectively. Be detailed about your target clients’ ages, demographics, incomes, and habits.
- Set a time for your ad campaign. A well-timed advertising campaign may significantly boost your sales and reputation. A decent rule of thumb is to start an advertising campaign during a large festival or event. You may even opt to sponsor events if your budget permits.
Conclusion
Choose your advertising techniques. Your advertising strategy is determined by your business type, budget, and, most crucially, your target demographic. Moreover, digital marketing, which includes Facebook advertisements and YouTube marketing, is a major advertising medium these days. We at Delta Creation provide expert and economical digital marketing services in Nepal contact us for more information and prices regarding ecommerce business in Nepal. If pay-per-click advertisements are right for your business, Google AdWords and Bing advertisements are excellent options. Choose advertising strategies that are appropriate for your budget and target, and avoid oversaturation.